【SPH T39 交流专区】新加坡报业控股 SINGAPORE PRESS HLDGS LTD

icy97

CIMB cuts SPH to neutral
http://www.theedgesingapore.com/the-daily-edge/business/42286-cimb-cuts-sph-to-neutral.html

Tue, 15 Jan 13:39
CIMB Research downgraded Singapore Press Holdings to ‘neutral’ from ‘outperform’ and cut its target price to $4.27 from $4.39, saying a weaker advertisement environment could hinder the company’s print revenue.

Shares of the Singapore media and property company were down 1% at $4.07 on Tuesday. SPH stock rose about 9% in 2012, lagging the 20% gain in the Straits Times Index.

SPH posted a net profit of $91.1 million for its first quarter, down 6.6% from a year earlier, mainly due to reduced contribution from its publishing and exhibition business.

Overall revenue growth this year is likely to be capped due to weak advertisement revenue, CIMB said, adding that the trend may continue due to the “dismal” economic outlook and a slew of tightening measures for the property sector.

However, CIMB forecast SPH’s dividends to remain intact as strong property income is expected to offset weak advertising revenue. It added that SPH’s balance sheet remains healthy, with net gearing decreasing to 0.3 times. SPH’s yields stood at 6%, CIMB said.

icy97

Singapore Press rises to five-year high on REIT
http://www.theedgesingapore.com/the-daily-edge/business/43052-singapore-press-rises-to-five-year-high-on-reit.html

Mon, 11 Mar 16:28
Singapore Press Holdings, the newspaper publisher that owns the Paragon mall along the city’s shopping belt, climbed to the highest in five years after saying it’s exploring a real estate investment trust.

The stock rose 3.1% to $4.30 as of 3:35 p.m., set for the highest since June 2008. The publisher of the Straits Times and other newspapers in Singapore said in January its fiscal first-quarter publishing sales declined 2.3% to $263.5 million. Real estate revenue increased 2.9% to $48.2 million in the three months ended Nov. 30.

“Setting up a REIT makes sense for Singapore Press Holdings as they can monetize their assets,” Pearlyn Wong, a Singapore-based analyst with Bank Julius Baer & Co, said in a telephone interview. “In addition, their media business is slowing down.”

The company’s key real estate including the Paragon along Orchard Road and Clementi Mall in a western suburb are “fully leased,” it said earlier this year. A new property called Seletar Mall in a northeastern district is expected to be completed at the end of next year, it said.

The REIT is worth $2.8 billion excluding Seletar Mall, Wong said. Including the property that’s being developed, the REIT will have $3.1 billion of assets, she said.

Singapore Press also said in January that it will monitor its cost structure amid changing media consumption trends for a “sustained performance” of its main newspaper business.

“The properties forming the portfolio of the REIT and the terms at which the properties will be injected into the REIT are currently still under review,” Ginney Lim May Ling, the company secretary, said in a statement to the Singapore stock exchange yesterday.

icy97

SPH acquires sgCarMart
http://www.theedgesingapore.com/the-daily-edge/business/43301-sph-acquires-sgcarmart.html

Mon, 1 Apr 21:38  
Singapore Press Holdings said it has entered into a sale and purchase agreement to buy online car portal sgCarMart for up to $60 million.

The acquisition deal includes sgCarMart's online vehicle classifieds site, car auction platform, online marketing site as well as its service provider for car loans, insurance and settlement services.

SPH, which owns online car portal STCars, will pay for the acquisition wholly in cash.

icy97

报业控股的2Q13盈利下跌15%，因广告营业额疲弱
http://www.sharesinv.com/zh/articles/38294/

2013年04月15日
报业控股(Singapore Press Hldgs)在截至2013年2月28日的第2季度录得归属股东净利下跌15%至7,150万元。营运收入跌5.5%至2亿8,220万元，但跌幅因营运成本减低690万元而得以缓解。值得留意的是，报章与杂志业务的收入下跌1,720万元至2亿2,440万元，主要由于广告收入减少1,390万元至1亿6,850万元，尤其是产业及交通领域的广告。公司宣布派发每股7分的中期股息，并将在2013年5月23日派发。

启示：展望未来，公司的广告收入将视乎主要广告领域的市况和消费情绪。随着消费者接收媒体资讯的趋势不断演变，公司将继续探寻新的增长良机及其他相关业务，同时努力维持核心报章业务的表现。

icy97

Singapore Press Holdings off 5.4%; Results weak: Analyst
http://www.theedgesingapore.com/the-daily-edge/business/43443-singapore-press-holdings-off-54-results-weak-analyst.html

Mon, 15 Apr 14:57  
Singapore Press Holdings (T39.SG) drops 5.4% to $4.35 after reporting its fiscal-2Q13 net profit fell 15.0% on-year to $71.5 million, coming in below several analysts' expectations.

