Singapore Press Holdings (SPH)

[¯|_(ツ)_/¯]

SPH restructuring or Umbrage Pte Ltd restructuring?

Let me do a quick QnA before I say what I wanted to say.

Why Umbrage?
Don't know the answer.
Initially, the reporters were rather gentle and was asking simple and easy to answer questions. CEO says something that the reporters could refers to the handout.  That really triggered the tsunami.
A continuous chain of questions was raised and unfortunately both Chairman and CEO was not prepared.
And, very unfortunately, everyone know what happened when CEO do not know the answers to those tough questions.

Why Chairman and CEO did not know the answers?
First, they don't really care and it's obvious that those directors that help to prepared the press conference also don't bother.
If anyone of them (Chairman, CEO or director-in-charge) is paying attention to the restructuring, they would had prepared for level 2 instead of keep staying at level 1 tasks.  
Basically, nobody care about how to implement the restructuring.
All they wanted to do is to make the announcement based on Umbrage Pte Ltd interest and only provide SPH with 4 year worth of $$$. 
Nobody care.

Umbrage Pte Ltd only prepared for who, what, when, where and why - level 1 questions.  
None of them is interested in how.
Or, they simply not competent enough to handle the restructuring?

Why restructuring?
5%
Chairman and CEO can says until cow come home that it's for the benefit of SPH.
If you had followed SPH history, in particular, media development, you would know that something is not correct. Shareinvestor.com and SRX.com were some of the examples. Basically, Umbrage Pte Ltd wanted to attract a group of friendly-substantial investors. The current shareholders limit of 5% is a grave concern for further expansion plan for Umbrage Pte Ltd.
Sad. Isn't it?

---

Ok, back to my story - SISV court case with SPH.
SISV is a no nonsense organisation.  It's members consists of Surveyors and Valuers who are meticulous in calculating and assessing the value of properties.  In our context would be real estate property.  SPH basically demonstrated that it's automated valuation model for real estate property are sounds.  Furthermore, with the increasing needs for digitalisation, big data, automation with Machine Learning and Artificial Intelligent would be the natural steps to achieve long term sustainability of providing quality surveying/valuation services to Singapore Real Estate industry.

The case is closed and SPH had stand tall. SPH had implemented successfully digitalisation, data, automation, ML/AI and sustainablilty. 
What else do you expect SPH to do?

So, Shareinvestor.com, SRX and then another similar and great exploitation of tech happened in 2017:
SPH diverts MediaCorp sahres
https://www.tnp.sg/news/singapore/sph-di...ease-print 

I vividly recalled at that period, everyday, I would received a few news articles - primarily Singapore news.  My feeling at that time was, the news articles was actually customised for me.  I will read those Singapore news quickly in order to get the first hand information that's relevant to me.

I could imagine that it this pushing of local news that's customised to different customer profile (c.f. Amazon), then combining with the Shareinvestor.com focused on financial information and SRX real estate information with inference engine merging different sources eg. MOH on Covid-19 visitors, contact tracing etc...

I strayed. But I would really think that the world is full of fake news.
SPH is naturally a trusted entity for Singapore and Singaporean.
If SPH is able to use those technology like big data, ML/AI and push out news based on different needs of a customer (c.f. Amazon), then these type of realtime feed, would be really great.

Let me dwell and stretch a bit further.
Valuebuddies vested in iFAST would be very amazed by iFAST growth and growth potential.
Don't be surprise that I tell you that SPH can be bigger and better than iFAST.
SPH is already a trusted brand in Singapore.  It' already operating SI.com and STI. It has mature and proven big data, ML/AI capabilities.  In term of social media, who else could beat SPH (in term of access to news content and ability to call out fake news)?

What we had seen throughout the history and what Chairman and CEO said in the press conference does not gel well.

Something is missing.

What could that be?

Last but not least.
We know that this restructuring exercise is not planned by SPH.
It is actually planned by the Umbrage Pte Ltd.
What would had happen, if the restructuring exercise is planned by SPH (instead of Umbrage Pte Ltd)?

Obviously, what we know (based on Umbrage Pte Ltd plan) is after 4 years, SPH would run out of operating cash and will need to draw down from tax payers $$$ to continue operation... lack alone growing into anti-fake news, tech giant, financial/property public education.

