Singapore Press Holdings (SPH)

[new-comer1]

will SPH become NOL under Ng YC?

Unlikely, unless he is appointed the CEO

[Behappyalways]

Don’t shrug off the significance of SPH’s falling newspaper readership
http://www.theedgemarkets.com.sg/sg/arti...readership

[new-comer1]

http://infopub.sgx.com/FileOpen/SGX%20An...eID=424975

http://infopub.sgx.com/FileOpen/Press%20...eID=424976

http://infopub.sgx.com/FileOpen/Results%...eID=424977

[cyclone]

SPH to raise it's stake in Chinatown Point Mall from 7.35% to 27.35%.
The acquisition is expected to be completed on 9 December 2016 or such other date as parties may agree.
The consideration was derived based on an agreed property value of S$442.5 million, which translates to a purchase price of S$2,077 per square feet net lettable area.

More details in http://infopub.sgx.com/FileOpen/Perennia...eID=431000

[halopanda]

SPH released its 2017 Q1 earnings

Here are my humble views and analysis on SPH:

https://katongoracle.blogspot.sg/2017/01...-ship.html

[corydorus]

Nice report and the sharing. Taking consideration of the capital lost, the yield will be much lower than expected.

Look forward for more of your future sharing.

[money]

With the declining trend in its media business, i have always held the view that investors are valuing SPH's business at a high premium and overall at a share price of 3.57 now, i think it is overvalued..

Let me try to give my views for its valuation below...

Based on its latest financial statement, its media earned profits of about 33m and property about 39-40m. Due to some impairment losses in its media, i will be generous, i will take it that its long term recurring profits for media is around 40m per quarter

Extrapolating, its profit for media and property will be around 160m each. Due to the fact that earnings have been declining over the years for media, i would attach it with a lower p/e of 12, so i would value it around 1920m. For its property segment, i will value it more generously at p/e of 16 and so around 2560m, so total of 4480m, with a share count of around 1.6b, it works out to $2.80 per share compared to its current price of $3.57.

Actually, my total annual estimated profits of 320m for property and media is very generous because it is before tax and non controlling interests. For comparison, for full year 2015, SPH's total profits to shareholders is actually 321m and it dropped to 265m for full year 2016. In fact my estimate for full year 2017 will be lower than 265m.

I think SPH is way too overvalued and i wouldnt touch it for anything above $3.

[halopanda]

With the declining trend in its media business, i have always held the view that investors are valuing SPH's business at a high premium and overall at a share price of 3.57 now, i think it is overvalued..

Let me try to give my views for its valuation below...

Based on its latest financial statement, its media earned profits of about 33m and property about 39-40m. Due to some impairment losses in its media, i will be generous, i will take it that its long term recurring profits for media is around 40m per quarter

Extrapolating, its profit for media and property will be around 160m each. Due to the fact that earnings have been declining over the years for media, i would attach it with a lower p/e of 12, so i would value it around 1920m. For its property segment, i will value it more generously at p/e of 16 and so around 2560m, so total of 4480m, with a share count of around 1.6b, it works out to $2.80 per share compared to its current price of $3.57.

Actually, my total annual estimated profits of 320m for property and media is very generous because it is before tax and non controlling interests. For comparison, for full year 2015, SPH's total profits to shareholders is actually 321m and it dropped to 265m for full year 2016. In fact my estimate for full year 2017 will be lower than 265m.

I think SPH is way too overvalued and i wouldnt touch it for anything above $3.

Investments  (in media or what have you) take up 20% of their total assets.  My concern is that we could be only scratching the surface on potential impairments. Already we are seeing impairments on Associates. If you factor in FV loss (from investments) in Other Comprehensive Income Statement, the Company is actually in a loss position. I could be wrong. Maybe the investments are profitable - who knows. But from the 2015 AR, these include online companies/portals and startups (which are higher risk?)

[cyclone]

Singapore Press Holdings Limited (the “Company”) refers to the article published on Bloomberg News on 17 March 2017 entitled “M1’s Shareholders Said to Explore Sale of Singaporean Operator”.

The Company, Keppel Telecommunications & Transportation Ltd and Axiata Group Berhad are currently undertaking a strategic review in respect of their respective shareholdings in M1 Limited which may or may not lead to a transaction. The Company, Keppel Telecommunications & Transportation Ltd and Axiata Group Berhad have jointly appointed Morgan Stanley Asia (Singapore) Pte. as their financial adviser to assist with the strategic review. There is no assurance that any transaction will materialise from such strategic review or that any definitive or binding agreement will be reached. If and when there are any material developments which warrant disclosure, the Company will, in compliance with applicable rules, make further announcements as appropriate.

[cyclone]

SPH enters healthcare sector with acquisition of Orange Valley Healthcare

Singapore, 25 April 2017 - Singapore Press Holdings Limited (SPH) today announced its entry into the healthcare sector with the acquisition of Orange Valley Healthcare Pte Ltd (OVH) at a consideration of approximately S$164m.

OVH was established in 1993. SPH purchased the shares and intellectual property of OVH from KV Asia Capital Pte Ltd, which acquired OVH in April 2014.

OVH holds, directly or indirectly, 100% of the shares in five subsidiaries: Orange Valley Nursing Homes Pte. Ltd., Singapore Nutri-Diet Industries Pte. Ltd., Life-Medic Healthcare Supplies Pte. Ltd., Orange Valley 3-T Rehab Pte. Ltd and Orange Valley Properties Pte. Ltd (the “OVH Group”). The OVH Group operates nursing homes; provides a range of ancillary services like meal and catering, physiotherapy and rehabilitation; and supplies medical, nursing and healthcare equipment and consumables.