Singapore Press Holdings 01 (May 08 - Nov 11)

[winston]

2 Reports in one week ?

Not vested. From UOBKH:-

Valuation/Recommendation

The big picture of an AR recovery remains intact. SPH’s share price traditionally had a close relationship with its AR growth. Current share price (ex-dividend yesterday) offers 21% upside to our target price of S$4.40. Annual yield is forecast at 6-7%. Maintain BUY.

[millionairemind]

Jan 13, 2010
SPH's Q1 profit is $145m

MEDIA group Singapore Press Holdings (SPH) on Wednesday reported net profit of $144.7 million for the first quarter ended Nov 30, which is almost double the $73 million a year earlier.

Recurring profit rose 24.7 per cent to $159.4 million. The Group's investment income recovered from a loss of $33.7 million a year ago to a gain of $10.2 million in Q1, said SPH in a statement.

Group operating revenue at $354.0 million was $13.7 million, or four per cent higher than the same period a year ago.

Operating revenue of the Newspaper and Magazine segment totalled $243.2 million, down $6.2 million or 2.5 per cent from Q1 of the previous year. But SPH said it has seen improvements in recent months.

Print advertisement revenue at $182.4 million was $5.8 million or 3.1 per cent lower mainly as a result of lower classifieds advertisements. SPH said its group circulation revenue fell marginally by $0.6 million, or 1.1 per cent, which was in line with lower circulation copies sold.

The Group's Property segment continued to turn in a robust performance on the back of higher revenue from Sky@eleven, bringing in $19.4 million or 38.2 per cent. Operating revenue from the Group's other businesses rose by $1.5 million, contributed mainly by the Group's new businesses.

The Group recorded a net investment income of $10.2 million. In the previous year, an investment loss of $33.7 million was recognised at the onset of the global financial crisis.

On the outlook for this financial year, Mr Alan Chan, Chief Executive Officer of SPH, said: 'The Singapore economy is expected to grow at a modest pace in 2010. Our advertisement revenue has improved in recent months and is expected to move in tandem with the economy.

'With business conditions improving, we had announced a partial restoration of the pay cuts implemented in early 2009. We will continue to monitor our cost levels closely while at the same time devote resources and explore opportunities to grow beyond print and Singapore. The Directors are pleased with the Group's results for the first quarter and, barring unforeseen circumstances, expect expect overall performance for FY2010 to be satisfactory.'

[winston]

Not vested. From DBS:-

DBS Research is upgrading SPH to Buy from Hold, target price raised to S$ 4.33 (Prev S$ 4.00). 1Q10 earnings doubled yoy to S$144.7m, within expectations.

Ad revenues are expected to gather momentum on activities ahead like the IR opening,
property launches and employment picking up.

The overpayment for Clementi Mall has already been priced in. A write-down in future is possible but impact should be minimal at c.6 Scents per share based on our analyst’s estimates.

Attractive dividend yield of 6.8% should provide a good support to share price

[winston]

Not vested. From UOBKH:-

Valuation/Recommendation

Integrated resorts another boost to AR. Apart from an improving domestic economy, the opening of Singapore’s integrated resorts, Marina Bay Sands and Resorts World@Sentosa in early-10 will likely boost ad spend as the hospitality and retail sectors ramp up advertising to capture more consumer spending.

SPH’s share price has a close relationship with AR growth. SPH offers a 20% upside to our target price of S$4.40 with an attractive FY10 and FY11 annual dividend yield of 6-7%.

[millionairemind]

Bordercollie will be interested in this news

Published February 23, 2010

SPH to issue $300m fixed-rate notes

It is the first part of a $1b medium-term note programme

By CHEW XIANG

SINGAPORE Press Holdings (SPH) will issue $300 million of fixed-rate notes due in 2015 and has mandated OCBC Bank as dealer.

The issue, announced yesterday, is the first part of a new $1 billion multi-currency medium-term note programme. OCBC has also been appointed arranger for the programme.

SPH said that the net proceeds will be used as general working capital, for capital expenditure and corporate requirements such as acquisitions and investments, and/or refinancing existing borrowings.

