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Singapore Press Holdings (SPH SP)

Sizeable Asset Base Now But Media Risk Remains


SPH has recently acquired new student accommodation assets in the UK, bringing total AUM to a sizeable S$1.4b. The more-premium acquired assets have a slightly lower yield, compared with the previous accommodation assets purchased. While asset quality looks relatively assured, the decline in its media business does not appear to be abating. Maintain HOLD with a higher SOTP-based target price of $2.30 (previously $2.25). Entry price: S$2.00.


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Singapore Strategy

Dec 19 wrap-up: Singapore in 5


■ FSSTI up by 0.91% mom in a low-activity month. “Phase one” US-China trade deal reached. Tepid 4Q and FY19 GDP growth.

■ FSSTI target for CY20 remains at 3,275 pts, based on 12.5x CY21F P/E.

■ Top picks unchanged: CAPL, DBS, FCT, SIE, STE, THBEV, WIL, YZJ, AEM, BOCS, CSE, JAP and PROP


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Telecom Sector

Will 5G alter market structure?


• Share prices are likely to perform well in 1Q2020 on the back of bids for Nationwide 5G licences

• 2020 street projections adequately capture the risk of earnings erosion.

• Netlink is our top pick followed by Singtel and StarHub


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