SINGAPORE (Oct 14): DBS Vickers is maintaining its “fully valued” rating on property and media group Singapore Press Holdings with a lower target of $3.51.

In a research note out on Wednesday, analysts Alfie Yeo and Andy Sim says while SPH’s core 4Q15 and FY15 earnings are in line with expectations, its dividend per share disappoints.

SPH’s 4Q15 revenue declined by 2% y-o-y while operating profit fell by 4%.

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