SINGAPORE (Dec 15): Media and property firm Singapore Press Holdings lacks any positive share price catalyst and continues to suffer ad revenue contraction, UOB Kay Hian notes, maintaining its hold rating and target price of $4.10 a share.

The brokerage's monitoring of advertising in the flagship Straits Times newspaper points to an ad spend contraction of 2.4% (on year) in the first quarter, slightly slower than last year but still downward.

“With the print media business in a structural decline, we expect SPH to rein in costs on that front and divert its attention towards new business initiatives,” UOB says.

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