Singapore Press Holdings (SPH)

Beo-ing this counter now
$3.97 represents about 6% yield...

(22-08-2013, 02:40 PM)momoeagle Wrote: Beo-ing this counter now
$3.97 represents about 6% yield...

You know that Clementi mall and paragon will receive 30% less rental for sph hor?

(22-08-2013, 03:23 PM)WolfT Wrote:

(22-08-2013, 02:40 PM)momoeagle Wrote: Beo-ing this counter now
$3.97 represents about 6% yield...

You know that Clementi mall and paragon will receive 30% less rental for sph hor?

Yup, about 40+ mil less
But 15 mil more from management fees + some savings on loans interests I think

(22-08-2013, 03:36 PM)momoeagle Wrote:

(22-08-2013, 03:23 PM)WolfT Wrote:

(22-08-2013, 02:40 PM)momoeagle Wrote: Beo-ing this counter now
$3.97 represents about 6% yield...

You know that Clementi mall and paragon will receive 30% less rental for sph hor?

Yup, about 40+ mil less
But 15 mil more from management fees + some savings on loans interests I think

Previously, they were not holding 100% of Clementi Mall. I didn't check if they're holding 100% of SPH REIT Mgr. So, need some discounts here and there.

A better estimate from their previous circular (pg18), proforma impact on FY12 (Aug) is PAT = -S$26.6m or EPS -2ct. But, these figures did not include the impact of the recent 18ct Special Dividend paid.

(22-08-2013, 03:36 PM)momoeagle Wrote:

(22-08-2013, 03:23 PM)WolfT Wrote:

(22-08-2013, 02:40 PM)momoeagle Wrote: Beo-ing this counter now
$3.97 represents about 6% yield...

You know that Clementi mall and paragon will receive 30% less rental for sph hor?

Yup, about 40+ mil less
But 15 mil more from management fees + some savings on loans interests I think

Management didn't mentioned anything about using the proceeds to pay off the loans, Net Gearing went down to 9% because cash increased, absolute loans and hence finance costs should remain the same...

i think of more concern is whether media will continue to bleed.

(22-08-2013, 05:19 PM)Drizzt Wrote: i think of more concern is whether media will continue to bleed.

To bleed is a foregone conclusion, the crux of the matter (to copy your words)is whether the mall developing arm can offset the bleeding. Whether if its Class II Hemorrhage (15-30%), then good riddance.

But I feel it will be a long drag and we will be a long way from falling off the cliff, it should be a gentle slope down for years to come. I have no numbers but I observed:

Prints are still selling:
-The older generation are still buying lianhewanbao and xinminzibao for 4D numbers although teletext, app, and internet can yield the info.
-I still see papers at NTUC, kiosks sold out (mostly)at the end of the day.
-Libraries, cafes, schools etc are still stock with papers.
-I still read prints, although I visit bloomberg thro app and CNA thro internet.
-My property agent told me she still needs to advertise through the papers (more expensive)to rent out my house, and it still have a wider reach..

The older generation will be around for a long time, yes they might pick up the internet, apps etc, but I dun think they will ditch the papers.
Not all young are digital crazy although most of them are, reading through print offer a different experince from reading through a tablet.

It will not be like digital camera vs film camera, whereby the change come fast and furious.

Just my tainted view, vested

Below is just my imagination: (read only if free )

Mainstream papers are easier to control, internet you have difficulty monitoring it. Push to the wall, they will print papers for free, to keep the circulation and advertisement, then they can allow full access to online news free, and some advertisements will flow to the digital platform. In terms of news quality, ST is not worse off than CNA.

When its free, the ballgame will change, another 15% of revenue gone then, but there will be no more cannibalization of their online content, and they can make quality news online free, and attract the volume

(22-08-2013, 05:36 PM)Greenrookie Wrote:

(22-08-2013, 05:19 PM)Drizzt Wrote: i think of more concern is whether media will continue to bleed.

To bleed is a foregone conclusion, the crux of the matter (to copy your words)is whether the mall developing arm can offset the bleeding. Whether if its Class II Hemorrhage (15-30%), then good riddance.

But I feel it will be a long drag and we will be a long way from falling off the cliff, it should be a gentle slope down for years to come. I have no numbers but I observed:

Prints are still selling:
-The older generation are still buying lianhewanbao and xinminzibao for 4D numbers although teletext, app, and internet can yield the info.
-I still see papers at NTUC, kiosks sold out (mostly)at the end of the day.
-Libraries, cafes, schools etc are still stock with papers.
-I still read prints, although I visit bloomberg thro app and CNA thro internet.
-My property agent told me she still needs to advertise through the papers (more expensive)to rent out my house, and it still have a wider reach..

