SingPost's Asset Monetization Story Intact Despite Share Weakness -- Market Talk

Dow Jones12-24

0220 GMT - Singapore Post's firing of senior executives over alleged mishandling of a whistleblower report offers an opportunity for investors to accumulate shares on weakness, says Maybank analyst Jarick Seet. "The roadmap to return shareholder value remains unchanged," he writes in a research note, adding that a strategy to monetize non-core assets is board-driven, and forecasting that the proceeds from an Australia business sale will be returned to shareholders after paring down debt. He expects more asset sales, such as Famous Holdings, SingPost Centre and its post offices, and thinks shareholders may receive up to about S$0.86 of dividends in the next two years. Maybank maintains a buy rating with a S$0.77 price target. Shares are up 2.0% to S$0.51, trimming losses this month to 12%. (ben.otto@wsj.com; @benottoWSJ)

(END) Dow Jones Newswires

December 23, 2024 21:20 ET (02:20 GMT)

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