Singapore Press Holdings (T39.SG) extends yesterday’s 1.9% gain, +0.5% at 26-month high of $4.23 in active trade despite retreat by most other blue chips, as media group’s defensive traits supportive, says Dow Jones. Prospect of handsome dividend payout, when company releases fiscal FY10 results on Oct. 12, also helping sentiment.

“When SPH reports FY10 results in a fortnight, we expect the company to announce a meaningful special dividend following the successful and profitable completion of the Sky@Eleven project in the previous quarter,” says CLSA analyst Ashwin Sanketh, referring to group’s only residential development project in Singapore; tips combined final and special dividend of $0.22/share, bringing total FY10 payout, including $0.07/share interim dividend, to $0.29/share, translating to 6.9% yield based on yesterday’s close.

Orderbook quotes suggest minimal upside beyond $4.25.