Home THE DAILY EDGE Business SPH off 0.5%; Eyes on 3Q10 results, 2Q10 GDP
SPH off 0.5%; Eyes on 3Q10 results, 2Q10 GDP

Tags: Singapore Press Hldgs | Singapore Press Holdings | Sph Mbl Icw081230

Written by The Edge   
Friday, 09 July 2010 16:26
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Singapore Press Holdings (T39.SG) off 0.5% at $3.91 on mild profit-taking after sustained rise in last six sessions, says Dow Jones.

Investors pausing for breather while awaiting media group’s fiscal 3Q10 results, guidance for coming quarters due Monday. Some analysts expect more upside for stock pending Singapore’s advance 2Q10 GDP data due July 14.

“SPH share price tracks nominal GDP growth, and with 2Q10 (data) likely to be as strong as 1Q10, the stock should do well,” says CLSA’s Ashwin Sanketh, who has Outperform call with $4.68 target; tips 3Q10 net profit +2.6% on-year at $130 million on revenue of $340 million (+3.9%).

Support eyed at 10-day moving average, last at $3.86.


 

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Last Updated on Friday, 09 July 2010 16:27