Its property business, on the other hand, remained stable with occupancy down 0.4 percentage points to 97.8% as end of June.
Company-wide, operating margin was 2.1%, down from 3.9% in the year-earlier quarter.
The company has made a series of divestments of what it deems its non-core assets, and in the last quarter, paid out a special dividend of 9 cents per share.
Lim, citing the management, says that SingPost, with a streamlined structure, will now focus on maximising asset utilisation and driving operational efficiency.
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"We get a sense that SingPost will no longer be pursuing any sizeable divestments, such as that of SingPost Centre, at least until the company’s strategy has been reset – in which case it would be challenging to justify the value of the company based on its earnings potential alone, in our view," says Lim.
She adds that the company has yet to find a new CEO, which presumably will have a bearing on its new growth strategy.
As such, she warns that investors should be more "cautious".
Lim has kept her "hold" call but has cut her fair value from 59 cents to 49.5 cents.
SingPost shares changed hands at 50 cents as at 4.20 pm, unchanged for the day but down 8.33% year to date.
