Stock Name: SPH
Company Name: SINGAPORE PRESS HLDGS LTD
Singapore Press Holdings (T39.SG), is up 2.5% at $4.50 after announcing Monday that it has received approval from the Singapore stock exchange to list two of its shopping malls through a real-estate investment trust, in a deal that could raise about $1 billion. Citigroup sees limited upside from the news as it believes "the market has already priced in prospects of this asset recycling exercise positively." It says, "We do not think there is a significant change in the fundamental outlook since the core media business will continue to face strong headwinds. Of interest to investors in the longer term would be the pipeline of growth initiatives (eg. M&A) management could possibly embark with the $757 million balance in cash proceeds." The house has a Sell rating with a $3.80 target on the stock.
Company Name: SINGAPORE PRESS HLDGS LTD
| Research House: Citigroup | Price Call: SELL | Target Price: 3.80 |
Singapore Press Holdings (T39.SG), is up 2.5% at $4.50 after announcing Monday that it has received approval from the Singapore stock exchange to list two of its shopping malls through a real-estate investment trust, in a deal that could raise about $1 billion. Citigroup sees limited upside from the news as it believes "the market has already priced in prospects of this asset recycling exercise positively." It says, "We do not think there is a significant change in the fundamental outlook since the core media business will continue to face strong headwinds. Of interest to investors in the longer term would be the pipeline of growth initiatives (eg. M&A) management could possibly embark with the $757 million balance in cash proceeds." The house has a Sell rating with a $3.80 target on the stock.
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