SINGAPORE (April 14): DBS Vickers is downgrading Singapore Press Holdings to “fully valued” from “hold” with $3.50 target price.

DBS believes the current share price valuation at 24x PE and 4.8% yield looks excessive as the house expects core print ad revenue to continue to deteriorate.

“SPH’s core media business continues to be dragged by declining advertising expenditure which we believe will lead to weaker adspend, poorer earnings outlook and reduction in DPS payout ultimately,” says lead analyst Alfie Yeo in a Thursday research note.

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