Singapore Post - Maybank Research 2024-12-06: BUY On Weakness – S&P's Debt Rating Irrelevant

• We believe that the recent S&P move to place SingPost (SGX:S08) on Credit Watch negative following the sale of its Australia business is irrelevant, as we believe that further non-core assets will be monetised and debt likely pared down in the near term following further asset sales.
• - Read this at SGinvestors.io -

Net cash position of S$0.2bn after sale

• With an agreed price of AUD1.02bn, SingPost will realise a gain on disposal of S$312.1m. The transaction will be a full cash deal and SingPost will likely receive proceeds of S$360m after paring down its Australian debt once the deal is completed. The total debt will likely be reduced from S$895m to S$350m.
• - Read this at SGinvestors.io -
• With its existing cash position, SingPost’s cash position will be bumped to S$1.3bn, more than the existing S$1.1bn debt it carries.

Dividends over 2 years likely to exceed share price

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-11-11 Singapore Post - Still Awaiting Revised Strategy.

Previous report by Maybank:
2025-08-24 Singapore Post - Awaiting New Strategy; Downgrade To HOLD.

Price targets by other brokers at SingPost Target Prices.

Listing of research reports at SingPost Analyst Reports.

Relevant links:
SingPost Share Price History,
SingPost Announcements,
SingPost Dividend Payout Dates & Corporate Actions,
SingPost News