Singapore Post (SingPost) has enlisted BofA Securities to advise on its strategic portfolio review, aiming to transition from postal services to a logistics business. This follows a 28% decline in earnings for the second half of the fiscal year ending March 2023. SingPost will evaluate non-core businesses or assets for potential divestment, alongside seeking opportunities for capital recycling to support investments in logistics. The review also intends to optimize SingPost's balance sheet and ensure the valuation of underlying businesses. Despite potential postage rate adjustments to offset declining domestic letter volumes, the company warned that the strategic review may not result in any implemented options. SingPost shares closed 2.1% higher on the announcement.
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