Alibaba share drop more than 6% yesterday as SEC investigate its Accounts.
Singpost, one of the well known brand in Singapore for mail and logistic services(Alibaba owns 10%), recently reported good result with revenue up 25.2% from a year ago. However for FY 15/16 net profit was down 4%.
Even after result release, we dont see Singpost price goes up, to me this means that the supply is more than demand. One of the reason is Singpost has been flagged out by Acra on its accounting practice (Channelnews Asia 18 May - ACRA investigating SingPost over possible breaches of Companies Act)
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On the Technical Chart side, this stock has been downtrending over the past 1 year, now is a pull back from the 52 week low. Price make recent new low to 1.52 without much support seen current rebound dont seems to be strong. Mid term and long term trend bearish bias.
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