So, the interesting question would be if you are a tax payer, would you allow Umbrage Pte Ltd to plan for SPH?

Gratitude.

[Shiyi]

SPH restructuring or Umbrage Pte Ltd restructuring?

Let me do a quick QnA before I say what I wanted to say.

Why Umbrage?
Don't know the answer.
Initially, the reporters were rather gentle and was asking simple and easy to answer questions. CEO says something that the reporters could refers to the handout.  That really triggered the tsunami.
A continuous chain of questions was raised and unfortunately both Chairman and CEO was not prepared.
And, very unfortunately, everyone know what happened when CEO do not know the answers to those tough questions.

Why Chairman and CEO did not know the answers?
First, they don't really care and it's obvious that those directors that help to prepared the press conference also don't bother.
If anyone of them (Chairman, CEO or director-in-charge) is paying attention to the restructuring, they would had prepared for level 2 instead of keep staying at level 1 tasks.  
Basically, nobody care about how to implement the restructuring.
All they wanted to do is to make the announcement based on Umbrage Pte Ltd interest and only provide SPH with 4 year worth of $$$. 
Nobody care.

Umbrage Pte Ltd only prepared for who, what, when, where and why - level 1 questions.  
None of them is interested in how.
Or, they simply not competent enough to handle the restructuring?

Why restructuring?
5%
Chairman and CEO can says until cow come home that it's for the benefit of SPH.
If you had followed SPH history, in particular, media development, you would know that something is not correct. Shareinvestor.com and SRX.com were some of the examples. Basically, Umbrage Pte Ltd wanted to attract a group of friendly-substantial investors. The current shareholders limit of 5% is a grave concern for further expansion plan for Umbrage Pte Ltd.
Sad. Isn't it?

---

Ok, back to my story - SISV court case with SPH.
SISV is a no nonsense organisation.  It's members consists of Surveyors and Valuers who are meticulous in calculating and assessing the value of properties.  In our context would be real estate property.  SPH basically demonstrated that it's automated valuation model for real estate property are sounds.  Furthermore, with the increasing needs for digitalisation, big data, automation with Machine Learning and Artificial Intelligent would be the natural steps to achieve long term sustainability of providing quality surveying/valuation services to Singapore Real Estate industry.

The case is closed and SPH had stand tall. SPH had implemented successfully digitalisation, data, automation, ML/AI and sustainablilty. 
What else do you expect SPH to do?

So, Shareinvestor.com, SRX and then another similar and great exploitation of tech happened in 2017:
SPH diverts MediaCorp sahres
https://www.tnp.sg/news/singapore/sph-di...ease-print 

I vividly recalled at that period, everyday, I would received a few news articles - primarily Singapore news.  My feeling at that time was, the news articles was actually customised for me.  I will read those Singapore news quickly in order to get the first hand information that's relevant to me.

I could imagine that it this pushing of local news that's customised to different customer profile (c.f. Amazon), then combining with the Shareinvestor.com focused on financial information and SRX real estate information with inference engine merging different sources eg. MOH on Covid-19 visitors, contact tracing etc...

I strayed. But I would really think that the world is full of fake news.
SPH is naturally a trusted entity for Singapore and Singaporean.
If SPH is able to use those technology like big data, ML/AI and push out news based on different needs of a customer (c.f. Amazon), then these type of realtime feed, would be really great.

Let me dwell and stretch a bit further.
Valuebuddies vested in iFAST would be very amazed by iFAST growth and growth potential.
Don't be surprise that I tell you that SPH can be bigger and better than iFAST.
SPH is already a trusted brand in Singapore.  It' already operating SI.com and STI. It has mature and proven big data, ML/AI capabilities.  In term of social media, who else could beat SPH (in term of access to news content and ability to call out fake news)?

What we had seen throughout the history and what Chairman and CEO said in the press conference does not gel well.

Something is missing.

What could that be?

Last but not least.
We know that this restructuring exercise is not planned by SPH.
It is actually planned by the Umbrage Pte Ltd.
What would had happen, if the restructuring exercise is planned by SPH (instead of Umbrage Pte Ltd)?

Obviously, what we know (based on Umbrage Pte Ltd plan) is after 4 years, SPH would run out of operating cash and will need to draw down from tax payers $$$ to continue operation... lack alone growing into anti-fake news, tech giant, financial/property public education.

