Monday, October 14, 2013

Singapore Press Holdings: Lower dividends as expected (CIMB)

Singapore Press Holdings
Lower dividends as expected
NEUTRAL - Maintained
| S$4.12 - TP: S$4.11

▊ Media continues to be impacted by a weak advertising climate, leading to a fall in regular dividends. However, the cash from SPH REIT provides management with a war chest for property development, the success of which will be key to growing shareholder’s wealth. FY13 core earnings forms 94% of our full-year estimates. We deem it in line as the slight miss was due to a fall in investment income. Recurring earnings formed 100% of our estimates. We tweak FY14-15 forecasts on housekeeping matters, and introduce FY16 numbers. Our SOP-based target price rises as we roll over to end CY14. We maintain our Neutral rating.

 
FY13 highlights
Full-year core earnings fell 15% yoy on 1) lower newspaper revenues (-3.9%) due to the decline in advertising (-4%) and circulation revenues (-3.6%), 2) higher interest expense from the debt taken on at SPH REIT and 3) lower investment income. Operating expenses rose (+3% yoy) due to writedowns relating to an overseas magazine subsidiary, but this should decrease as cost savings to the tune of S$19m was unveiled for 2014. Though there are no signs of a pick up in advertising revenues yet, the slight positive was that 4Q advertising revenues decline appears to have moderated. Property continues to do well with 3% rental increases coming from Paragon. Seletar Mall has secured Shaw Theatres, NTUC Foodfare and FairPrice Finest as anchor tenants.  
 
S$100m new media fund
SPH is targeting acquisitions of new media start-ups to enhance its online offerings to advertisers. This leaves S$657m of the cash raised for property development.  
 
22 Scts regular dividends
This is lower than FY12’s 24 Scts. Management has guided that future dividends will depend on recurring earnings and that it will not dip into its cash balance. This means that investors should not expect a return to the 24 Scts level anytime soon, considering the loss of 30% property income.


Source/Extract/Excerpts/来源/转贴/摘录: CIMB-Research,
Publish date:14/10/13

No comments:

Post a Comment

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

李驰(中国巴菲特)
高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo


There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
冷眼(冯时能)投资概念
“买股票就是买公司的股份,买股份就是与陌生人合股做生意”。
合股做生意,则公司股份的业绩高于一切,而股票的价值决定于盈利。
价值是本,价格是末,故公司比股市重要百倍。
曹仁超-香港股神/港股明灯
1.有智慧,不如趁势
2.止损不止盈
成功者所以成功,是因为不怕失败!失败者所以失败,是失败后不再尝试!
曾淵滄-散户明灯
每逢灾难就是机会,而是在灾难发生时贱价买股票,然后放在一边,耐性地等灾难结束
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock