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BUY: DBS Group Research - Apr 09, 2009 (BT)

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BUY: DBS Group Research




Apr 09, 2009
The Business Times

 

Singapore Press Holdings
Apr 8 close: $2.65
DBS GROUP RESEARCH, April 8

WE expect SPH's Q2 2009 operating profit to fall some 12 per cent y-o-y to just about $103 million.

This is based on a 17 per cent drop in advertising revenue and high newsprint charge-out rate, offset by higher property contributions. We reiterate our belief that the share price has factored this in. Despite rebounding by 13 per cent since our upgrade on March 13, the share price is still down by 20 per cent year to date.

We think an interim dividend of eight cents, similar to H1 2008, can be expected. TP remains at S$2.93.

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