SINGAPORE - SingPost shares are continuing on their winning streak, up two cents to $1.965 within an hour of the market's open on Monday, even after closing at a record high of $1.945 on Friday.

The stock has been on a rally since May, when Chinese tech giant Alibaba said it was buying a 10.35 per cent stake in the firm for $312.5 million or $1.42 a share.

SingPost shares have since been going from strength to strength and hitting several new all-time highs in the past few months.

CLSA initiated coverage of SingPost last week, noting that although the stock is up over 30 per cent this year, it is still less than its Hong Kong peer Sinotrans, which has gained 102 per cent.

"We believe ROE (return on equity) has bottomed out and forecast it to reach 23 per cent over the next three years," said CLSA. "The dividend payout is stable at 90 per cent with a yield of 3.4 per cent."