As a recap, the sale of its key Australia unit has helped yield a 9-cent per share dividend payout to shareholders and a chain of ten post offices is up next, reportedly at $55.5 million.
Jarick Seet of Maybank Securities has downgraded his call on Singapore Post from "buy" to "hold", along with a lower target price of 51 cents from 63 cents.
His bullish call previously has been largely premised on the company's asset monetisation moves. However, there is a likely pause in the divestments and weaker operations are not able to justify current valuations.
