Stock Name: SPH
Company Name: SINGAPORE PRESS HLDGS LTD
CIMB in a July 13 research report says: "3Q11 core net profit of $114.8 million is in line with our forecast and consensus, accounting for 30% of our FY2011 estimate. 9M11 core net profit forms 77% of our full-year estimate.
"Though profit is in line, earnings quality is weaker with a decline in the print business propped up by stronger investment income. Though we had been expecting margin pressures for its print business, we were slightly surprised by the y-o-y weakening in ad revenue.
"We fine-tune our FY2011-2013 EPS estimates by 1%, with higher investment income assumptions offset by higher taxes and opex. Accordingly, our sum-of-the-part target price falls to $4.24 from $4.29. SPH should, however, be supported by dividend yields of about 6. MAINTAIN NEUTRAL."
Company Name: SINGAPORE PRESS HLDGS LTD
| Research House: CIMB | Price Call: HOLD | Target Price: 4.24 |
CIMB in a July 13 research report says: "3Q11 core net profit of $114.8 million is in line with our forecast and consensus, accounting for 30% of our FY2011 estimate. 9M11 core net profit forms 77% of our full-year estimate.
"Though profit is in line, earnings quality is weaker with a decline in the print business propped up by stronger investment income. Though we had been expecting margin pressures for its print business, we were slightly surprised by the y-o-y weakening in ad revenue.
"We fine-tune our FY2011-2013 EPS estimates by 1%, with higher investment income assumptions offset by higher taxes and opex. Accordingly, our sum-of-the-part target price falls to $4.24 from $4.29. SPH should, however, be supported by dividend yields of about 6. MAINTAIN NEUTRAL."
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