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【SPH T39 交流专区】新加坡报业控股 SINGAPORE PRESS HLDGS LTD

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楼主: 臥龍先生       显示全部楼层   阅读模式

楼主
发表于 28-3-2007 08:01 AM | 显示全部楼层 |阅读模式
本帖最后由 icy97 于 10-7-2012 08:54 PM 编辑



很多人都說它是現在 SGX 里最 UNDERVALUE 的股票. 你認為呢 ?
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发表于 28-3-2007 12:45 PM | 显示全部楼层
我只能说股息还不错...
我买了2 年多...当时是 SGD 4.74...今天还只是SGD4.38..哎...还好有股息..昨天还卖了点....
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发表于 28-3-2007 07:38 PM | 显示全部楼层
应该算还好吧。。。自从04年拆细后一直没什么动静。这几年的牛市的大涨潮也没见它大涨。如果牛市再持续一段时间应该有机会大涨。公司的业务一向来都不错,不过,好象太过依赖及局限于国内市场。扩展空间有限吧。

[ 本帖最后由 蓝烟 于 28-3-2007 07:42 PM 编辑 ]
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发表于 9-4-2007 09:31 PM | 显示全部楼层
要在新加坡这个小国经济体系上立足的国家
必须要能走向国际
SPH不会倒,但是应该也走不远
媒体这东西,一般政府不会让外资操控
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发表于 9-4-2007 10:54 PM | 显示全部楼层
原帖由 臥龍先生 于 28-3-2007 08:01 AM 发表
http://ichart.finance.yahoo.com/w?s=T39.SI

很多人都說它是現在 SGX 里最 UNDERVALUE 的股票. 你認為呢 ?

想知道市场平均pe是多少?
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楼主
 楼主| 发表于 13-4-2007 01:34 PM | 显示全部楼层
Singapore Press Holdings
BUY: Price: $4.60 Target: $5.50

2QFY07 results
Analyst: Stephanie Wong

Stable and Predictable - draft
Performance mirrored the healthy economy
Results were in line with expectations as net profit grew 28%yoy to $108m in 2QFY07. Revenue growth of 4.5%yoy was a direct result of higher revenue from newspaper and magazine division (+4%yoy) as well as a 9% increase in rental income. The surge in investment income of 62%yoy to $31.6m should not come as a surprise in view of the buoyant stock markets in the region. SPH has a massive investment portfolio of $880m as at Feb-07.
Advertising revenue rising steadily
Print advertising revenue rose by 4.6%yoy, underpinned by the strength of the Singapore economy. Display ads increased 4.2%yoy while classified ads edged up 3.2%yoy. Operating margins remained strong at around 35%, thanks to effective cost-controls and decline in newsprint prices.
Property development is not a distraction
We reckon the overwhelming response to Sky@eleven has boosted the management’s confidence in property development. Efforts to enhance the value of its remaining key asset – The Paragon retail-cum-office building are on-going. The crown jewel could one day be redeveloped into a residential/commercial project which may yield a higher plot ratio from the current 5.6x.
Interim DPS of 7cts
Although there were no ‘bonus’ for shareholders at the interim as the group declared an interim DPS of only 7cts, we are hopeful of bumper payout in 2H, particularly with the maiden recognition of development profits from Sky@11. The cash & cash equivalent of $1.1b ($0.69/sh) makes a strong case for SPH to mull over various capital management initiatives in the near term.
Still a great proxy to the economy at a steal!
We still see vast value in the stock as it trades at an implied core earnings of only 12.8x for FY08. Our 12-month price target remains at $5.50 on implied FY08 yield of 5.5%. Though boring, the stock is still alluring given its strong certainty of attractive dividend yields.
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楼主
 楼主| 发表于 13-4-2007 01:39 PM | 显示全部楼层
Singapore Press Holdings (S$4.60) – 2QFY07 results - Bumped up by lower tax and higher investment income
SPH’s net earnings of S$108m (+27.7% yoy) represent 54% of our full-year forecast. Earnings appear to have been bumped up by a lower tax rate (due to adjustments for overprovision) and higher investment income (+61.2% yoy). Core newspaper and magazine revenue came in at S$218m (+4% yoy). More encouragingly, display revenue was up 4.3% yoy to S$90.8m, lifting print advertising revenue to S$162m (+4.6% yoy), in line with our assumption of 5% adex growth for FY07. With a still positive outlook, we maintain our earnings estimates and sum-of-the-parts target price of S$5.22. Maintain Outperform.
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楼主
 楼主| 发表于 13-4-2007 01:47 PM | 显示全部楼层
Singapore Press Holdings: Investments gives SPH bottomline a boost Core operations chugs along. SPH reported its 2Q07 results yesterday with operating income growing 4.9% YoY to S$253.7m but with net profit spiking 27.9% YoY to S$108m. The significant spike in net profit was due to good returns from equity investments rising 61.7% YoY to S$31.6m and a tax write back of S$6.3m. Stripping out investment income, core operating profit turned in a flat 1% YoY growth to S$83.9m, in line with our expectations.