So, the interesting question would be if you are a tax payer, would you allow Umbrage Pte Ltd to plan for SPH?

Gratitude.

Can you be more specific? What are the "tough questions" that the chairman and CEO failed to answer?

[r0n]

SPH restructuring or Umbrage Pte Ltd restructuring?

Let me do a quick QnA before I say what I wanted to say.

Why Umbrage?
Don't know the answer.
Initially, the reporters were rather gentle and was asking simple and easy to answer questions. CEO says something that the reporters could refers to the handout.  That really triggered the tsunami.
A continuous chain of questions was raised and unfortunately both Chairman and CEO was not prepared.
And, very unfortunately, everyone know what happened when CEO do not know the answers to those tough questions.

Why Chairman and CEO did not know the answers?
First, they don't really care and it's obvious that those directors that help to prepared the press conference also don't bother.
If anyone of them (Chairman, CEO or director-in-charge) is paying attention to the restructuring, they would had prepared for level 2 instead of keep staying at level 1 tasks.  
Basically, nobody care about how to implement the restructuring.
All they wanted to do is to make the announcement based on Umbrage Pte Ltd interest and only provide SPH with 4 year worth of $$$. 
Nobody care.

Umbrage Pte Ltd only prepared for who, what, when, where and why - level 1 questions.  
None of them is interested in how.
Or, they simply not competent enough to handle the restructuring?

Why restructuring?
5%
Chairman and CEO can says until cow come home that it's for the benefit of SPH.
If you had followed SPH history, in particular, media development, you would know that something is not correct. Shareinvestor.com and SRX.com were some of the examples. Basically, Umbrage Pte Ltd wanted to attract a group of friendly-substantial investors. The current shareholders limit of 5% is a grave concern for further expansion plan for Umbrage Pte Ltd.
Sad. Isn't it?

---

Ok, back to my story - SISV court case with SPH.
SISV is a no nonsense organisation.  It's members consists of Surveyors and Valuers who are meticulous in calculating and assessing the value of properties.  In our context would be real estate property.  SPH basically demonstrated that it's automated valuation model for real estate property are sounds.  Furthermore, with the increasing needs for digitalisation, big data, automation with Machine Learning and Artificial Intelligent would be the natural steps to achieve long term sustainability of providing quality surveying/valuation services to Singapore Real Estate industry.

The case is closed and SPH had stand tall. SPH had implemented successfully digitalisation, data, automation, ML/AI and sustainablilty. 
What else do you expect SPH to do?

So, Shareinvestor.com, SRX and then another similar and great exploitation of tech happened in 2017:
SPH diverts MediaCorp sahres
https://www.tnp.sg/news/singapore/sph-di...ease-print 

I vividly recalled at that period, everyday, I would received a few news articles - primarily Singapore news.  My feeling at that time was, the news articles was actually customised for me.  I will read those Singapore news quickly in order to get the first hand information that's relevant to me.

I could imagine that it this pushing of local news that's customised to different customer profile (c.f. Amazon), then combining with the Shareinvestor.com focused on financial information and SRX real estate information with inference engine merging different sources eg. MOH on Covid-19 visitors, contact tracing etc...

I strayed. But I would really think that the world is full of fake news.
SPH is naturally a trusted entity for Singapore and Singaporean.
If SPH is able to use those technology like big data, ML/AI and push out news based on different needs of a customer (c.f. Amazon), then these type of realtime feed, would be really great.

Let me dwell and stretch a bit further.
Valuebuddies vested in iFAST would be very amazed by iFAST growth and growth potential.
Don't be surprise that I tell you that SPH can be bigger and better than iFAST.
SPH is already a trusted brand in Singapore.  It' already operating SI.com and STI. It has mature and proven big data, ML/AI capabilities.  In term of social media, who else could beat SPH (in term of access to news content and ability to call out fake news)?

What we had seen throughout the history and what Chairman and CEO said in the press conference does not gel well.

Something is missing.

What could that be?

Last but not least.
We know that this restructuring exercise is not planned by SPH.
It is actually planned by the Umbrage Pte Ltd.
What would had happen, if the restructuring exercise is planned by SPH (instead of Umbrage Pte Ltd)?

Obviously, what we know (based on Umbrage Pte Ltd plan) is after 4 years, SPH would run out of operating cash and will need to draw down from tax payers $$$ to continue operation... lack alone growing into anti-fake news, tech giant, financial/property public education.

