SINGAPORE (Sept 1): UOB Kay Hian is sticking to its “hold” call and target price of $3.80 for property and media group Singapore Press Holdings (SPH) as total ad pages in its flagship daily continues to slip.
In a Thursday report, lead analyst Foo Zhi Wei says total ad pages in The Straits Times fell 2.5% in 4Q16 ended Aug. While 4Q has traditionally been a weak quarter, Foo says this is the lowest page count for 4Q since the tracking began in 2005.
Total ad pages in FY16 was also the lowest on record since 2005, reflecting the continued weakness in the economy, and as advertising shifts away from traditional print media. Meanwhile, Recruitment ads and Display ads fell 14.6% and 6.0% respectively, offsetting the 17% increase in Classified ads.
