Meeting Singapore Service

Meeting Singapore Service

Over in Singapore recently, as a guest of my very generous hosts at Singapore Press Holdings, I was delighted to meet the company’s Editor-in-Chief Mr Patrick Daniel and Chief Executive Officer Mr Christopher Lee (see photo). As you would expect in any chat between a value investor and the divisional heads of Singapore’s largest newspaper, I asked about the emerging threat of online classifieds.

In Singapore, ‘newspaper’ still commands a majority slice of classifieds. Their response nevertheless was as quick as the execution of the appropriate strategy; We try to make sure we own them.

Of course the competitive landscape is a little different in Singapore, with the State determining who can operate a newspaper. But unlike many international examples, even this legislated monopoly position and entrenched advantage does not mean SPH or its management team ever sit back on their laurels. They ensure that journalists are focused on what they are best at, what they enjoy doing, and that they aren’t distracted with management duties or strategic decision-making. They make quick and bold decisions when it comes to cutting a potential competitor off at the pass and they are personally involved at the coal face.

Indeed what really impressed me most was the personal ownership Chris and Patrick took in the success of the Investor Expo, attended by many thousands of investors. Most importantly, there they were – two of the most senior executives at SPH and on a Saturday and Sunday – at an investor expo, meeting with corporate stall holders, their own peers from joint ventures in Thailand and even a few individual investors as well as yours truly. I wonder how many senior execs of an equivalent-sized Australian corporate would make the same weekend commitment?

Their presence provided a great insight into the depth of the service culture that Singaporeans take great pride in, and a stark contrast to the culture here in Australia.

Interestingly and separately, stock market investors in Singapore go to their national newspaper and the paper’s associated websites for all of their investing data and information rather than the stock exchange. This seems natural and should be the case in Australia where media access to CEOs and management benefits both the newspaper websites, in terms of eyeballs and visits, as well as the listed companies seeking exposure.

In an age of short form video and the generational avalanche of people wanting to manage their own investments, you’d think now would be the time for the bigger media outlets to focus their considerable brands and reach in this area. Embracing ‘abundance’ and ‘service’, rather than the traditional linear and impersonal strategy, makes so much sense right now.

Finally, think about what Chris and Patrick represent when Australian politicians ignorantly suggest Sydney could be the financial services hub of Asia…

Great to meet you Chris and Patrick! Thanks for the insights and the fresh perspective!

As an aside I’d be delighted to hear any examples of service you have received in Australia that left you with a positive or negative impression.

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Roger Montgomery is the Founder and Chairman of Montgomery Investment Management. Roger has over three decades of experience in funds management and related activities, including equities analysis, equity and derivatives strategy, trading and stockbroking. Prior to establishing Montgomery, Roger held positions at Ord Minnett Jardine Fleming, BT (Australia) Limited and Merrill Lynch.

This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.