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Yesterday, 10:44 AM
The special dividend is a return of capital and we have to value the residual stub based on the ex-dividend share price. The market's recent disinterest is probably because the stub is ex-growth while the implied stub valuation is suggesting some form of growth.
There is the domestic e-commerce business but most of the e-commerce platform is already insourcing their fulfillment while within Cainiao, Singpost is just one of the many vendors and probably not the most competitive too.
Possible capital allocation risk too if the group decides to pursue other growth avenues.
There is the domestic e-commerce business but most of the e-commerce platform is already insourcing their fulfillment while within Cainiao, Singpost is just one of the many vendors and probably not the most competitive too.
Possible capital allocation risk too if the group decides to pursue other growth avenues.
"Criticism is the fertilizer of learning." - Sir John Templeton