The older generation will be around for a long time, yes they might pick up the internet, apps etc, but I dun think they will ditch the papers.
Not all young are digital crazy although most of them are, reading through print offer a different experince from reading through a tablet.

It will not be like digital camera vs film camera, whereby the change come fast and furious.

Just my tainted view, vested

Below is just my imagination: (read only if free )

Mainstream papers are easier to control, internet you have difficulty monitoring it. Push to the wall, they will print papers for free, to keep the circulation and advertisement, then they can allow full access to online news free, and some advertisements will flow to the digital platform. In terms of news quality, ST is not worse off than CNA.

When its free, the ballgame will change, another 15% of revenue gone then, but there will be no more cannibalization of their online content, and they can make quality news online free, and attract the volume

your views are not tainted. but lets see the results. i think there are better non corroding business around for 6% yield.

you can invest in half that in APTT for 10% yield! and the business is likely to be less corroding then this!

Sale of OpenNet

Pursuant to the Agreement, SPH Net will sell all of its 24,787,501 ordinary shares of OpenNet, representing approximately 25% of the issued and paid-up share capital of OpenNet, to the Purchaser, for cash consideration of S$31.5 million (the “Transaction”). Completion of the Transaction is subject to several conditions precedent, including but not limited to satisfactory due diligence and the consent of relevant governmental or regulatory authorities.

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(22-08-2013, 05:19 PM)Drizzt Wrote: i think of more concern is whether media will continue to bleed.

Wah.... what bleed (I help you highlight in bold and red to make it look more like bleeding)? You make it sounds like SPH is losing $$ in media... Perhaps you are referring to their new media?? the .com ones? Those which are lumped together with a lot of other biz in 'Others', which collectively constitutes <4% of Revenue???

Since pg1 of this thread or even further back, since I started posting on SPH in WB in '05, there's been prediction of the death of Newspapers... IMO, it's going to take a long while more as I don't see everyone being able / want to access online news... yet. Mind you, not everyone has ready access to the internet, be it via WiFi / 3G / 4G / Broandband, even in 1st World Singapore. Further, I won't be surprised that the vast majority of those who're above 40, are still stubbornly reading their Print copies.

In the interim (before they finally and really bleed to death), there's always hope that they'd have developed some 'insurance' in Property or perhaps even Retail (I just saw another "Buzz" in my neighbourhood) or other biz. Need not achieve Berkshire Hathaway (before their original Garment biz bleeds to a natural death) kind of standard, but, there's still some hope that the Cash Flow from their "bleeding" media biz is at least well deployed and last long enough to provide other profitable streams...

(22-08-2013, 06:20 PM)KopiKat Wrote: Sale of OpenNet

Pursuant to the Agreement, SPH Net will sell all of its 24,787,501 ordinary shares of OpenNet, representing approximately 25% of the issued and paid-up share capital of OpenNet, to the Purchaser, for cash consideration of S$31.5 million (the “Transaction”). Completion of the Transaction is subject to several conditions precedent, including but not limited to satisfactory due diligence and the consent of relevant governmental or regulatory authorities.

---

(22-08-2013, 05:19 PM)Drizzt Wrote: i think of more concern is whether media will continue to bleed.

Wah.... what bleed (I help you highlight in bold and red to make it look more like bleeding)? You make it sounds like SPH is losing $$ in media... Perhaps you are referring to their new media?? the .com ones? Those which are lumped together with a lot of other biz in 'Others', which collectively constitutes <4% of Revenue???

Since pg1 of this thread or even further back, since I started posting on SPH in WB in '05, there's been prediction of the death of Newspapers... IMO, it's going to take a long while more as I don't see everyone being able / want to access online news... yet. Mind you, not everyone has ready access to the internet, be it via WiFi / 3G / 4G / Broandband, even in 1st World Singapore. Further, I won't be surprised that the vast majority of those who're above 40, are still stubbornly reading their Print copies.

In the interim (before they finally and really bleed to death), there's always hope that they'd have developed some 'insurance' in Property or perhaps even Retail (I just saw another "Buzz" in my neighbourhood) or other biz. Need not achieve Berkshire Hathaway (before their original Garment biz bleeds to a natural death) kind of standard, but, there's still some hope that the Cash Flow from their "bleeding" media biz is at least well deployed and last long enough to provide other profitable streams...

as always only SPH can warrant such a strong reaction. that is what i observed from the profit statement through these quarters, what is classified as media. I did not come up with that category,sph did. I believe in seeing the figures. by no means am i concluding. but if a large part of earnings come from distribution and advertising and revenue have consistently been going down, isnt that bleeding.

this business have become more of a developer and renting and people like it because of brand.

perhaps its better because you get tax savings. a lot of the diversification really don't add much to long term recurring cash flow that is sizable.

do correct me if i am wrong on this.