Stock Name: SPH
Company Name: SINGAPORE PRESS HLDGS LTD
Company Name: SINGAPORE PRESS HLDGS LTD
| Research House: Kim Eng | Price Call: BUY | Target Price: 4.60 |
| Singapore Press Holdings - Be content with stability (BUY, $3.81 - TP $4.60, SPRM.SI / SPH SP, MEDIA) |
| Two failed bids at recent land tender exercises could prompt the Singapore Press Holdings (SPH) to become more aggressive in seeking future projects. Or, it could just put property acquisition plans on the back burner as there are fewer sites that meet its investment criteria. On our part, we prefer SPH to focus on boosting its digital media revenue stream and returning surplus cash to shareholders. We also identify a revaluation boost for Paragon as a potential catalyst, even though the chances of it occurring are still remote for now. At FY Aug12F PER of 15x and a sustainable dividend yield of 6.4%, the stock still warrants a BUY rating but at a lower target price of $4.60. |
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