OSPL - Good Morning S'pore - Central Dealing Desk

Stock Name: SPH
Company Name: SINGAPORE PRESS HLDGS LTD

Research House: UOB KayHian

Price Call: HOLD

Target Price: 4.30

Market Compass

11 March 2013~ Good Morning Singapore!

Singapore Idea Snippets:

Global Flash: While You Were Sleeping Source: Marketwatch Quote for the day:Effort only fully releases its reward after a person refuses to quit. - NAPOLEON HILL Singapore: The Day Ahead SINGAPORE DAYBOOK:SPH reviewing portfolio for planned Reit [SINGAPORE] Singapore Press Holdings (SPH) is looking into setting up a real estate investment trust (Reit) to list its property assets on the mainboard of Singapore Exchange. The media group said yesterday it was still reviewing the properties that might form the Reit portfolio and the terms at which they might be injected into the Reit. In a filing to Singapore Exchange, SPH said: "The establishment of the Reit and the listing of the Reit on the SGX-ST will be subject to, among other things, market conditions, the relevant regulatory and other approvals being obtained and the execution of definitive agreements by the relevant parties." MARKET SCOOP Centurion buys 2 accommodation assets in M'sia for S$3.68m A-Reit raises S$406.4m in private placement Jardine Matheson FY2012 profit tumbles 51% Raffles Edu to set up S$25m university in Sri Lanka MAS, PBC double swap facility size in new deal Transcu appoints new chairman UOB KAY HIAN Securities says... SINGAPORE PRESS HOLDINGS | HOLD | TP: S$4.30 Another Quarter Of Lacklustre Advertising Revenue Growth Monthly page monitor suggests flat adspend SPH's revenue growth are in tandem with sluggish GDP growth Share price range-bound, dividend yield remains attractive at 5.2% Maintain HOLD. Our target price of S$4.30 is set at about 20% discount to our sum-of-the-parts (SOTP) valuation of S$5.40/share. CIMB Securities says... SMRT CORPORATION | UNDERPERFORM | TP: S$1.59 SMRT has announced a pay hike for its non-executive staff The revision will raise staff costs by S$10m in 4Q13 Margins have been compressed by high staff, repair and maintenance costs Margins will remain suppressed in the absence of fare hikes Our DCF-based target price remains (WACC 6.5%) at S$1.59 We maintain our Underperform rating, with earnings and dividend disappointments being de-rating catalysts DBS VICKERS Securities says... HUTCHISON PORT HOLDINGS TRUST | BUY | TP: US$0.89 Acquires 2 more berths in HK port with EV of US$505m; fully funded by debt Acquisition will raise HPHT's market share in HK to 57%, and provide revenue/cost synergies FY13/14F DPU raised by 3%/5%, assuming 4% cost of debt Valuation attractive at 8% dividend yield Maintain BUY with higher DCF-based TP of US$0.89 (WACC: 7.4%)