Latest news with #FMH
New Paper
20-06-2025
- Business
- New Paper
SingPost puts 10 HDB shophouses up for sale and leaseback
Singapore Post has put up for sale 10 Housing Board (HDB) shophouses currently occupied by its post office outlets across Singapore, with the aim of leasing them back. A spokesperson said in response to queries from The Straits Times: "SingPost is initiating the divestment of 10 HDB shophouses across Singapore, in keeping with the group's plan to divest non-core assets. "Plans are for a sale and leaseback model to maintain current post office services." In a sale and leaseback model, an asset is sold to someone else, but then leased back to the initial owner for a certain duration. This occurs especially when the asset can be sold at a higher value than its initial purchase price. It can also allow the seller to raise capital from the proceeds of the sale, without interrupting its business operations. SingPost said in May that its strategic review and restructuring are ongoing. Its group chief financial officer Isaac Mah told the media at a briefing then that the company is engaging the Government to develop a more sustainable operating model, as the post office network is not profitable. SingPost has 42 post offices, of which it owns 21. As part of its efforts to restructure, it also sold its Australian logistics business, Freight Management Holdings (FMH). SingPost completed the sale of FMH for A$1.02 billion (S$853 million) in March. The group has also taken steps to sharpen its focus on its core postal and logistics business, including streamlining its operations to right-size the cost base, it said. In 2024, SingPost said that it is considering selling its flagship retail-commercial mixed development SingPost Centre at Paya Lebar Central, which it also identified as a non-core asset. The SingPost Centre was valued at $1.1 billion as at September 2023. Maybank analyst Jarick Seet said SingPost's sale and leaseback bid for the 10 HDB shophouses is "not a new thing". "In their announcements in 2024, SingPost has said that it wants to monetise its assets and reduce postal centres because there has been a drop in usage," he told ST. In 2024, it was reported that SingPost closed 12 post offices, or one out of five branches, in the last two years. This was due to declining mail volumes, as people turn to electronic means instead. It also said that letter mail and printed paper volumes in Singapore fell 8.1 per cent on the year to 87.8 million items, from 95.6 million items. But Mr Seet noted that SingPost may also not be allowed to close so many post offices rapidly as people in the various districts still need to use them, which makes the sale and leaseback model a compromise as it can still free up capital without disrupting services. The gains from the sales could also be used to revitalise SingPost's local business, and ultimately be returned to shareholders, he said. SingPost is already investing $30 million in a new automation system to expand processing capacity for small parcels at the regional e-commerce logistics hub facility. In May, it also announced a special dividend of nine cents per share after it booked a net exceptional gain of $222.2 million, largely from the divestment of its Australian business. Mr Seet reiterated his call to "buy" the stock. "SingPost owns lots of assets that hold intrinsic value like the HDB shophouses, which are now worth much more than what they were bought for. The same goes for SingPost Centre," he said. "If we add the value of all these assets up, it is much more than the market cap of the company today. So SingPost is undervalued, but it depends on the company to unlock value this way." SingPost shares closed at 57 cents on June 19, up nearly 0.9 per cent from its previous close of 56.5 cents.
Straits Times
19-06-2025
- Business
- Straits Times
SingPost puts 10 HDB shophouses up for sale and leaseback
Plans are for a sale and leaseback model to maintain current post office services, said SingPost. ST PHOTO: TARYN NG SINGAPORE - Singapore Post has put up for sale 10 Housing Board (HDB) shophouses currently occupied by its post office outlets across Singapore, with the aim of leasing them back. A spokesperson said in response to queries from The Straits Times: 'SingPost is initiating the divestment of 10 HDB shophouses across Singapore, in keeping with the group's plan to divest non-core assets. 'Plans are for a sale and leaseback model to maintain current post office services.' In a sale and leaseback model, an asset is sold to someone else, but then leased back to the initial owner for a certain duration. This occurs especially when the asset can be sold at a higher value than its initial purchase price. It can also allow the seller to raise capital from the proceeds of the sale, without interrupting its business operations. SingPost said in May that its strategic review and restructuring are ongoing. Its group chief financial officer Isaac Mah told the media at a briefing then that the company is engaging the Government to develop a more sustainable operating model, as the post office network is not profitable. SingPost has 42 post offices, of which it owns 21. As part of its efforts to restructure, it also sold its Australian logistics business, Freight Management Holdings (FMH). SingPost completed the sale of FMH for A$1.02 billion (S$853 million) in March. The group has also taken steps to sharpen its focus on its core postal and logistics business, including streamlining its operations to right-size the cost base, it said. In 2024, SingPost said that it is considering selling its flagship retail-commercial mixed development SingPost Centre at Paya Lebar Central, which it also identified as a non-core asset. The SingPost Centre was valued at $1.1 billion as at September 2023. Maybank analyst Jarick Seet said SingPost's sale and leaseback bid for the 10 HDB shophouses is 'not a new thing'. 