So, the interesting question would be if you are a tax payer, would you allow Umbrage Pte Ltd to plan for SPH?

Gratitude.

Another point to note - SPH divested out of ShareInvestor in 2018.

https://investor.sph.com.sg/newsroom/201...5A1S.1.pdf

[¯|_(ツ)_/¯]

Thank you Shiyi.
If you read my posts, I always says that I am very appreciative of all the helps valuebuddies given me - even thou you may not know.

This is exactly a situation that had happened.

Your questions...

You had given me a chance to reflect on myself and also given me a chance to state clearly what I am thinking...

I must says that both Chairman and CEO had done a good job in answering all the questions both Level 1 and Level 2 questions - to the best of their ability.

Of course, at this moment, I still feel that instead of posturing, they could inject more substance in regards to Level 2 questions but it's probably not their fault.

Level 1 questions surrounding the vision, mission, what, who and rough timeline. These are rather clear.

Level 2 questions surrounding implementation such as breaking down into executable tasks aka how to execute.

I would suppose both gentlemen do not know the answers because it's either too early to plan or they are not the right person to know the plan, something like that.

Experience? yes, of course, experience count too.

Let's just leave it as it is.

The Umbrage incident is already caught the attentions of the highest level and we shall not dwell further.

Let's just let it be and focus on something more important.

I took pain to describe SPH tech capabilities build up since Michael Leong Shareinvestor.com, SRX.com and also the targeted distribution of real time information to citizen like me back in 2017.

These tech capabilities, of course, is all gone - as mentioned by r0n.

What gone can not be turn back.

What's important is for SPH to understand that having tech capabilities does not means it's a tech giant.

So, with a re-booted SPH, what should it do to transform into a tech giant?

Bold!

Instead of the usual incremental changes, SPH new management must be decisive.
The new visionary CEO must take this new beginning to push forward new changes in Tech exactly like a FinTech Startup. 
If the CEO wanted to know what is a good model to follow, look no further than SRX.com.  Copy them if you still could.
Copy them because you will need do more purposeful and quick way.

Your time is running out.

In term of people, you had already a pool of talented journalists.  These internal staffs knows the challenges and opportunities of media industry more than anyone else.  Your job is to give them a bigger voice.

Obviously, in term of people, you need to bring in tech-oriented people.  The facts that you had lost Shareinvestor.com and SRX.com says it loud and clear.  You need to bring in tech-oriented team.

Your journalists, your tech people and your leadership, will works together as a team to maximize success.

There are many ways to define your success.

To me, it's simply the participation of Singaporean - in whatever topics that you had chosen.

Today, you're already the de-facto for news and information channels for Singaporean.  By default, throughout so many decades, you had always been the trusted and reliable information source.

Given the increasing volatility and so many changes of information in Covid-19, it is even more important for SPH to pull Singaporean together and focusing on what is important.

You had a vital role to play, you do not just provide high quality news for Singapore and Singaporean, for generations, you had been the key pillar in maintaining Singapore stability and success.

I wish you luck as we all, are counting on you to quickly develop your digital capability and innovation.

Enjoy:


{
Ok, I used to type out lyrics in my posts but I kana warning and censored by Moderator. So, although I wanted to type out the lyrics, but I'm not sure whether it's going to be censored.  Assuming that it's going to be censored, I saved my time by not typing it out.
For my friend out there, read the lyrics.
They reflects what I am thinking now.
It always reflects what I was thinking when I type that.
The lyrics was never random.
It was purposely typed there.
Gratitude.

}

[Shiyi]

Thank you Shiyi.
If you read my posts, I always says that I am very appreciative of all the helps valuebuddies given me - even thou you may not know.

This is exactly a situation that had happened.

Your questions...

You had given me a chance to reflect on myself and also given me a chance to state clearly what I am thinking...

I must says that both Chairman and CEO had done a good job in answering all the questions both Level 1 and Level 2 questions - to the best of their ability.

Of course, at this moment, I still feel that instead of posturing, they could inject more substance in regards to Level 2 questions but it's probably not their fault.

Level 1 questions surrounding the vision, mission, what, who and rough timeline. These are rather clear.

Level 2 questions surrounding implementation such as breaking down into executable tasks aka how to execute.

