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941-960 of 1578
Why the share price droup so much... just because the price they tender is 156m more then the 2nd place?
If the land price is expensive, eventually the cost will pass to the buyer , I think the effect of this high bidding price will only be resulted in the next financial year...
Just my 2 cent worth...
freeme ( Date: 11-Nov-2009 10:33) Posted:
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im surprised why this piece of news not disclosed by sph. it is material information.
of course.
joshlai86 ( Date: 11-Nov-2009 13:42) Posted:
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Time to buy before it rebounds to 3.90
joshlai86 ( Date: 11-Nov-2009 13:42) Posted:
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does submission of top bid equate to winning the bid?
If there is a H&S you wd like to watch the neckline, hor.
SPH is also a NGO rubbing shoulders with gov, so what u thinking?
They help to let gov earn more $$ ma.. HDB reported loses right.. so paying more helps SG Gov to give more subsidy for new homeseeker
Farmer ( Date: 11-Nov-2009 10:05) Posted:
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well this selldown, looks like head and shoulders formation may be forming. what do you think is a good entry point?
Good entry point soon to come.
getting interesting again. xd 9dec.
Market is furious regarding its over paying for buying Clementi Mall....
Singapore Press Holdings and its partners submitted the top bid for a property site in Singapore, the local press reported.
CM Domain Pte, a joint venture by SPH, NTUC Income and NTUC FairPrice, offered $541.9 million for the site in the Singapore suburb of Clementi, it was reported, citing the Housing Development Board, the island’s public housing agency. Keppel Land’s Alpha Investment Partners and Guthrie GTS jointly submitted the next-highest bid of $382 million, while Frasers Centrepoint, a unit of Fraser & Neave, was third with an offer of $352.1.
massive selldown -0.13 to 3.76 -- any reason?
why let go? potential to go to at least 4 dollar
pricedrop so much, should i let go? any advise
POOR CASH MANAGEMENT of IDLE S$1Billion losing daily on inflation and opportunity cost.... UNinnovative Management should be CHANGED....
Routine operations can be OUTsourced at optimised cost withOUT OVERHEAD....
Minimise headcount only for STRATEGIC INNOVATION....
Singapore Press Holdings rated buy
Kim Eng Research
13 October 2009
Kim Eng Research in an Oct 13 research report says: "SPH met expectations with its marginal growth in FY2009 operating revenue to $1,312 million. Operating profit before investment income only dipped marginally to $518.5 million, bolstered by property development profit. Net profit beat our estimate by 8% due to reduced staff costs (-13.9% y-o-y) and turnaround in investment income in 2H09.
"Final dividend per share (DPS) of 18 cents offers a decent yield of 4.6%. Total DPS for FY2009 of 25 cts implied a 96% payout from net profit, in line with the historical track record of between 88 and 100%. Our SOTP target price has been raised to $4.50 to factor in positive growth in core media business from FY2010F. Property development is the engine for additional returns after Sky@Eleven’s completion in 2010. Its huge war chest of cash ($1.0 billion investible fund) provides the competitive edge. MAINTAIN BUY."
SPH: Hold (OCBC Research, 13 Oct)
Singapore Press Holdings' core printing business continued to buckle under pressure from the weak economy,
falling 12% year-on-year (yoy) to S$892.4m. However, the Sky@Eleven condo development and rentals at
Paragon helped buffer the group's revenue. Overall, the group posted FY09 results with flat topline of S$1.3b
and PATMI down slightly 4% YoY to S$418.4m. Management has indicated that the "business outlook remains
uncertain although there are signs of a gradual recovery at the macroeconomic level." Subsequent to the
successful launch and current development of Sky@Eleven, management indicated that it has gained confidence
in the property development business. It recently put forth a bid for a 1.38-ha plot next to Lorong Chuan MRT
station that drew 15 bidders. While this is a business that management is keen to embark on in larger scale, we
note that it could introduce increased risks to the group's earnings with fluctuating property cycles. FY10 will
see SPH recognising the final phase of its Sky@Eleven project.
The profit recognition from this condo project helped prop up the group in the midst of its weak core printing business.
Tax free capital gains from this project also aided in a lower tax rate on a group basis. Unless SPH embarks on another
accretive property project, we believe that we will see earnings sliding from FY10. SPH will be paying a final dividend
of 18 cents (Final: 9 cents, Special: 9 cents) bringing total FY09 DPS to 25 S cents. This beat our final dividend forecast
of 14.5 S cents and came in at the top end of the street's forecast. SPH's operating costs assumptions have also been
realigned with the faster than expected fall in material costs and staffing.
Finally, our assumptions for its core printing business have taken a turn for the better in view of the improving economy.
Our SOTP is now S$3.56 (prev. S$3.31). However, we prefer to maintain our Hold rating as we watch how the cyclical
property development business pans out for SPH.
SPH: Neutral (DMG, 12 Oct)
While SPH had turned in a set of better-than-expected results, we believe that contributions from the property front may
decline in FY10 and FY11. Its FY09 revenue though flat at S$1,301.4 million and net profit declined by 3.6% to S$421.9m,
nonetheless exceeded our expectations (top and bottomline at S$1,293.6m and S$370.4m respectively) and that of the market
(top and bottomline at S$1,284.5m and S$384.9m respectively). Reasons for the discrepancy are larger-than-expected fall in
newsprint costs to US$612 per tonne in 4QFY09 and the absence of the S$26.7m impairment charge that was previously
seen in FY08.
On a quarterly basis, SPH's 4QFY09 revenue was S$346.9m (-12.7% year-on-year, +6.1% qtr-on-qtr) while net profit was
S$135.2m (+46.2% yoy, +6.7% qoq). Revenue from ads are forecasted to pick up as the economy recovers while newsprint
costs are expected to be lower on a yoy basis, thus resulting in higher margins. Nevertheless, as we believe that the bulk of
the revenue recognition has already been accounted for the Sky@eleven project during FY08 and FY09, we are expecting
lower overall Group revenue in FY10. At S$3.88, SPH is trading at 14.9x FY10 P/E, which is in line with its 6-yr historical
average. Moreover, the Sky@eleven project is also slated to cease earnings contributions in FY11 after it has been completed,
thus lowering profitability and dividends for the Group.
On the bright side, we have raised our valuations for SPH's core media business to 14x forward P/E from 12x given its
improving outlook – our target price is thus accordingly raised to S$3.86 based on our SOTP valuations.
Downgrade to Neutral given the impending downside.
Researchers' messages were mixed, some call for Buy, some call for Sell. I decided to buy, as the dividend is about 4%.
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Kim Eng Research on Tuesday reiterated its buy call on Singapore Press Holdings, with a target price of $4.50 a share. |