Ads grow with economy. Going into 2H07 with the economy expected to continue to grow robustly, advertisements for consumer spending and property launches are likely to continue to grow. We see this positive market sentiment to likely benefit SPH media and print business. Indeed management indicated that the retail, education, telco and transport sector contributed healthily to the Ad revenue in 2Q07. In light of the positive outlook we have revised up our FY07 and FY08 Ad growth to 3.5% YoY and 2.8% YoY (from 2.3% and 1.4% respectively).


Costs rise as anticipated. Over the period concerned, SPH's operating costs rose 7.2% YoY to S$164.5m. Staff costs contributed most to this with a 11.1% YoY spike. This was due to new hires for New Media initiatives, bonus payouts and salary increments. In 2Q07 cost to revenue ratio stood at 65% (vs 63.5% in 2Q06 and 59% in 1Q07) and we expect operating cost to continue at this level for 2H07. Management has assured that measures are being taken to implement "revenue enhancing" workflows to improve organisational efficiencies.


Maintain HOLD. For 2H07, although we are likely to see bottomline accretion from Sky@Eleven (TOP in 2010), we have already factored it into our valuation. We think that SPH's FY07 net dividend yield of about 5% gives investors reasonable downside protection going into a traditionally more volatile part of the year. In view of our revised assumptions on Ad growth, our FY07 and FY08 net profit is now S$417.3m and S$393.6m up 5% and 2.1% respectively. We thus raise our fair value to S$4.60 (previously S$4.44) but maintain our HOLD rating.(Kelly Chia)
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楼主
 楼主| 发表于 13-4-2007 02:50 PM | 显示全部楼层
SPH 發股息了.

(a) Current Financial Period Reported On
Name of Dividend Interim Dividend
Dividend Type Cash
Dividend Rate 7 cents per share
Tax rate Tax exempt (One-tier)

(c) Date payable
The date the dividend is payable: May 15, 2007

(d) Books closure date
The Share Transfer Books and Register of Members of the Company will be closed on May 3, 2007 for preparation of dividend warrants. Duly stamped and completed transfers received by our Share Transfer Office, Barbinder & Co Pte Ltd, 8 Cross
Street, #11-00, PWC Building, Singapore 048424, up to 5 p.m. on May 2, 2007 will be registered to determine shareholders' entitlements to the interim dividend. In respect of shares in securities accounts with The Central Depository (Pte) Limited (“CDP”), the said interim dividend will be paid by the Company to CDP which will distribute the dividend to holders of the securities accounts.
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发表于 13-4-2007 08:06 PM | 显示全部楼层
原帖由 臥龍先生 于 13-4-2007 02:50 PM 发表
SPH 發股息了.

(a) Current Financial Period Reported On
Name of Dividend Interim Dividend
Dividend Type Cash
Dividend Rate 7 cents per share
Tax rate Tax exempt (One-tier)

(c) Date payab ...



