Sing Post: (S$1.57) Catching tailwinds
- CLSA believes SingPost is among the few names to successfully transform itself to remain relevant.
- The rise of e-commerce has severely impacted physical retail stores but has benefitted logistics companies, which plays into SingPost's strengths given its focus on e-commerce and logistics.
- Although earnings could increasingly be more volatile as it embarked on its ecommerce strategy, it should be able to sustain FY17CL 4.5% dividend yield.
- CLSA retains Outperform on SingPost with TP of $1.64.
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