'In their announcements in 2024, SingPost has said that it wants to monetise its assets and reduce postal centres because there has been a drop in usage,' he told ST. In 2024, it was reported that SingPost closed 12 post offices, or one out of five branches, in the last two years. This was due to declining mail volumes, as people turn to electronic means instead. It also said that letter mail and printed paper volumes in Singapore fell 8.1 per cent on the year to 87.8 million items, from 95.6 million items. But Mr Seet noted that SingPost may also not be allowed to close so many post offices rapidly as people in the various districts still need to use them, which makes the sale and leaseback model a compromise as it can still free up capital without disrupting services. The gains from the sales could also be used to revitalise SingPost's local business, and ultimately be returned to shareholders, he said. SingPost is already investing $30 million in a new automation system to expand processing capacity for small parcels at the regional e-commerce logistics hub facility. In May, it also announced a special dividend of nine cents per share after it booked a net exceptional gain of $222.2 million, largely from the divestment of its Australian business. Mr Seet reiterated his call to 'buy' the stock. 'SingPost owns lots of assets that hold intrinsic value like the HDB shophouses, which are now worth much more than what they were bought for. The same goes for SingPost Centre,' he said. 'If we add the value of all these assets up, it is much more than the market cap of the company today. So SingPost is undervalued, but it depends on the company to unlock value this way.' SingPost shares closed at 57 cents on June 19, up nearly 0.9 per cent from its previous close of 56.5 cents. Sue-Ann Tan is a business correspondent at The Straits Times covering capital markets and sustainable finance. Join ST's Telegram channel and get the latest breaking news delivered to you.
Japan Forward
06-06-2025
- Business
- Japan Forward
Fuji Media Turns to Shimizu for Post-Scandal Overhaul
このページを 日本語 で読む Fuji Media Holdings (FMH) new president, Kenji Shimizu, is pledging sweeping reforms to restore trust and reinvent the business after an industry scandal earlier this year. The network was rocked in January by a scandal involving former pop idol Masahiro Nakai, which exposed an opaque corporate culture at Fuji TV Fuji's initial closed-door handling of the misconduct allegations drew intense public criticism, forcing an open apology and a third-party probe into the company's governance. The fallout prompted a broad shake-up of Fuji's leadership and internal policies, including the resignation of top executives and the appointment of Shimizu as president to lead an urgent reform effort In a candid interview with The Sankei Shimbun , Shimizu, set to take over as president of FMH on June 25, acknowledged deep-rooted issues at the heart of recent scandals. He outlined a reform agenda aimed at restoring trust and revitalizing Fuji's content business. At the core of the recent problems, said Shimizu, was the "rigidity and homogeneity" in Fuji's personnel system. Over time, this led to an environment where "no one could speak up, even when they sensed something was wrong." He pointed to structural reforms already underway, including a reconstituted board with a majority of independent outside directors and a higher ratio of women. These, he said, would significantly improve governance transparency. When asked about the lingering influence of Hisashi Hieda, the former chairman who served for over 40 years on the board, Shimizu dismissed concerns. "There is absolutely no influence from Mr Hieda on the new leadership team," he affirmed. He added that Fuji has introduced stricter retirement policies and abolished its advisor system to ensure board independence. Kenji Shimizu, President of Fuji TV, during an interview (©Sankei by Yasuhiro Yajima). On the decision to reject a shareholder proposal from the American investment fund Dalton Investments, Shimizu said the company conducted interviews with all director candidates, including those proposed by Dalton, and applied the same selection process. "We saw no reason to increase the board size or change direction. The current team offers both balance and effectiveness." Asked whether profits from Fuji's real estate division have led to complacency in the media arm, Shimizu defended the group's strategy. The real estate and tourism businesses have evolved dramatically, he noted. But the real issue is the "low profitability of media content," which he intends to address head-on. Reflecting on past missteps, Shimizu admitted that Fuji "hasn't done enough to monetize its content." He said the company needs to move away from planning shows just for TV broadcast and start designing projects with broader revenue streams in mind, from streaming and theatrical releases to merchandising and gaming. "If we stop assuming terrestrial TV is the default outlet, our creative horizons will widen." Shimizu emphasized that his ultimate goal as president is for Fuji to grow while contributing to society. "Profit is just a means," he said. "A company that doesn't help solve social problems or improve something has no reason to exist." Drawing on his background in anime production, Shimizu said he never saw animation as something just for children. "Kids are sharp," he