Lim says that SingPost is trying to sell a network of 10 post offices in a sale-and-leaseback deal worth some $50 million.
OCBC Investment Research's Ada Lim, following SingPost's latest divestment, has reduced her fair value for this stock, and warns that growth prospects remain unclear for now and that investors are to focus on the company's break-up value instead.
On July 22, SingPost announced the sale of its entire freight forwarding business, comprising Famous Holdings and Rotterdam Harbour, for $177.9 million. The company will book a gain of around $10.5 million and unlock some $104 million in cash to be deployed in a manner to be decided.
