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DBS Vickers downgrades Singapore Press Holdings (T39.SG) to Hold from Buy due to limited upside, lack of catalysts, says Dow Jones.
Says FY10 results in line, 20 cents DPS “tad above consensus’ average, but below what we had hoped for”; full year DPS (includes interim dividend) at 27 cents vs 25 cents in FY09. Notes, operating profits within expectations on higher ad revenues (+9% to $733 million), economic recovery, offset partially by lower property contributions.
Says FY10 results in line, 20 cents DPS “tad above consensus’ average, but below what we had hoped for”; full year DPS (includes interim dividend) at 27 cents vs 25 cents in FY09. Notes, operating profits within expectations on higher ad revenues (+9% to $733 million), economic recovery, offset partially by lower property contributions.
Notes, management indicated they would continue their opportunistic stance to bid for investment/retail property sites; “in our view, the Group would be keen in the two commercial/mixed sites in Punggol and Paya Lebar (on reserve list) by HDB/URA. However, with keen competition in this area, we believe that share price could be susceptible to outcome of the bids put in by the Group.”
Lowers FY11/FY12 earnings by around 2% to account for higher operating expenses, cuts target to $4.37 from $4.52.
Shares last +0.9% at $4.26.
