SINGAPORE (Nov 2): Maybank Kim Eng is keeping its “buy” recommendation on Singapore Post with an unchanged target price of $1.77 following the launch of its new regional ecommerce logistics hub.

SingPost on Tuesday opened the $182 million facility at Tampines Logistics Park.

With a total built-up area of 553,000 sq ft, the three-storey facility houses two warehousing floors, 150 simultaneous loading bays as well as an office block. On the ground floor of the building is a fully automated parcel sorting facility with a capacity of up to 100,000 parcels a day.

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