Analysts from CGS-CIMB Research and UOB Kay Hian (UOB KH) Research are positive on Singapore Press Holdings (SPH) after the company reported 1HFY2021 ended February earnings that exceeded expectations and also announced a strategic review to unlock value.

CGS-CIMB analyst Eing Kar Mei has upgraded the stock from ‘hold’ to ‘add’ with a higher target price of $2.09 from $1.31 previously.

She notes that the better-than-expected 1HFY2021 core net profit of $85 million was mainly driven by lower operating expenses, in particular from material, production and distribution costs which decreased 40% y-o-y, as well as higher investment income and increased other operating income. 

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