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661-680 of 1578
2009 valuation of Paragon was $1980m vs current valuation of $2280m.....a $300m increase.
This will be reflected in its P&L as a revaluation gain.....but unless the property is actually sold, it will be a 'non cash' gain. The balance sheet will also reflect this gain thereby the NAV will be impacted.
As its a 'non cash' gain/loss, cashflow will not be affected.
alexmay ( Date: 02-Jul-2010 18:42) Posted:
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http://www.sph.com.sg/pradmin/upload/ffwjjwmF_ParagonValuationAnncDoc.pdfDifference between 2006 and 2010 is 760mil.
No. 290 Orchard Road "The Paragon", Lot 1139C Town Subdivision 27 Valuation S$2,280,000,000How would this affect its price and result?
Results must be solid...just look at the recent pick up of advertisement. Looking forward to 8cts eps at least.
DATE OF RELEASE OF 2010 THIRD QUARTER RESULTS
Singapore Press Holdings Limited wishes to announce that it will release its financial results for the Third Quarter ended 31 May 2010 on Monday, 12 July 2010.
ACQUISITION OF SHARES IN BIZLINK EXHIBITION SERVICES PTE. LTD. AND OTHER RIGHTS
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_966ABF006A78EBE1482577430033B060/$file/AnnouncementBizlink15June2010.pdf?openelement
dont hope to get cheap property prices any more, is sky rocketing........shoot up till may be next year. Mass condo prices (99 yrs) already
seemed to be launching at more than 900psf..
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.
NEUTRAL!
Farmer ( Date: 23-Apr-2010 21:45) Posted:
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Increase of Shareholding in Subsidiary
http://info.sgx.com/webcorannc.nsf/AnnouncementToday/45428C902010A7FF48257723002D6E31?opendocument#
yes agree, around there.....unless more good news to come.
christan ( Date: 23-Apr-2010 10:45) Posted:
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lower uptrend line resistance @ 426-430
Haha! Target met sooner than expected. More to come?
Farmer ( Date: 09-Apr-2010 17:16) Posted:
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old man this week really jia por.
Dun be surprise, more to come! With gov feeling uncomfortable with the escalating ppty prices, more measures to come too.
sph just kissed capitaland, quite rare sight, only happen last year ~3 times
406 , time to go?
SPH – Kim Eng
Stellar 1HFY10 results
Key meeting takeaways
SPH’s 1HFY10 operating profit jumped by 29.4% yoy to $286.8m on strong performance by the Newspaper and Magazine segment, lower newsprint costs and higher revenue from Sky@Eleven. Net profit grew by 61.2% yoy to $258.0m, turning net loss from investments into a gain. Overall, the results were in line with our expectations. An interim dividend of 7 cents was declared. Maintain Buy with higher target price of $4.61.
Our View
Revenue from the Newspaper and Magazine segment grew by 2.6% to $465.9m in 1HFY10, in line with the positive trend in news ad revenue growth. In 2QFY10, display ad revenue grew by 20.2% yoy, led by demand from the property, telco and FMCG sectors. Classified ads grew by 6.4% yoy, dragged down by weakness in the auto sector.
Sky@Eleven will obtain TOP soon. A remaining $77m in revenue will be recognised in due course. As the project was on the deferred payment scheme, the bulk of the proceeds (about $423m) will be received upon TOP, replenishing SPH’s investible fund of $0.8b.
With one‐third of its $1b multicurrency bond program unutilized, SPH remains financially capable of exploring new opportunities. Apart from its four strategic growth thrusts, a separate strategy for the property division spelling out its aim to establish a presence in the retail mall sector for the long term and capitalizing on future opportunities in the residential segment supports our view of a potential spin‐off of its retail assets or a property arm.
Action & Recommendation
SPH now offers an attractive dividend yield of 6.4% (FY10F DPS 25.3 cents). Post‐Sky@Eleven, we believe a sustainable yield of 5% will be supported by its monopoly in the print media business and stable income from its retail investment properties. We raise our target price to $4.61, from $4.47, as we lower our cost‐of‐debt assumption and remove the Clementi Mall valuation estimate. Maintain Buy.
SPH – CIMB
No surprises; interim dividend as expected
• Maintain Outperform; in line. 2Q10 net profit was S$113.3m (+30.2% yoy), accounting for 22% of our full-year estimate. 1H10 net profit grew 61.2% yoy to S$258.0m on revenue growth of 7.2% yoy to S$672.7m. 1H10 results came in 2% below our forecasts and were in line with consensus. SPH declared an interim dividend of 7 cts/share, in line with our forecast. Our earnings estimates remain intact with our sum-of-the-parts target price unchanged at S$4.50. We maintain Outperform on the back of an improving outlook.
• 2Q10 operating revenue grew 11% yoy to S$318.7.0m. Within our expectations, print revenue rose 13.3% yoy to S$165.4m. Display and recruitment ad revenue rebounded, while circulation revenue was down by S$1.6m. Property revenue rose 18.0% yoy to S$85.2m, boosted by Sky@eleven revenue and increase in rental income from Paragon. Materials, consumables and broadcasting costs were lower 28.1% yoy due to the 38.4% drop in newsprint costs. As expected, staff costs went up 20.1% due to higher bonus provision.
• Ad demand continues to improve. The Saturday edition of The Straits Times averaged 254 pages in March, up 28% yoy and up 12% mom. Ad demand is coming mainly from property developers, telecommunications and FMCGs. We believe the uptrend is sustainable, driven by a robust property market and an improving job market.
• Outlook. SPH continues to expect newsprint prices to rise in line with the economic recovery though we are not overly concerned as prices have been locked in till Dec 10 and remain way below peak prices. Sky@eleven is on track to obtain its temporary occupation permit in the coming months while Paragon’s occupancy continues to be high. Clementi Mall is targeted to start operations in 1H11.
TODAY ONLINE Thursday: 15 APRIL 2010
from broke rage research and agen cy reports
Disclaimer: Readers should seek independent financial advice before making any investment decision. Today cannot be held liable for any consequence arising from the use of this information.
Stock Calls
SPH
$3.97 | Neutral
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Sinotel
55 cents | Hold
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