SingPost

OCBC Research downgrades SingPost to Hold from Buy on limited upside to its $1.16 target price, noting that company needs new drivers to sustain growth as S’pore's postal industry has limited prospects. SingPost is looking to expand presence outside Singapore through recently-acquired G3 Worldwide Aspac, which has given company network of offices in 10 countries. Company should continue to offer 6.25¢ dividend given group's healthy cashflow.