Singapore Press Holdings (SPH)

SPH posts 44.1% drop in 3Q earnings to $26.2 mil as media business continues to face challenges

SINGAPORE (July 12): Singapore Press Holdings (SPH) saw its earnings fall 44.1% to $26.2 million for the 3Q19 ended May, compared to $46.9 million a year ago.

Earnings per share (EPS) fell to 2 cents for 3Q19, from 3 cents in 3Q18.

Total revenue for the quarter came in at $249.6 million, 2.1% lower than $254.9 million in the previous year.

SPH kept at 'buy' by UOB as Chinese students look towards the UK for higher education

SINGAPORE (June 6): UK universities could benefit from the US-China trade war that has prompted China to issue an official warning to students hoping to study in US universities, says UOB KayHian.

This spells good news for Singapore Press Holdings (SPH) which is diversifying into the purpose-built student accommodation (PBSA) business in the UK.

In addition, refinancing of a £205 million ($314 million) term loan facility to a longer tenure also shows SPH is committed to its long-term investment in the UK PBSA (purpose-built student accommodation) business.

SPH opts for higher-yielding properties; PREH to report 1QFY2019 loss as cash flow remains in the red

SINGAPORE (May 6): On April 22, Singapore Press Holdings announced it had entered into an agreement to sell its stake in the retail podium and four office strata units (Chinatown Point mall) at the Chinatown Point integrated development in Singapore’s Chinatown. The media behemoth, which is transforming into a property investment company, owns the stake through its 30.68%-held associate, Perennial Chinatown Point (PCP) and various other entities.

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UOB KayHian remains positive as SPH turns to student accommodation to arrest flagging media business

SINGAPORE (Apr 23): Despite continued weakness in its core media business, UOB Kay Hian is staying positive on Singapore Press Holdings (SPH) on the back of its foray into the student accommodation segment.

SPH last week announced it has acquired a portfolio of three purpose-built student accommodation (PBSA) assets in the UK for £134 million ($237 million).

See: SPH expands UK student dorm portfolio with $237 mil acquisition

SPH expands UK student dorm portfolio with $237 mil acquisition

SINGAPORE (Apr 16): Singapore Press Holdings (SPH) announced that its wholly-owned subsidiaries, Straits Five, Straits Six and Straits Eight, have acquired a portfolio of Purpose-Built Student Accommodation (PBSA) assets in the UK for £133.7 million ($237.0 million).

The group purchased the assets from Habitus Holdings, Privilege Holdings, Privilege Southampton Holdings and AIGGRE Europe Real Estate Fund I GP.

Central banks turn dovish as IMF urges to 'do no harm'

SINGAPORE (Apr 15): Major central banks around the world have maintained a dovish stance, in line with a softer growth outlook by the International Monetary Fund.

In its latest World Economic Outlook on April 9, the IMF lowered its growth forecast for 2019 to 3.3%, from 3.5% previously. This is the third time in six months that the fund has trimmed its outlook. The IMF cautioned that unresolved trade disputes are a challenge for many countries. It also warned that China’s growth “may surprise on the downside”, while risks emanating from Brexit “remain heightened”.

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Analysts maintain calls on SPH as 2Q results miss expectations

SINGAPORE (Apr 10): Analysts say Singapore Press Holdings’ (SPH) 2Q19 results came in below expectations amid continued weakness in its media business, coupled with the absence of divestment gains from its treasury and investment portfolio.

See: SPH posts 26% fall in 2Q earnings to $29.7 mil on lower revenue, higher costs

SPH posts 26% fall in 2Q earnings to $29.7 mil on lower revenue, higher costs

SINGAPORE (Apr 9): Singapore Press Holdings (SPH) reported 2Q19 earnings of $29.7 million, down 25.7% from a year ago on lower revenue and higher premises costs and finance costs partly related to the UK student accommodation portfolio.

Total revenue fell 5.2% to $227.8 million after operating revenue came in 4.4% lower at $223.3 million as print advertisement revenue declined while other operating income fell 31.6% to $4.5 million.

SPH raised to 'buy' by UOB on underappreciated defensive dorm business

SINGAPORE (Apr 3): UOB KayHian is upgrading Singapore Press Holdings (SPH) to “buy” with a 2.5% higher target price to $2.82, to account for the 6% rally of SPH REIT.

UOB says the resilient assets in SPH’s portfolio and efforts by the new management to expand its defensive business have been underappreciated.

Capital efficiency is improving given the disposal of low-yielding assets for higher-yielding ones.

In addition, SPH’s 2019F yield of 4.5% is higher vs the STI’s 4.1% after the recent selldown.

Maybank remains 'neutral' on telco sector as uncertainty looms

SINGAPORE (Apr 1): Maybank Kim Eng Research remains “neutral” on the Singapore telco sector amid uncertainty over the implication for competition in the industry with M1’s imminent de-listing.

The research house believes StarHub provides the best value and Netlink NBN Trust offers insulation from uncertainty in the wireless segment.

Maybank has “buy” calls on both StarHub and Netlink, with target prices of 93 cents and $2.18, respectively.

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