I would suppose both gentlemen do not know the answers because it's either too early to plan or they are not the right person to know the plan, something like that.

Experience? yes, of course, experience count too.

Let's just leave it as it is.

The Umbrage incident is already caught the attentions of the highest level and we shall not dwell further.

Let's just let it be and focus on something more important.

I took pain to describe SPH tech capabilities build up since Michael Leong Shareinvestor.com, SRX.com and also the targeted distribution of real time information to citizen like me back in 2017.

These tech capabilities, of course, is all gone - as mentioned by r0n.

What gone can not be turn back.

What's important is for SPH to understand that having tech capabilities does not means it's a tech giant.

So, with a re-booted SPH, what should it do to transform into a tech giant?

Bold!

Instead of the usual incremental changes, SPH new management must be decisive.
The new visionary CEO must take this new beginning to push forward new changes in Tech exactly like a FinTech Startup. 
If the CEO wanted to know what is a good model to follow, look no further than SRX.com.  Copy them if you still could.
Copy them because you will need do more purposeful and quick way.

Your time is running out.

In term of people, you had already a pool of talented journalists.  These internal staffs knows the challenges and opportunities of media industry more than anyone else.  Your job is to give them a bigger voice.

Obviously, in term of people, you need to bring in tech-oriented people.  The facts that you had lost Shareinvestor.com and SRX.com says it loud and clear.  You need to bring in tech-oriented team.

Your journalists, your tech people and your leadership, will works together as a team to maximize success.

There are many ways to define your success.

To me, it's simply the participation of Singaporean - in whatever topics that you had chosen.

Today, you're already the de-facto for news and information channels for Singaporean.  By default, throughout so many decades, you had always been the trusted and reliable information source.

Given the increasing volatility and so many changes of information in Covid-19, it is even more important for SPH to pull Singaporean together and focusing on what is important.

You had a vital role to play, you do not just provide high quality news for Singapore and Singaporean, for generations, you had been the key pillar in maintaining Singapore stability and success.

I wish you luck as we all, are counting on you to quickly develop your digital capability and innovation.

Enjoy:


{
Ok, I used to type out lyrics in my posts but I kana warning and censored by Moderator. So, although I wanted to type out the lyrics, but I'm not sure whether it's going to be censored.  Assuming that it's going to be censored, I saved my time by not typing it out.
For my friend out there, read the lyrics.
They reflects what I am thinking now.
It always reflects what I was thinking when I type that.
The lyrics was never random.
It was purposely typed there.
Gratitude.

}

The things that you hope the SPH, or rather the proposed SPH Media, will do are really beyond the current board or management. Khaw Boon Wan and his team will have to worry about it, including boosting the tech capability.

As far as the hiving off of the SPH Media from SPH is concerned, the details have been given at the press conference. Alas, the social media chose to focus on the "umbrage" remarks.

As a value investor, I hope the fucus can be redirected back to the fundamentals of the SPH, post-restructuring. Whatever happens to the SPH Media, which becomes a CLG(company limited by guarantee), will have nothing to do with investors.

[lonewolf]

The things that you hope the SPH, or rather the proposed SPH Media, will do are really beyond the current board or management. Khaw Boon Wan and his team will have to worry about it, including boosting the tech capability.

As far as the hiving off of the SPH Media from SPH is concerned, the details have been given at the press conference. Alas, the social media chose to focus on the "umbrage" remarks.

As a value investor, I hope the fucus can be redirected back to the fundamentals of the SPH, post-restructuring. Whatever happens to the SPH Media, which becomes a CLG(company limited by guarantee), will have nothing to do with investors.

I find it hilarious that suddenly everyone is an expert on how to run a complicated media business like SPH. It's like someone trying to put out a fire after the firemen had done it and comment 'Aiya! I probably can do it without so much damage!' 

Moving on to the restructuring plan. I think the biggest issue has been correctly raised by SIAS (though I loathed to admit it!)

COMMENTARY: SPH WILL NEED TO CLARIFY FUTURE PLANS TO SECURE SHAREHOLDER APPROVAL

SPH management will not have an easy time selling the restructuring plan to SPH shareholders.

Most logical people with some experience with shares fundamentals will know that the restructuring plan is good for SPH in the long term. But most will also wonder why the media business needs to be hived off with a $110 million 'parting' gift. Regardless of the social merits of SPH media and it undeniable critical roles that it plays in our society, it seems untenable to me (or fair) that SPH shareholders should be asked to bear the cost of hiving off SPH media.

