Stock Name: SPH
Company Name: SINGAPORE PRESS HLDGS LTD
Company Name: SINGAPORE PRESS HLDGS LTD
| Research House: OCBC | Price Call: HOLD | Target Price: 4.19 |
OCBC Investment Research has lowered its rating for publishing and property firm Singapore Press Holdings (SPRM.SI) ‘hold’ from ‘buy’ and cut its target price to $4.19 from $4.32.
OCBC said SPH’s third quarter earnings were boosted by investment income. However its advertising revenues declined year-on-year due to weaker sales from display and classified advertisements.
OCBC said SPH’s third quarter earnings were boosted by investment income. However its advertising revenues declined year-on-year due to weaker sales from display and classified advertisements.
The brokerage also noted that this was SPH’s first year-on-year decline in advertising revenues over the last five quarters and has cut its estimates to reflect lower-than-expected advertising sales.
“Nevertheless, we believe price downside is limited at this juncture due to an attractive dividend yield estimated at 6.9% and the potential for accretive retail mall acquisitions in fiscal 2011-2012,” said OCBC in a report.
Shares of SPH have fallen about 1.8% since the start of the year to close at $3.91 on Tuesday.
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