SingPost Seen as Attractive Amid Asset Monetization Opportunities -- Market Talk

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SingPost Seen as Attractive Amid Asset Monetization Opportunities -- Market Talk

Dow Jones2024-12-09

0409 GMT - Singapore Post appears to be a buy, supported by a strengthening asset monetization story, Maybank analyst Jarick Seet says in a research note. S&P's recent move to place SingPost on credit-watch negative following the sale of its Australian business "is irrelevant," he writes, citing expectations that more non-core assets will be monetized and debt will likely be reduced as the company's cash position improves. The Australian business sale indicates that "the roadmap going forward to return shareholder value is strengthened," he says, adding that potential future asset sales could include Famous Holdings, SingPost Centre and post offices. He recommends accumulating shares on weakness and maintains a buy rating with a target price of S$0.77. Shares are up 0.9% at S$0.58, bringing year-to-date gains to 22%. (ben.otto@wsj.com; @benottoWSJ)

(END) Dow Jones Newswires

December 08, 2024 23:09 ET (04:09 GMT)

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