Singapore Press Holdings’ (T39.SG) is off 0.5% at S$3.96 with a modest 937,000 shares traded, within the $3.95-$3.99 range that the stock has moved in for the last 6 sessions, in a muted response to the groups’ 1Q earnings. 

UOB KayHian says the 1Q11 performance was within expectations. It notes, net profit declined 29% on year due to the absence of development earnings after the completion of Sky@eleven in 4Q10. 

 

It says the print media’s performance was “credible” with pre-tax profit of S$109.2 million, +10% on year. “While earnings growth outlook is muted...share price is supported by a decent annual dividend of yield of over 5%.” 

 

The house lowers its target price to $4.20 from $4.35, at 10% discount to revised SOTP valuation and keeps its Hold call. 

 

Separately, Credit Suisse says “we do not expect any meaningful near-term positive catalysts for the stock.” It keeps its Neutral call and S$4.60 target; it says SPH’s FY11E dividend yield of 6.8% “remains attractive.”