Elevator Pitch
Singapore-listed Singapore Post Limited (SPSTF) (SPSTY) [SPOST:SP] trades at 21.1 times consensus forward FY2019 P/E, representing a premium to its 10-year historical average forward P/E of approximately 18 times. It trades at a lower 17.0 times consensus forward FY2020 P/E, with the market factoring in the earnings uplift from the potential divestment and exit of the loss-making U.S. businesses.
I like Singapore Post's plans to exit the loss-making U.S. e-commerce businesses, and its status as a beneficiary of e-commerce growth in the Asia-Pacific with its cross-border e-commerce-related delivery and