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Singapore Press Holdings (SPH SP)

1QFY20: Earnings In Line But Not Finding A Bottom Yet


SPH’s 1QFY20 core net profit of S$46.8m is in line with our expectations. Media ad revenue continued its decline, down 17% yoy, and does not appear to be abating. While PBSA acquisitions have grown SPH’s asset base to a sizeable extent, we remain wary of the decline in group core operating profit (-21% yoy). Maintain HOLD with a lower SOTP-based target price of $2.22. Entry price: S$2.00.


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Still a Tough Call


 Maintain NEUTRAL. The sector’s risk-reward profile appears largely balanced in our view, with stocks having priced in the prospects of elevated competition over the past two years from new entrants and structural revenue/EBITDA pressures. The sector’s 1-year forward EV/EBITDA at -1SD is fair, supported by telcos’ decent yields of >5%. Our preferred pick remains Singtel for its earnings diversity and dividend certainty, which should augur well in a slow-growth and macro-infused environment. Improving tariff dynamics in India/Indonesia are its key re-rating catalyst.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings1.640-0.030
Avi-Tech Electronics0.330-
Best World Int.1.360-
China Sunsine0.300-
CNMC GoldMine0.153-0.003
CSE Global0.345-
Eagle HTrust USD0.137-
Food Empire0.460-
Golden Energy0.1820.005
GSS Energy0.041-
ISDN Holdings0.149-
JB Foods0.390-
KSH Holdings0.300-
Moya Asia0.047-0.003
Nordic Group0.205-0.010
Oxley Holdings0.2100.005
REX International0.087-0.001
Sing Holdings0.320-
Straco Corp.0.475-
Sunningdale Tech0.820-0.015
Sunpower Group0.355-0.005
The Trendlines0.076-
Tiong Seng0.157-
Uni-Asia Group0.405-0.005
Yangzijiang Shipbldg0.8400.010

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