[¯|_(ツ)_/¯]

SPH or SPH media?

Thank you Shiyi, once again.

We are 100% in sync.

BTW, again, if you read my posts, I always expressed my appreciations to valuebuddies who shaped and decorated my investment journey, you might not know that when I refers to valuebuddies, I do not just refers to valuebuddies in vb.com.  I actually also refers to those financial bloggers who shared frequently in the social media space.

Coming back. I am 100% in sync with you that we, being valuebuddies should look at the de-merger from the eyes of value investors and we shall leave SPH* to KBW to worry. Agree.

* Note: my definition of SPH is SPH media which everyone is talking about. The remaining non-SPH business unit was defined by me earlier on as Umbrage Pte Ltd (don't laugh) will be forbid to use any name similar to SPH (which I imagine including Singapore Property Holdings SPH    )


If you read the reactions on the booting out of Umbrage Pte Ltd in Newspaper vs our valuebuddies (financial bloggers), everyone is talking about SPH* (or SPH media which most people is calling now). Every page that you flip on the Newspaper is all about SPH.  Nobody cares about Umbrage Pte Ltd.

Exactly opposite, if you read all the financial blogger posts, it's all about Umbrage Pte Ltd (although they keep calling it SPH, which is quite sad).  All these valuebuddies do understand that after Umbrage is booted out of SPH, it will never have any relationship with SPH.  However, psychologically, they still clinch on SPH's glory past.  I'm not sure how soon, but hopefully, they could let the idea sink in and then move forward with a better judgement on the future of Umbrage Pte Ltd (aka not SPH any more).

I had spend enough time talking about SPH and I would like to raise my last point before going into Umbrage Pte Ltd.
And, what I believed is there is not much to talk about Umbrage Ptd Ltd.  The exciting part to talk about is actually and always be SPH, because the business potential for SPH is so wide.
But, unfortunately, it's going to be privatise (say what you wanted to says, SPH is shielded from the value destruction of Umbrage Pte Ltd - to me).

Ok, what I wanted to says is contradict to what we was told, for the last 5 years, until today, SPH readerships and circulations does not decrease but actually increased.
You know what, fake news, cybersecurity, scam, Covid-19, had actually increased the demand for local news.  Singaporean reads those hot topics not from global perspective but hungrily waiting for the release of local statistics.  Right?
How many people couldn't wait to receive these type of news everyday?
How many cases? Were they link or unlink? Did they go to Jem or Westgate?
Oh, the cluster is from Airport, oh, another one is linked to port operation.
See, I told you so. blar blar blar.

Ok, enough says on the SPH business potential. 
And, of course, I had to agree with you, it's a problem for KBH to solve.
Nothing to do with Umbrage Pte Ltd - which most valuebuddies are concerned with.

In the first place, should they?

---

Valubuddies would had know my favourite investment style is "follow-the-guru".
So, let me use this to share my thoughts on Umbrage Pte Ltd.

Seedly is a up and coming startup for FinTech.
It had the ability to capture financial writers to contribute great articles.
So, let me propose to start with seedly first with the facts that Sudhan's article is the first one to appears on what's the expectation for Umbrade Pte Ltd (link)
"SPH's media business would thrive better away from shareholder scrutiny and expectations of profitability and regular dividends.

Assuming the restructuring was completed in FY2020.  SPH's operating profit (excluding government grants) would have increased by 48.1%"

to be continue...

Gratitude.

[brattzz]

there you have it, now got 2x chairman liao..

SPH media.gov.sg = national service (NS)

SPH Embrage Pte Ltd = Property REITS/Student/old folks home...

[donmihaihai]

Not that I know the history of newspaper that well (Singapore or elsewhere) but I do know that SPH and many newspapers in US thrived and generated huge shareholder value in the past. Those good old days were before the attack of internet and many newspapers was under listed co. so the thinking that newspaper cannot thrive under current form is somehow strange.

Newspaper is in deep trouble and it is not new and was already well known in early 2000, about 20 years back. WB actually talk about it somewhere in the early 1990. SPH has many years, CEO after CEO to work on it. Same for shareholders to jump ship if needed.

“Suddenly” SPH media lost money in 2020 and everyone want to throw it away.