股息S$0.07。和去年同时期一样。
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楼主
 楼主| 发表于 29-6-2007 05:47 PM | 显示全部楼层
Singapore Press Holdings – SPH's main property asset, Paragon, has been revalued at $1.82bn. This is higher than the valuation of $1.52bn the media group disclosed in July last year when it announced its results for Q306. The latest valuation of the retail and office complex at prime Orchard Road was carried out by Knight Frank. The valuation of Paragon, done on an annual basis, is required under the terms of the bank loan for the property. While Paragon was once identified as a non-core asset, SPH has said in recent times that it is committed to holding on to the property for the foreseeable future. The complex enjoys full occupancy, and yielded a ROE of about 9%, according to SPH's latest annual report. The group has made efforts to enhance rental yields from the complex.
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发表于 6-7-2007 02:54 PM | 显示全部楼层
原帖由 hbkid 于 9-4-2007 09:31 PM 发表
要在新加坡这个小国经济体系上立足的国家
必须要能走向国际
SPH不会倒,但是应该也走不远
媒体这东西,一般政府不会让外资操控


走不出国际的公司, 一般只靠分股息来吸引投资者。

我个人不喜欢等股息,有时XD之后,股价比股息还掉得还多, 过后还要给 Income Tax。

XD前一天卖掉算了,然后在XD之后再买回来。
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楼主
 楼主| 发表于 11-7-2007 08:35 PM | 显示全部楼层
SINGAPORE PRESS HOLDINGS LIMITED
Reg. No. 198402868E
(Incorporated in Singapore)


SPH reports Third Quarter Net Profit of $160 million.

SINGAPORE, 11 July 2007 – Singapore Press Holdings Limited (SPH) todayreported its results for the third quarter ended 31 May 2007. The Groupregistered a 15.2% increase in operating profit* of $14.3 million to$108.8 million. Profit before exceptional items was up 48.3% to $186.1million. Net profit was $159.8 million compared to previous year’s$174.6 million which included an exceptional gain of $69.1 million.

The Group’s operating revenue rose 8.4% to $288.1 million. Newspaperand Magazine operations increased 7.8% to $255.7 million on the back ofstrong growth in print advertisement revenue which saw a surge of 10.4%to $195.6 million. Property operations posted a 6.6% revenue increaseto $26.0 million.

Total operating expenses increased by 5.0% to $182.2 million. This wasdue mainly to staff costs which were 12.0% higher as a result ofvariable bonus provision, increased headcount and annual salaryincrement. Variable bonus provision was in line with the Group’s higher operating profits and theGroup’s new performance-based incentive scheme. Total headcount in May2007 was 3,684 compared to 3,583 a year ago because of the acquisitionof new subsidiaries and staffing for new media businesses.

Group investment income was up 139.1% to $75.3 million. This comprisedmainly net profit on sale of investments and profit from a capitalreduction exercise by MobileOne Limited. For the nine months ended 31May 2007, the Group registered a 6.9% increase in operating profit* of$19.5 million to $300.1 million. Profit before exceptional items was up25.3% to $440.1 million. Net profit was $380.1 million compared toprevious year’s $357.6 million which included an exceptional gain of$69.1 million.

Commenting on the outlook for the rest of the financial year, Mr AlanChan, Chief Executive Officer of SPH said: “Print advertising lookspromising as the economy is doing well. Paragon is generating healthyrental yields amidst strong sentiments in the property market. TheGroup is strengthening its presence on various new media platforms andextending its reach beyond the core newspaper business. Barringunforeseen circumstances, the Directors expect the Group to performbetter than last financial year.”
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发表于 12-7-2007 07:55 AM | 显示全部楼层
原帖由 太空飞人 于 6-7-2007 02:54 PM 发表


