Post Reply
1501-1520 of 1578
SPH is fast approaching $3.88. Get ready to pick the cherry.
Even if it falls, you must have patience and confidence that the stock will pick up... 
KenKen88 ( Date: 21-Jul-2008 13:20) Posted:
|
It will be good to collect if it drops before $4... year end coming soon... which means year end dividend.
Thats right! Must have faith...this is one of the most defensive stock in the current market, what else to ask for?
Those who think of accumulate some can wait for the next company buy-back which I believe may be imminent. Last coy action at 22/1/08 of 1m share between $4.13-4.24.
Must have faith with this guy lah. During good times need newspapers, bad times need even more newspapers......... and publishing
It will keep on falling till $3.88 and that is the price to enter. I am looking forward to that moment
Monday, July 14, 2008
SPH - DBS
A safe haven in uncertain times
Story: 3Q08 earnings were in line with expectations, as EBIT rose by 25% yoy to S$140m on revenue growth of 20% yoy to S$344m. YTD, EBIT is up by 25% yoy to S$388m on top line growth of 18% yoy to S$955m. PBT contribution from the Group’s publishing business was flat in 3Q08 due to higher staff costs but for 9M08, is up by 11% yoy, driven by an 8% increase in display and classified revenues. PBT contribution from the property segment grew by 155% yoy to S$103m as at 9M08, as the development of Sky@Eleven progressed. Meanwhile, treasury and investments saw a substantial decline of 71% yoy but is still ahead of our conservative forecasts. Point: The Group is on track to meet our full year EBIT growth projection of 23% and whilst we are expecting a slow down in the next 1 or 2 quarters, we remain positive on Singapore’s longer-term growth (DBS Economics is forecasting 6.8% GDP growth in 2009). Even in the event that we are overly optimistic, SPH’s earnings are highly defensive given its monopoly on the publishing sector in Singapore and ownership of a premium retail asset like Paragon. The additional contribution from Sky@Eleven over the next 2 years will also help buffer any earnings downside risk for the Group. Relevance: We continue to like SPH for its attractive valuation and as a defensive stock, backed by a net yield of >7.5% (premised on 90% payout of EBIT; in line with last 6 years), and re-iterate our BUY call. We have adjusted our sum-of-the-parts target price to S$5.75, as we have raised our forward valuation for Paragon to S$2.1bn (cap rate of 4.5%). The latest valuation for Paragon is S$2bn.
vested....
$3.50???? or $3.00????
incirent ( Date: 10-Jul-2008 11:12) Posted:
|