explained. "They don't fall for cheap tricks. They evaluate entertainment honestly." Producing Dragon Ball and Chibi Maruko-chan, he said, taught him valuable lessons about pacing, emotional storytelling, and understanding an audience. He recalled how Dragon Ball captivated viewers with its explosive speed — "a new villain appears, and by the next panel, he's already sliced down." With Chibi Maruko-chan, the challenge was entirely different: bringing to life a still world frozen in the psychological landscape of author Momoko Sakura. To preserve that vision, he built a writing team of women from the same generation as Sakura. Shimizu also discussed managing the fallout of the recent scandal. Fuji has done everything possible to avoid passing costs onto its affiliates or production partners, he noted. Even when sponsors pulled out, Fuji continued to fully fund production. "Supporting our partners and stakeholders is a responsibility we won't compromise on," he said. Interview by Katsutoshi Takagi Author: The Sankei Shimbun このページを 日本語 で読む
Singapore Law Watch
15-05-2025
- Business
- Singapore Law Watch
SingPost to pay special dividend of 9 cents from Aussie divestment, sees underlying second-half loss
SingPost to pay special dividend of 9 cents from Aussie divestment, sees underlying second-half loss Source: Straits Times Article Date: 15 May 2025 Author: Sue-Ann Tan SingPost said the global economic outlook remains clouded by ongoing trade tensions, with US tariffs and retaliatory measures by key trading partners. Singapore Post announced a special dividend of nine cents per share after it booked a net exceptional gain of $222.2 million, largely from the recent divestment of its business in Australia. Including an interim dividend of 0.34 cents, which has been paid, SingPost shareholders are set to receive a total of 9.34 cents, the company said on May 15. Its net exceptional gain of $222.2 million for the full year ended March 31 came largely from a $302.1 million gain on its disposal of its Australian logistics business, Freight Management Holdings (FMH). This was partially offset by impairment charges of $79.6 million on another business, Quantium Solutions. 'The proceeds from the sale of the Australia business have been allocated to debt reduction, shareholder returns, strengthening the group's balance sheet and funding future growth of the business,' SingPost said in its filing on the Singapore Exchange. SingPost completed the sale of FMH for A$1.02 billion (S$853 million) in March this year. SingPost board chairman Simon Israel said: 'The transaction has crystallised the unrealised value of the business, bringing forward the unlocking of value and returning capital to shareholders.' Net profit for the full year stood at $245.1 million, up 212.9 per cent from $78.3 million the previous year. But excluding the net exceptional gain, underlying net profit fell 40.3 per cent to $24.8 million. For its second half-year, SingPost posted an underlying net loss of $0.5 million, reversing from a $28.1 million profit in the same period last year. Singpost shares fell 9.45 per cent, or six cents, to 57.5 cents as at 9.20am, after its results announcement. 'This downturn reflects the intensifying challenging and uncertain conditions in the global logistics sector,' the company said. SingPost said the global economic outlook remains clouded by ongoing trade tensions, with US tariffs and retaliatory measures by key trading partners. 'In the logistics sector, the impact has been particularly pronounced. Cross-border logistics volumes have come under pressure. This, along with geopolitical tension, has led to a more uncertain and challenging operating environment,' it said. SingPost added that these challenging conditions intensified in the second half of the financial year and are expected to persist into the coming financial year. But it also noted that after the divestment of the Australia business, the group has taken steps to sharpen its focus on its core business including streamlining its operations to right-size the cost base. The international cross-border business has been reintegrated into the Singapore postal and logistics business to achieve business synergies and drive operational efficiencies, it said. Efforts are also under way to strengthen the Singapore postal and logistics operations for greater efficiency, with a $30 million investment in a new automation system to expand processing capacity for small parcels at the regional e-commerce logistics hub facility. SingPost's full-year revenue also fell, to $813.7 million, a 7.5 per cent year-on-year decrease, primarily driven by headwinds in its international segment, it noted. On the other hand, the Singapore segment registered a modest increase of 2.9 per cent in revenue to $326.7 million. This was underpinned by the property business, which recorded a strong 11.9 per cent increase in revenue. SingPost added that its strategic review and reset is ongoing. It had said earlier that it is undergoing restructuring to optimise its operations and corporate functions. Seven executives were reported to have left the company amid the restructuring in April. These include head of strategy and communications Lee Eng Keat, group chief people officer Sehr Ahmed, group chief information officer Noel Singgih, chief sustainability officer Michelle Lee and chief information security officer Audrey Teoh. The restructuring is 'the result of prolonged macroeconomic challenges facing the business, including intense competition', SingPost had said in a February statement, adding that the exercise is not correlated with previous incidents and whistleblowing reports. SingPost said at the end of 2024 that it had received whistleblowing reports that revealed cases of data falsification at the company's international business unit. Three senior executives – group chief executive Vincent Phang, chief financial officer Vincent Yik and international business unit CEO Yu Li – were sacked for mishandling the reports. All three have hired lawyers and are contesting the decision. Sue-Ann Tan is a business correspondent at The Straits Times covering capital markets and sustainable finance. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
