Home THE DAILY EDGE Business SPH climbs to 1-month high on earnings: Update
SPH climbs to 1-month high on earnings: Update

Tags: Singapore Press Holdings

Written by Bloomberg   
Thursday, 14 January 2010 11:04
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Shares of Singapore Press Holdings, the nation’s biggest newspaper publisher, climbed to their highest level in a month after reporting higher first-quarter profit.
 
Singapore Press rose 2.5% to $3.75 as of 10:35 a.m. local time, heading for its highest closing level since Dec. 8. The stock has advanced 2.2% so far this year, compared with a 0.5% gain for the benchmark Straits Times Index.
 
The company said yesterday first-quarter net income rose 98% from a year ago to $144.7 million as higher contributions from its property division offset weaker earnings from its newspaper and magazine businesses.
 
OCBC Investment Research upgraded the stock to “buy” from “hold” and raised its share-price forecast to $3.91 from $3.56.
 
“With business conditions improving, Singapore Press have announced a partial restoration of pay cuts,” OCBC analyst Kevin Tan wrote in a note today. “We see this as an indication of the group’s growing confidence in an impending recovery in its core businesses.”
 
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SPH climbs to 1-month high on earnings: Update
Thursday, 14 January 2010

Last Updated on Thursday, 14 January 2010 11:05
 

Comments 

 
0 #1 Simon Leo 2010-01-14 19:55 Higher cost of paper, printing, utility will eat into profits and together with pay cuts restoration will weight on the bottom line. Subscription is declining every year for paperprint and online is not making more profit. Thats the reason why SPH goes into retail and commercial projects paying so much for a clementi mall (bad decision in my opinion) to make up loss of profit. As a small shareholder of the company, i have dumped SPH for good.