走不出国际的公司, 一般只靠分股息来吸引投资者。

我个人不喜欢等股息,有时XD之后,股价比股息还掉得还多, 过后还要给 Income Tax。

XD前一天卖掉算了,然后在XD之后再买回来。

说得一点都没错,hold了两年多,卖了!只钻赚到股息。。。
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发表于 12-7-2007 10:02 AM | 显示全部楼层
DJ MARKET TALK: JP Morgan Ups SPH To Overweight, S$5.50 Target

0039 GMT [Dow Jones] STOCK CALL: JP Morgan upgrades Singapore Press Holdings (T39.SG) to Overweight from Neutral, ups target price to S$5.50 from S$4.54. Says 3Q07 net profit of S$159.8 million, revenue of S$288 million better than expected. Expects positive catalysts in next few quarters from possible stronger-than-expected ad revenue growth, maiden earnings recognition from Sky@Eleven condo, higher revaluation and rental revisions at company's Paragon mall. Stock down 0.4% at S$4.50 yesterday. (FKH)
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楼主
 楼主| 发表于 12-7-2007 11:34 AM | 显示全部楼层
Singapore Press Holdings
3QFY07 Results
BUY
Current Price: S$4.50
Target/ Price: S$5.00

Singapore Press holdings (SPH) has reported its 3QFY07 results. Overall, net profit declined by 8.7% in the quarter due mainly to exceptional gains of S$69.1m in the corresponding period last year (write-back of pairment losses for Paragon). Excluding this, net profit for the 3QFY07 surged 51.2% y-o-y to S$159.4m.


The strong results, which were much better than expected were due mainly to:
• Print revenue for the quarter increasing by 10.5% y-o-y to S$195.8m, exceeding our expectations of 4% (AC Nielsen projected 14%). Newspaper & magazine revenue for the quarter as a whole increased by 7.8% to
S$255.7m.
• Revenue from property for the quarter increased 6.6% y-o-y to S$26m. SPH has yet to recognise contributions from the Sky@eleven at this point in time.
• Total staff costs and newsprint costs for the quarter increased by 8.6% and 1.4% respectively. Due to the greater increase in revenue as compared to costs, profits before investment income in 3QFY07 increased 15.2% y-o-y to S$108.8m.
• Investment income for the quarter increased 139.1% to S$75m due to net profit on the sale of investments and profit from the capital reduction exercise by MobileOne.
We maintain our BUY recommendation on SPH based on our sum-of-the-parts valuation. Falling newsprint prices, Paragon’s rising rentals and maiden earnings contributions from Sky@eleven and a high net dividend of 5-6% underpin SPH’s fundamentals.
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楼主
 楼主| 发表于 12-7-2007 12:11 PM | 显示全部楼层
Singapore Press Holdings (SPH) put up a strong showing for the third quarter ended May 31, with its operating profit rising 15.2 per cent to $108.8 million. But this was masked by an 8.5 per cent dip in net earnings to $159.8 million resulting from the absence of exceptional gains. Last year's Q3 results had included an exceptional gain of $69.1 million, mainly from the write-back of impairment losses for its Paragon shopping centre in Orchard Road. Including net income from investments of $75.3 million and contributions from associates and jointly controlled entities totalling $2 million, the group's Q3 profit before exceptional items and taxation was up 48.3 per cent at $186.1 million. The Q3 results raised nine-month net profit to $380.1 million, 6.3 per cent up from the previous corresponding period's $357.6 million, which included the $69.1 million exceptional gain. Reflecting the improvement in the group's businesses, Q3 operating revenue rose 8.4 per cent to $288.1 million. Revenue from the core newspaper and magazine business grew 7.8 per cent to $255.7 million on the back of a 10.4 per cent surge in print advertisement revenue to $195.6 million. Property operations rose 6.6 per cent in revenue to $26 million.

