Stock Name: SPH
Company Name: SINGAPORE PRESS HLDGS LTD
DBS Vickers Securities in an Oct 13 research report says: "Revenue and earnings were down -9% and -20% y-o-y as contribution from property development Sky11 ceased in FY2011.
"Revenue excluding Sky 11 grew 8%, driven by rental income (+25% y-o-y to $168 million) and 'others' which includes the exhibition business (+37% to $69.8 million). PBT growth (ex Sky11) of 5% was supported by treasury and investment income (+40% to $41.6 million).
"The stock currently trades fairly at 14.7x forward earnings vs average PE valuation of 14.6x. As earnings are within our expectations and we do not foresee any significant catalysts going forward, we are leaving our earnings estimates and target price unchanged. Target price of $4.20. MAINTAIN HOLD.
Company Name: SINGAPORE PRESS HLDGS LTD
| Research House: DBS Vickers | Price Call: HOLD | Target Price: 4.20 |
DBS Vickers Securities in an Oct 13 research report says: "Revenue and earnings were down -9% and -20% y-o-y as contribution from property development Sky11 ceased in FY2011.
"Revenue excluding Sky 11 grew 8%, driven by rental income (+25% y-o-y to $168 million) and 'others' which includes the exhibition business (+37% to $69.8 million). PBT growth (ex Sky11) of 5% was supported by treasury and investment income (+40% to $41.6 million).
"The stock currently trades fairly at 14.7x forward earnings vs average PE valuation of 14.6x. As earnings are within our expectations and we do not foresee any significant catalysts going forward, we are leaving our earnings estimates and target price unchanged. Target price of $4.20. MAINTAIN HOLD.
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