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Hachiko

More people joining the ranks of Uber

luanboo

net operating profit has declined by 32.7% but the news didn't mention...

layers

Reply to @luanboo : trying to smoke ppl Tml buy more sph

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2V_

Why didn't announce the profitability margins exclude one off divestment?

Do we expect more assets on sale?


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$SPH(T39.SI) by OCBC - NOBODY SAID IT WAS EASY

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$SPH(T39.SI) by DBS Vickers - Media business still a key drag

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$SPH(T39.SI)
Singapore Press Holdings: Nobody said it was easy

SPH has shown some green shoots with its digital-first strategy, but the turnaround of the group’s media business still appears to be some time away. Indeed, as the popular Coldplay song goes – “nobody said it was easy”. 2QFY18 results were largely within our expectations, with the tapering YoY decline in print advertisement of particular encouragement. The group’s approach to having integrated marketing offerings is indeed a sound approach to arrest the abovementioned decline, but this hinges on, we believe, a meaningful ramp-up in daily average digital circulation. SPH’s property portfolio should tide it through in the meantime, as it accounts for ~60% of the group’s 1HFY18 profit. Following adjustments, we increase our fair value slightly from S$2.51 to S$2.52.

Maintain HOLD.
We increase our fair value slightly from S$2.51 to S$2.52.

Source OCBC

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