Singapore Press Holdings needs a boost from non-media segments, says CGS-CIMB Research analyst Eing Kar Mei in a note dated Jan 5.

The group’s media business may have made an earnings before interest and taxes (EBIT) loss of $9.4 million due to Covid-19 in FY2020, Eing believes the department may see improvement in the near term given the improving business sentiment and low base effect during the financial year.

“However, in the long term, we continue to see structural decline risks in the industry as advertisers allocate a larger portion of their budgets to the digital and social media platforms,” she says.

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