Singapore Post

Singapore Post

Owner:
Temasek Holding ~26%

Key Point:

What will happen several years after BMS liberation??

2007
新加坡政府已宣布决定liberation of BMS,From April 2007.
主要包括
(1) "Addressed mail" < 500gram.
(2) inbound and outbound international mails.

相关法律的修改在进行中.当法律的修改完成, 就可能发Postal Service Operator (PSO) license给潜在的申请者了.
Updated:
Two new Postal Service Operator license issued

G3 WORLDWIDE MAIL (SINGAPORE) PTE LTD, ISSUED ON 18 FEBRUARY 2008 ---10 years

SWISS POST INTERNATIONAL SINGAPORE PTE LTD, ISSUED ON 1 DECEMBER 2007 ---10years
http://www.swisspost.com.sg/en/global/home.shtml

So far, SingPost 还是唯一拿Public postal license (PPL license)的---- 1992~2017.
PPL 比 PSO 多一些国家角色的权利/责任, 象发行邮票, 编制POSTAL CODE等.
还多一个掌管HDB信箱Masterdoor keys的权利.

细节可读政府报告
http://www.ida.gov.sg/doc/Policies%20and%20Regulation/Policies_and_Regulation_Level2/FurtherLibPostalSvc/PostLib5Feb07.pdf
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Company basis

~743 post boxes.
~62 post office and 68 authorised Agents.
~500 part-time neighbour postmen, S$1000 salary, each takes care of 15 HDB blocks.90% women.
~700 full-time postmen.
~250 vehicles

~1 Sorting and Processing Automation worth of S$100M.

2.7 million post-items per day.
global service offerings to more than 220 territories/countries.
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Basic Data

Net Profit Margin: ~32%

ROE: ~84%

Net Asset: 9.9cts

EPS growth: 2004 ~(-3%); 2005 ~ 3%; 2006 ~ 11%; 2007 ~ 11%;
EPS: 2007~7.3; 2008F ~ 8cts

P ~ $1.13

~5% Dividend Yield, guranteed 5cts, :)

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Conclusion:

Watching:
If P < $1.0, it is a good dividend player.