Straits Times
15-05-2025
- Business
- Straits Times
SingPost to pay special dividend of 9 cents from Aussie divestment, sees underlying second-half loss
SingPost said challenging conditions intensified in its second half year and are expected to persist into the coming financial year. PHOTO: BT FILE SingPost to pay special dividend of 9 cents from Aussie divestment, sees underlying second-half loss SINGAPORE - Singapore Post (SingPost) announced a special dividend of 9 cents per share after it booked a net exceptional gain of $222.2 million, largely from the recent divestment of its business in Australia. Including an interim dividend of 0.34 cents which has been paid, SingPost shareholders are set to receive a total of 9.34 cents, the company said on May 15. Its net exceptional gain of $222.2 million for the full year ended March 31 came largely from a $302.1 million gain on its disposal of its Australian logistics business, Freight Management Holdings (FMH). This was partially offset by impairment charges of $79.6 million on another business, Quantium Solutions. 'The proceeds from the sale of the Australia business have been allocated to debt reduction, shareholder returns, strengthening the group's balance sheet and funding future growth of the business,' SingPost said in its filing on the Singapore Exchange. SingPost completed the sale of FMH for A$1.02 billion (S$853 million) in March this year. SingPost board chairman Simon Israel said: 'The transaction has crystallised the unrealised value of the business, bringing forward the unlocking of value and returning capital to shareholders.' Net profit for the full year stood at $245.1 million, up 212.9 per cent from $78.3 million the previous year. But excluding the net exceptional gain, underlying net profit fell 40.3 per cent to $24.8 million. For its second half year, SingPost posted an underlying net loss of $0.5 million, reversing from a $28.1 million profit in the same period last year. 'This downturn reflects the intensifying challenging and uncertain conditions in the global logistics sector,' the company said. SingPost said the global economic outlook remains clouded by ongoing trade tensions, with US tariffs and retaliatory measures by key trading partners. 'In the logistics sector, the impact has been particularly pronounced. Cross-border logistics volumes have come under pressure. This, along with geo-political tension, has led to a more uncertain and challenging operating environment,' it said. SingPost added that these challenging conditions intensified in the second half of the financial year and are expected to persist into the coming financial year. But it also noted that after the divestment of the Australia business, the group has taken steps to sharpen its focus on its core business including streamlining its operations to right-size the cost base. The international cross-border business has been reintegrated into the Singapore postal and logistics business to achieve business synergies and drive operational efficiencies, it said. Efforts are also underway to strengthen the Singapore postal and logistics operations for greater efficiency, with a $30 million investment in a new automation system to expand processing capacity for small parcels at the regional e-commerce logistics hub facility. SingPost's full-year revenue also fell, to $813.7 million, a 7.5 per cent year-on-year decrease, primarily driven by headwinds in its international segment, it noted. On the other hand, the Singapore segment registered a modest increase of 2.9 per cent in revenue to $326.7 million. This was underpinned by the property business which recorded a strong 11.9 per cent increase in revenue. SingPost added that its strategic review and reset is ongoing. It had said earlier that it is undergoing restructuring to optimise its operations and corporate functions. Seven executives were reported to have left the company amid the restructuring in April. These include head of strategy and communications Lee Eng Keat, group chief people officer Sehr Ahmed, group chief information officer Noel Singgih, chief sustainability officer Michelle Lee and chief information security officer Audrey Teoh. The restructuring is 'the result of prolonged marco-economic challenges facing the business, including intense competition', SingPost had said in a February statement, adding that the exercise is not correlated with previous incidents and whistleblowing reports. SingPost said at the end of 2024 that it received whistleblowing reports that revealed cases of data falsification at the company's international business unit. Three senior executives – group chief executive Vincent Phang, chief financial officer Vincent Yik and international business unit CEO Yu Li – were sacked for mishandling the reports. All three have hired lawyers and are contesting the decision. SingPost completed the sale of FMH for A$1.02 billion in March this year. Sue-Ann Tan is a business correspondent at The Straits Times covering capital markets and sustainable finance. Join ST's Telegram channel and get the latest breaking news delivered to you.