I believe local newspapers still has very decent franchise value but making it work and profitable require hard work, tough management and lot of trying. I guess this is not for soft guys/management.

Imagine a Singapore with only low quality local news in say 10 years? SPH franchise might even grow but perhaps the dropping share price and lost making scare the hell out of these soft guys.

My view of course.

[¯|_(ツ)_/¯]

cont' with Umbradge Pte Ltd

as mentioned Sudhan's from Seedly wrote the first and excellent background intro to Singapore Press Holdings Limited (SGX:T39) to Restructure Media Business: What Investors Should Know
https://blog.seedly.sg/singapore-press-h...ructuring/

This is a must read for anyone who is keen to grasp the essential of this restructuring exercise in a fastest and comprehensive way in one go.

Once you gotten the background, the following financial bloggers also shared their views/valuations too.
Of course, they all make fun of the Umbrage before going deeper.  Worth a read.

SmallCapAsia - investors take umbrage at SPH media deal, what's next: 
"In conclusion, the options are rather open-ended for SPH right now.  It can probably choose to spin-off its UK PBSA into a student accommodation REIT or inject Seletar Mall into its REIT.  It may even issue rights or just borrow more to acquire new properties. 
Hence, it can go either way - and investors may need to forgo their dividends while this transformation continues to take shape.  With a potentially poor risk-reward ration, SPH's shares may not be the one many people should 'bargain hunt' right now."
https://www.smallcapasia.com/investors-t...hats-next/

Cory - Information familiarization work of SPH 2021-0510
"The spinfoff is to cut lossess quickly as likely the advertisers won't be coming back unlike Retail Malls.  One may think there is potential the stock price might reflect quick rebound like many turnaround.  However, this spinoff action sounds more like saving SPH rest of businesses rather than unclipping their wings since most property counters today are below NAV valuation significantly."
https://corylogics.blogspot.com/2021/05/...ation.html

The Good Investors - shareholders lose out in unfriendly SPH restructuring, ended by saying: 
"If I was a shareholder of SPH, I'd definitely be voting against the restructuring deal."
https://www.thegoodinvestors.sg/sharehol...ructuring/

ccloh - SPH Saga
"GOOD LUCK, that the only word I can say to those long term retail investors in Singapore Press Holdings or is it Singapore Property Holidings ?
Guess the friend that I advised to cut loss in 2017 must surely have to treat me liao "
https://patiencemarketzone.blogspot.com/...-saga.html

Dr Wealth - SPH CLG restructuring explained shareholders
"I do not like SPH's non-media business as I feel they are everywhere.  Instead of focusing on one segment and building an edge, it has exposure to retail, PSBA, aged care and even data centres business.  As the saying goes, "Jack of all trades, master of none.

Whether you are a shareholder or not, this is an interesting development and one that I will closely follow.  Who knows, it may be an interesting investment further down the road."
https://www.drwealth.com/sph-clg-restruc...reholders/

The latest article published today by Financial Horse - What is the true valuation of this stock?
"I will definitely be watching the share price in the months ahead.  If risk-reward picks up, could be an interesting purchase."
https://financialhorse.com/sph-what-is-t...his-stock/

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*** IMPORTANT ***
This is actually the only one post that worth your time reading.  
What I meant was post restructuring, Umbrage Pte Ltd is really nothing special or worth dwelling into details. One could always read or drill into another company for opportunities instead of Umbrage Pte Ltd. For me, it's not worth digging into Umbrage Pte Ltd. I mean, I rather spend time reading up ST**** or Ho Bee.

Anyway, my thinking/thought process gel 100% with 
hyom - My thoughts and action as shareholder of Singapore Press Holdings after SPH's non-profit move
"I happened to be one of the lucky shareholders who enjoyed some profit cushion on the day when the bad news was announced. I am no longer a shareholder today. If you are a shareholder, please do not let my actions influence you because I have no idea whether I will be right or wrong.  Furthermore, I will always be biased in favor of my own actions.  Your decision to sell should be dependent on the reason you bought.  You yourself know best."
https://help-your-money.blogspot.com/202...older.html

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Compare to the previous restructuring, this one will keep it's entire media team as it is and that to me sounds very unusual but heart-warming. 
Would there be any conspiracy theory behind this restructuring exercise?



Gratitude.

<not longer a shareholder today too>