Stock Name: SingPost
Company Name: SINGAPORE POST LIMITED
Company Name: SINGAPORE POST LIMITED
| Research House: DBS Vickers | Price Call: HOLD | Target Price: 2.00 |
SINGAPORE (May 13): DBS Vickers has downgraded Singapore Post to "hold" from "buy" and lowered its price target to $2.00 from $2.18.
The revised target factors in a 9% cut in earnings estimates for FY2016.
Business flow from Alibaba, which took a 10% stake in SingPost last year, has been slower than expected, and the latter's $180-million e-commerce hub currently being built in Singapore is unlikely to contribute to its bottom line in the near term, according to DBS Vickers analyst Sachin Mittal.
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