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Singapore Press Holdings - Tread carefully
StockFanatic
Publish date: Mon, 15 Apr 2013, 12:11 PM
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We think it is still unclear if spinning off its prized property assets into
a REIT creates shareholder value. This, coupled with the weak ad
environment, suggests that the recent 10% run-up in the share price
may be overly optimistic.
2QFY13's earnings came in below
expectations at 19% of our and
consensus full-year estimates due to
weaker-than-expected ad revenue.
1H13 formed 44%. We lower
FY13-15 estimates by 5-9% but raise
our SOP-based target price to reflect
the appraised value of properties
likely to be spun off into a REIT.
Downgrade from Neutral to
Underperform as we think the recent
share price gains are unwarranted.
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