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
1.220
Same
1.220
