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Author: kimeng   |   Latest post: Thu, 7 Nov 2019, 5:40 PM

 

Singapore Post: Looking for Buyers for Jagged Peak and TradeGlobal

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Singapore Post (SingPost) announced yesterday that following a strategic review of its U.S. eCommerce businesses, it will commence a sale process of Jagged Peak and TradeGlobal.

The group believes its strengths and strategic competitive advantages are in Southeast Asia and Asia Pacific, which provides attractive growth opportunities.

As mentioned in our earlier report, “Expect impairments for US segment” on 1 Feb 2019, the US businesses are underperforming, should remain loss-making in the current financial year, and there is the risk of impairments.

We estimate that the carrying value of the US businesses to be around S$90-100m; recall that SingPost saw ~S$185m related impairments in FY17.

Maintain HOLD with S$1.00 fair value estimate on the stock.

Source: OCBC Research - 4 Apr 2019

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