At Nov 30, 2009, SPH had $570 million of secured debt. This was at an effective interest rate of 3.18 per cent, according to the latest annual report. It also had some $150 million of unsecured debt. According to the annual report, this was a term loan which, after taking into account interest rate swap arrangements, cost 2.5 per cent a year.

SPH is the latest large Singapore company to tap the local currency bond market. Last year, Temasek Holdings sold $600 million of 20 and 30-year bonds and followed that up earlier this month with a 10-year, $1 billion issue priced at 40 basis points over corresponding 10-year Singdollar swap offer rates.

In January, Sembcorp Marine quadrupled its multi-currency programme from $500 million to $2 billion for 'flexibility to capitalise on any opportunities should the need arise'.

In September last year, SMRT's $150 million issue of five-year, fixed-rate notes was two times subscribed.

In April last year, Asia-Pacific Breweries set up a $1 billion multi-currency medium-term note programme and has since issued two tranches to raise $140 million.

SPH publishes 17 newspapers in Singapore including The Business Times, as well as more than 100 magazines in the region. It also has a substantial property arm.

[b0rderc0llie]

Thanks for the news MM.

It is nice to be able to issue notes at a low rate. Too bad the banks do not allow me to borrow for the long term; the maximum tenor they offer me is 1 year.

[winston]

From DBS:-

SPH – Attractive dividend yield, proxy to recovering economy. Buy; TP: S$4.32.

Jan AdEx shows strong 26% yoy growth but share price of SPH has yet to fully factor in the recovery. SPH has upsized the medium term note (MTN) programme to S$600m, which is a positive move, as this implies higher dividends or investment is on the cards.

Our analyst has raised DPS expectations for FY10 by 2 cts to 27Scents, and by 5cts for FY11 to 25 Scts, which gives yield of 7.2%-6.7%. Yield is expected to sustain at/above 6.7%, which is an attractive proposition.

SPH is a proxy to recovering economy, and a key pick in current market conditions. Reiterate Buy, TP: S$4.32 (Prev S$ 4.33). Technically, SPH should trend higher to $3.92 from current $3.77 in the near-term with potential for $4.12 eventually.

[millionairemind]

Apr 13, 2010
SPH profit up 30% in Q2
By Fiona Chan

MEDIA group Singapore Press Holdings (SPH) has posted a 30 per cent jump in net profit for the three months to Feb 28, on the back of a strong rebound in its core newspaper and magazine segment.

Net profit rose to $113.3 million from $87 million in the same quarter a year ago. Group operating revenue also rose 11 per cent to $318.7 million in the period, SPH said on Tuesday in releasing its second-quarter results.

This means that for the first half of SPH's current financial year, net profit surged 61.2 per cent to $258 million and operating revenue rose 7.2 per cent to $672.7 million.

SPH chief executive Alan Chan said: 'The positive trend in our print advertising sales has continued into the second quarter, and this has enabled us to deliver a strong set of results for the first half of FY2010.'

The group's property segment also did well, with revenue rising 18 per cent to $85.2 million in the second quarter, due to higher revenue from its Sky@eleven project and higher rental income from the Paragon mall.

SPH has declared an interim dividend of 7 cents a share to be paid on May 21.

[millionairemind]

Jun 8, 2010
SPH eyes more projects
Group unveils Thomson Rd development, aims to grow property business
By Joyce Teo

SINGAPORE Press Holdings (SPH) yesterday underscored its capability as a developer with the unveiling of its completed maiden residential project, Sky@eleven, in prime district 11 off Thomson Road, and said it was looking for more development sites.

The newly completed freehold project, developed by SPH's wholly owned subsidiary Times Development, obtained its temporary occupation permit last month.

Launched amid a hot property market in January 2007, it achieved an average price of $975 per sq ft (psf). All 273 units were snapped up within 30 hours of the launch.

The duplex penthouses went for an absolute price of up to $5.8 million each. And the highest recorded price of $1,200 psf was a benchmark level for the Thomson area then.

Prices have since risen considerably. In April, units at Sky@eleven were being transacted at between $1,250 psf and $1,400 psf.

Sky@eleven features large units, built from the fifth storey upwards, with the lowest four storeys left empty, shielding residents from street-level activity.

[kennynah]

newspaper company can also become property developer.... amazing