SPH SP
Singapore Press Holdings Ltd
TMT
06/03/2013
Presented
| Date | 05/30/2013 |
| Price | SGD4.36 |
| Market Cap | $5.19B |
| Ent Value | $5.71B |
| P/E Ratio | 18.12x |
| Book Value | SGD2.33 |
| Div Yield | N/A |
| Shares O/S | 1,616.10M |
| Ave Daily Vol | 6,570,000 |
| Short Int | N/A |
Current
| Price | SGD2.51 |
| Market Cap | $2.96B |
| Singapore Press Holdings Limited engages in publishing, printing, and distributing newspapers, magazines, and books primarily in Singapore. The company publishes 18 newspaper titles in 4 languages, and books and periodicals in English and Chinese; publishes and produces approximately 100 magazine titles in the areas of fashion, bridal, society, automobiles, parenting, décor, and information technology; and provides custom publishing services covering lifestyle magazines and newsletters. It also offers Internet and new media services, including SPH AsiaOne portal; ST701, an online marketplace for jobs, property, cars, and general classifieds; Straits Times Online Mobile Print, a portal that connects, engages, and interacts with readers on the Web and through mobile phone messaging; omy.sg, a bilingual news and interactive portal; The Straits Times RazorTV, an interactive Webcast service, which offers live chat shows and video on demand clips; and digital editions of Lianhe Zaobao newspaper, as well as iPad, iPhone, and Android smartphone applications under The Straits Times and The Business Times names. In addition, the company operates radio channels, such as UFM 100.3 in Mandarin, and Kiss92 and HOT FM91.3 in English; organizes consumer and trade events, exhibitions, and conferences; and provides digital out-of-home advertising services. Further, it owns and manages Paragon, a retail and office complex; The Clementi Mall, a retail development; and Sky@eleven, a residential condominium. Additionally, the company provides online investor relations services; and online search, directories, and classified services, as well as operates a financial portal. Singapore Press Holdings Limited was incorporated in 1984 and is based in Singapore. |
Highlights
The presenter outlined a short thesis on Singapore Press (SPH), the owner of 18 of the 19 newspapers in Singapore, including The Straits Times, which represents 40% of circulation. He believes the company’s shares are due to come under pressure as circulation and revenues decline. Population growth and 2x-3x the per-capita spending on newspapers (vs. the US and Europe) may not be sufficient to offset the trends and fundamental factors influencing his opinion, including:
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