Singapore Post - OCBC Investment 2017-09-14: SPC Retail Mall Opening In Phases

Singapore Post - OCBC Investment 2017-09-14: SPC Retail Mall Opening In Phases SINGAPORE POST LIMITED S08.SI

Singapore Post - SPC Retail Mall Opening In Phases

  • This month, the new SingPost Centre retail mall starts opening up in phases post redevelopment, as it completes the omni-channel e-commerce experience by bringing together retailers, customers and e-commerce last-mile fulfillment.
  • The mall will offer greater convenience, choices and experiences to consumers by providing online e-merchants and offline brick-and-mortar shops all under one roof. 
  • In terms of contribution to rental and property-related income, we estimate about S$17m p.a. (when fully opened) from the mall, up from ~S$8-9m annually (vs. SingPost’s total rental and property-related income of S$39m in FY16 before the mall was closed for redevelopment). However, the market’s focus is still likely to be on the group’s strategic review over the next few months.
  • Maintain HOLD for SingPost with S$1.22 fair value estimate on the stock.




Low Pei Han OCBC Investment | http://www.ocbcresearch.com/ 2017-09-14
OCBC Investment SGX Stock Analyst Report HOLD Maintain HOLD 1.220 Same 1.220



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