Singapore Press Holdings (SPH)

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Will it happen for sph orange valley acquisition? Only time will tell.

As for sph no doubt it's profits are decreasing, however given the moat it has in media, my view is that sph will always be profitable. Hotel will always buy the newspaper as a service to it's guest and in my workplace, newspaper are bought at retail price for us to be kept abreast. * Working for the largest employer in the country but not vested in sph
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i think the comments given are all along the same line of thought.
No doubt SPH will see its print media pie shrinking, it still holds a (less attractive)monopoly and that is unlikely to change.
Like the inertia of a large ship, it takes a long long time before it stops even if the engine is cut off.
And if public institutions add a bit of fuel to the ship, the ship may never stop but would be going at a crawling pace.
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(17-08-2017, 09:20 PM)weijian Wrote: hi folks,
Apologize for not clarifying what i meant by the comparison. I wasn't really specifically referring to the new business lines they were getting themselves into, but what i was really comparing was their common "need to use their ample cash to seek out new business lines, while their existing moat gets eroded". When an urgent (uninformed) buyer meets an experienced seller, the buyer ends up with the experience and the seller ends up with the cash - That's what happened for Singpost with TradeGlobal's acquisition.

https://www.valuebuddies.com/thread-276-...#pid141224

That's true.

But so far, SPH has been careful in allocating only small amounts of capital to 'new' businesses.

The only other area it has gone big is in real estate. And maybe M1.
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Divestment of Stakes in Mediacorp Press Ltd and Mediacorp TV Holdings Pte Ltd for S$18m

Singapore Press Holdings Limited ("SPH") announced the proposed divestment of its 20 per cent stake in Mediacorp TV Holdings Pte Ltd and 40 per cent stake in Mediacorp Press Limited for S$18m (the "Transaction"). The Transaction is expected to be completed at the end of next month. SPH expects to record a write down of approximately S$31 million in its books pursuant to the Transaction.

The proposed divestment follows Mediacorp’s decision to cease the print edition of the newspaper TODAY.

More details in :
1. http://infopub.sgx.com/FileOpen/SPH%20An...eID=468512
2. http://infopub.sgx.com/FileOpen/SPH%20Me...eID=468513
Specuvestor: Asset - Business - Structure.
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Ex army chief only good at selling things. Haha
Maybe ask him go Lion TC next.

And how much life support does Govt pump
into TV company worth $45m?
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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New York Daily News given away for 'free,' as buyer tronc pays $1 for equity and assumes US$30m of its liabilities. But tronc also gets 49.9% of a 25 acre land which the New York Daily News printing presses are sitting on. In a media industry that is open to competition, you have to pay people to get rid of your unprofitable newspaper.

https://www.bloomberg.com/news/articles/...publishing

http://money.cnn.com/2017/09/04/media/ne...index.html
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Singapore Press Market Value Falls Behind New York Times

By Livia Yap
September 20, 2017, 12:00 AM GMT+8 Updated on September 20, 2017, 9:28 AM GMT+8

Singapore’s leading newspaper publisher had a market capitalization that was larger than that of The New York Times Co. -- until this month.

Singapore Press Holdings Ltd. saw its market value fall below that of its better known U.S. peer for the first time in 12 years, with outstanding shares at S$4.1 billion ($3.07 billion), about $60 million less than the publisher of the New York Times.

Trading near levels last seen during the 1997 Asian currency meltdown and the 2008-2009 Global Financial Crisis, Singapore Press shares are the year’s worst performers on the country’s benchmark index, down more than 26 percent. The drop comes as New York Times’ stock gained 46 percent gain amid a surge in online subscriptions following President Donald Trump’s election victory in November.

Short interest in Singapore Press, which prints the Straits Times newspaper, is close to its highest level in 18 months. The shares fell as much as 0.8 percent as of 9:20 a.m. in Singapore.

More details in https://www.bloomberg.com/news/articles/...york-times
Specuvestor: Asset - Business - Structure.
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Shareholders can expect total dividends of 15 cents this year compared to 18 last year. Not a big drop as some may expect, but this may not be sustainable as the payout ratio is 145% of recurring earnings. Unless SPH continues to make gains from the divestment of its assets, it is certain that dividends will fall as the income from property and 'others' are not expected to be able to stem the fall in income from media. Contribution from Orange Valley is grouped under 'others' and still not disclosed.

For FY18, assuming that no divestment gains are booked, recurring earnings remain flat, and payout ratio is 100% of recurring earnings, dividends may be cut by a third to 10 cents. Assuming the market values SPH at a yield of 5%, the price will fall to $2.00. Today's closing price is $2.69.

http://infopub.sgx.com/FileOpen/SGX%20An...eID=473776

http://infopub.sgx.com/FileOpen/Results%...eID=473778
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(17-08-2017, 11:15 PM)CY09 Wrote: Will it happen for sph orange valley acquisition? Only time will tell.

As for sph no doubt it's profits are decreasing, however given the moat it has in media, my view is that sph will always be profitable. Hotel will always buy the newspaper as a service to it's guest and in my workplace, newspaper are bought at retail price for us to be kept abreast. * Working for the largest employer in the country but not vested in sph

yes but it seems SPH is in half a mind between a subscription model and a advertising model. 

What sort of significant moat do you see for SPH now in media revenue? Facebook, instagram and other social media platforms are also competitors to SPH's advertising. 

For subscription, Straits Times cost currently only slightly less than New York Times per month. The only advantage that its papers offer is the local angle, but as with other local papers elsewhere around the world, that can be substantiated with a freelancers model. As to why I think the moat isn't as significant, the NYT currently derives more than 90% of its subscribers from worldwide. If you are going digital, there's no need to be beholden to a geography. https://www.nytimes.com/2017/07/27/busin...nings.html

Staff costs are being reduced but at the end of the day for a content provider, the content to differentiate itself has to come from someone unless robots are capable of producing compelling stories. A reduction in labour costs might come to affect SPH in months to come.
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moat? online business

and, please,
do your homework and don't asked me to elaborate.

Ops... forget what I say. you can always try.
感恩 26 April 2019 Straco AGM ppt  https://valuebuddies.com/thread-2915-pos...#pid152450
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