SINGAPORE (June 15): OCBC is upgrading Singapore Post to “hold” from “sell” with unchanged fair value estimate of $1.20 given the significant correction in its share price.

Since its last report in May when SingPost was downgraded, the stock has fallen by about 8% against a flat performance from The Straits Times Index.

On June 6, SingPost closed as low as $1.235 given the group’s disappointing FY17 results, poor performance from TradeGlobal and uncertainty surrounding to the stock.

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