Stock Name: SPH
Company Name: SINGAPORE PRESS HLDGS LTD
Research House: UOB KayHian
UOB KayHian in an April 14 research report says: "Singapore Press Holdings' (SPH) 2QFY11 results were below our expectation due to The Clementi Mall's start-up costs and higher operating costs (+40% y-o-y in 2QFY11) due to a one-off impairment of goodwill, investment in an associate and property, plant and equipment, and costs incurred in the newspaper subscription drives.
"SPH declared an interim dividend per share of 7 cents, same as 1HFY10's. In view of the higher-than-expected costs in 1HFY11, we lower our FY2011, FY2012 and FY2013 net profit forecasts by 7%, 2% and 3% respectively.
"But our target price of $4.20 remains unchanged, at a 10% discount to our SOTP valuation of $4.65 per share. No share price catalysts but annual dividend yield remains at more than 5%. MAINTAIN HOLD."
Company Name: SINGAPORE PRESS HLDGS LTD
Research House: UOB KayHian
UOB KayHian in an April 14 research report says: "Singapore Press Holdings' (SPH) 2QFY11 results were below our expectation due to The Clementi Mall's start-up costs and higher operating costs (+40% y-o-y in 2QFY11) due to a one-off impairment of goodwill, investment in an associate and property, plant and equipment, and costs incurred in the newspaper subscription drives.
"SPH declared an interim dividend per share of 7 cents, same as 1HFY10's. In view of the higher-than-expected costs in 1HFY11, we lower our FY2011, FY2012 and FY2013 net profit forecasts by 7%, 2% and 3% respectively.
"But our target price of $4.20 remains unchanged, at a 10% discount to our SOTP valuation of $4.65 per share. No share price catalysts but annual dividend yield remains at more than 5%. MAINTAIN HOLD."
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