Singapore Press Holdings (SPH) – THE Business Times saw yet another rise in circulation - by 5.5 per cent for the nine months ended May 31 this year. The circulation figures were disclosed by Singapore Press Holdings when it reported its third-quarter results yesterday. The business daily's circulation has been on an
uptrend since its revamp in 2004 to update its look and content - a move that received strong support from readers and advertisers. BT's circulation grew 0.6 per cent in the financial year ended August 2006, which came after a strong 6.7 per cent increase in circulation in FY2005. Nielsen Media Research had earlier
said that BT enjoyed the biggest increase in advertising revenue among newspapers in Singapore in 2006, with an 11.7 per cent jump from 2005. It cited BT's 'reputation and its high-quality readership'.
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楼主
 楼主| 发表于 27-7-2007 02:43 PM | 显示全部楼层
Singapore Press Holdings Limited("SPH") wishes to announce that SPH MediaWorks Ltd (in liquidation), awholly-owned subsidiary of SPH, has been dissolved on 26 July 2007,pursuant to liquidation by the court.

Thedissolution has no material impact on the earnings per share or nettangible asset of SPH for the financial year ending 31 August 2007.

Issued by Singapore Press Holdings Limited
27 July 2007
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发表于 1-9-2007 11:55 AM | 显示全部楼层
原帖由 hbkid 于 9-4-2007 09:31 PM 发表
要在新加坡这个小国经济体系上立足的国家
必须要能走向国际
SPH不会倒,但是应该也走不远
媒体这东西,一般政府不会让外资操控


同意
买这股好象在放定期一样
老牌股
管理层都是保守老人
可能政府所占的股本比例太高
什么决策都要小心翼翼 不能行差踏错
不敢大收购 不敢创新
媒体收购机会是有的
看她敢不敢做
大马的星洲不是也能跟香港的报纸合并吗?
我要卖掉她了
很讨厌看到她 :@
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楼主
 楼主| 发表于 17-9-2007 11:36 AM | 显示全部楼层
Singapore Press Holdings
BUY: Price $4.38 Target $5.39

Company update
Analyst: CHAN Choon Jit

Dividend Play at a Steal
Recent advertising revenue growth is unsustainable
SPH will be releasing its FY07 results in early-mid October. To recap, SPH
delivered a sterling set of results in 3QFY07; newspaper advertising
revenue grew 10.2% yoy as Singapore’s GDP grew 8.6%. With display and
classified advertisement revenues at their highest levels since the start of
FY05 (Fig 1), it is tempting to think that an era of high GDP growth would
propel SPH’s growth.
Weakening newsprint prices not catalyst for re-rating
In its Q3FY07 results announcement, SPH guided for newsprint prices to
remain soft in the near term. This comes after four years of newsprint price
increases from US$403/tonne in FY03 to US$581/tonne in FY06. However,
we think that even if newsprint prices decline, it will not significantly boost
the operating margin of the Newspaper & Magazine segment. SPH’s
greatest cost component remains its staff costs, as wages in Singapore are
trending up.
Low organic growth impeding share price advancement
We estimate SPH’s organic growth (excluding development profit from
Sky@eleven) to be in the low-to-mid single digit range from FY08-FY10. We
have assumed:
♦ Print advertising revenue to increase 6% p.a., pegged to
Singapore’s private consumption expenditure growth in 2Q07 (Fig
2).
♦ Rental income from Paragon to increase by 10% p.a.
♦ ‘Others’ segment to remain in a loss-incurring gestation period.
We think that it is this unexciting organic growth rate that is impeding SPH’s
share price advancement.
More time is needed for new initiatives to bear fruits
Though SPH has been actively pursuing new growth initiatives in recent
years in outdoor advertising and internet media, these investments are
small. Internet media, especially, will have to gain acceptance with the
greater public. Currently, we remain unexcited about these new initiatives.
Dividend play at a steal
That said, SPH makes up for its low organic growth with its high cash flow
generation and its track record of generous dividends. Further forays into
property development could also produce more development profits for
distribution as dividends. We reiterate our target price of $5.39 (implied
FY08 dividend yield of 5.5%)
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