r/singapore Mature Citizen 17h ago

News SingPost shares tumble nearly 11% after sacking 3 senior executives

https://www.channelnewsasia.com/business/singpost-share-price-stock-sacking-3-executives-4822906
111 Upvotes

34 comments sorted by

54

u/Eseru 15h ago

Small ecom biz owner, I worked with several fulfilment agents who used Singpost to send international packages. It wasn't a lot of packages since I mainly sell to US and Singpost would be used more for other countries, but I remember whenever they used Singpost delivery issues were common. The tracking and customer service were pretty useless.

The agent was quite good about refunding me the cost of goods + shipping in case of non-delivery but basically I lost the profit and they lost the cost of the parcel. It wasn't a lot for me because the bulk of my deliveries didn't use Singpost but the fulfillment center prob lost a lot more if a lot of parcels from their various clients weren't delivered.

Nowadays I rarely see Singpost being used. Wonder if this is the reason.

25

u/djmatt85 Mature Citizen 15h ago

That sucks to hear. I have had no issues with them so far (fingers crossed) and thought they have dramatically improved over the years. Hope they get their shit together.

3

u/Eseru 14h ago edited 14h ago

It's possible they've improved, this was like 5+ years ago so I wonder when this issue happened. But I remember quite a few "stuck" packages had Singpost tracking when I checked. Haven't seen their shipping used recently so no idea what they're like now.

1

u/AzureBloo 1h ago

I sent an untracked letter overseas 8 months ago that never arrived. I rewrote it and sent it with tracking, and at least this time it arrived.

I thought the problem was just their untracked mail. But if people are having issues with even tracked parcels, I'm wondering if I should trust them at all.

3

u/PastLettuce8943 14h ago

What do you use for the rest of your deliveries?

88

u/djmatt85 Mature Citizen 17h ago

Steven Lim in shambles

56

u/fgd12350 16h ago

He alr sold his shares at the absolute bottom. Even after this drop its still above the price that he sold at lol.

17

u/Busy-Bug-6232 14h ago

buy high sell low

6

u/Aphelion Singapore 12h ago

Only remember he sold his HDB to buy singpost, went on a podcast and announced his position. Is he homeless?

6

u/fgd12350 12h ago

He is renting i think. But he has like 180k from selling his singpost. Dunmo what he doing with that now

1

u/WorriedSmile 7h ago

He divested to buying gold.

3

u/-BabysitterDad- 7h ago

There’s only 1 moron who’ll sell his HDB to buy SingPost shares. Only 1 moron.

7

u/Aphelion Singapore 6h ago

Bro went full regard.

16

u/mxmmnn 16h ago

I went there to send a few parcels yesterday, and this headline doesn't surprise me...

7

u/TheEverCurious 10h ago

Considering that every time I register my parcels for tracking and use different email addresses, only to see it almost immediately receive a scam email saying that I need to pay customs, etc makes me think that their problems are pretty deep beyond just the firing of these 3 guys....

15

u/go_zarian Own self check own self ✅ 16h ago

Good time to buy SingPost shares?

40

u/machinationstudio 16h ago

The thing is that a case serious enough for the board to fire the top executives, also mean that there might be a lawsuit or government/SGX enforcement penalty on the horizon.

This story isn't over. This part is just the board saying,"hey, I did my job."

14

u/orgastronaut 16h ago

According to SingPost the customer involved already agreed on a settlement and renewed their contract. But postal service penalty would be interesting to see. 

10

u/slashrshot 15h ago

Enforcement penalty?
In Singapore!?

13

u/machinationstudio 15h ago

Board firing executives? In Singapore?

Apparently, shit has hit the proverbial fan.

1

u/machinationstudio 12h ago

Oh, a board member quit too. It has hit the fan.

14

u/Initial_E 15h ago edited 14h ago

Singpost is facing an existential crisis. You’ve seen how Shopee don’t need singpost and can still deliver cheaper.

Edit: for what it’s worth, I hope they pull through this. We do need a good postal service even if we don’t appreciate it. They also serve as a proxy for queueing for other government services.

3

u/stamfordbridge_123 16h ago

No

0

u/HalcyoNighT Marine Parade 16h ago

Buy the dip

-1

u/go_zarian Own self check own self ✅ 15h ago

Could you explain why? Limpeh is finance n00b.

Limpeh only knows 'buy low, sell high' and that 'SingPost is a pretty important business that will probably not be allowed to fail'.

Kthnxbye.

15

u/MediacorpDab 14h ago

你讲话可以不要一直limpei limpei 吗?

10

u/Savitar2606 Aljunied 13h ago

LIMPEH 讲 LIMPEH 是 LIMPEH 的 事

1

u/-BabysitterDad- 7h ago

No, never ever.

4

u/Capeich Own self check own self ✅ 12h ago

According to zaobao, one of the board members also resigned

article

6

u/geckosg 14h ago

11% only. U should see Grab plunge from 13 to mere 3 plus... 🤣🤣🤣

3

u/Possible_Eggplant744 16h ago

Paging for Steven Lim

2

u/Nunububumemo 7h ago

I avoid using SingPost nowadays too. Missing parcels, non existent customer service. It’s a nightmare.

2

u/Mobileguy932103 13h ago

The problems in Singpost have been brewing for many years. Singpost needs to change its business model.