The decline is "purely because of the results and several analysts' downgrades to Sell," says Bin Wei, an analyst at Maybank-Kim Eng, noting both CIMB and OSK-DMG downgraded the stock. "This quarter's results were very bad," he notes, citing the government's property cooling measures and restrictions on auto loans as hurting advertising spending. But he adds, "next quarter, probably the property sector will come back," noting management indicated late March property sector ad revenue picked up.

The stock is still up around 8% year-to-date, after tapping S$4.68 last week, its highest since December 2007. Orderbook quotes suggest the $4.33 intraday low won't be retested.

icy97

报业控股建议成立零售地产信托来挂牌上市，潜在净收益为10亿元
http://www.sharesinv.com/zh/articles/39205/

2013年05月28日
报业控股(Singapore Press Hldgs)建议把旗下两个产业百利宫(Paragon)和金文泰广场(The Clementi Mall)组成一个房地产投资信托(REIT)，然后把信托上市。公司将以30亿7,000万元把两个产业脱售给该REIT。按FY12的数字计算，若该REIT成功上市，报业控股的每股净资产值将从1.39元提高至2.27元。其负债比率也将从40.6%大幅度减低至9.3%，因为房地产相关贷款占其净贷款额的一大部份。公司的总裁陈庆鏻表示：“这宗交易将让公司股东享有两全其美的利益，他们既能获得特别股息，又能继续从该REIT中受惠，因为公司将与该REIT保持密切关系。”在该REIT完成上市后，公司将保留约70%的股权。

启示：公司将能通过释放其房地产的价值来取得资本，以供扩大其产业、媒体及其他业务。成立REIT来上市将为公司带来经常性收费收入，扩大其收入来源。公司将在完成交易后派发每股0.18元的特别股息。

icy97

Singapore Press plans to raise $540m in retail REIT IPO
http://www.theedgesingapore.com/the-daily-edge/business/44065-singapore-press-plans-to-raise-540m-in-retail-reit-ipo.html

Mon, 27 May 20:22  
Singapore Press Holdings, the newspaper publisher that owns the Paragon mall along the city’s shopping belt, said it plans to raise about $540 million from the initial share sale of a property trust.

The real estate investment trust is expected to list in early July, Chief Financial Officer Tony Mallek said in a briefing today. The REIT will buy Paragon and the Clementi Mall located in a western suburb for $3.07 billion, SPH said in a statement today. It will pay a one-time dividend of 18 cents a share, the company said.

The trust “allows SPH to crystallise the value in Paragon and the Clementi Mall, and release capital to fund the group’s growth and the special dividend,” it said in the statement, adding that it will hold about 70% of the retail REIT after it goes public.

The IPO comes after Mapletree Greater China Commercial Trust raised $1.6 billion in February. REITs and business trusts have been the biggest fundraisers in Singapore’s IPO market in the past 12 months, accounting for almost 80% of the $6.6 billion raised in the city, the data show.

The REIT will have a market value of $2.2 billion, and will hold $900 million of debt, the company said in its presentation slides.

Paragon, located along Orchard Road, and Clementi Mall are “fully leased,” Singapore Press said earlier this year.

In the year through August 2012, property accounted for 26% of SPH’s operating income of $466.9 million, while newspapers and magazines accounted for almost 71%, data compiled by Bloomberg show.

SPH climbed 8.9% this year, compared with the 7.1% increase in the benchmark Straits Times Index. The stock added 0.5% to $4.39 at the close in Singapore before the announcement.

SPH also said in January that it will monitor its cost structure amid changing media consumption trends for a “sustained performance” of its main newspaper business.


SPH upside from REIT announcement likely limited: Citi
http://www.theedgesingapore.com/the-daily-edge/business/44074-sph-upside-from-reit-announcement-likely-limited-citi.html

Tue, 28 May 15:27
Singapore Press Holdings (T39.SG), is up 2.5% at $4.50 after announcing Monday that it has received approval from the Singapore stock exchange to list two of its shopping malls through a real-estate investment trust, in a deal that could raise about $1 billion.

Citigroup sees limited upside from the news as it believes "the market has already priced in prospects of this asset recycling exercise positively."

It says, "We do not think there is a significant change in the fundamental outlook since the core media business will continue to face strong headwinds. Of interest to investors in the longer term would be the pipeline of growth initiatives (eg. M&A) management could possibly embark with the $757 million balance in cash proceeds."

The house has a Sell rating with a $3.80 target on the stock.

icy97

SPH shareholders vote 'yes' to REIT
http://www.theedgesingapore.com/the-daily-edge/business/44353-sph-shareholders-vote-yes-to-reit.html

Tue, 18 Jun 12:20
Singapore Press Holdings (SPH) shareholders gave an emphatic green light on Tuesday for the media group to put its retail malls into a real estate investment trust (REIT), according to the online version of the Straits Times.

Shareholders voted overwhelmingly in favour of the proposed deal at an extraordinary general meeting, with 99.79% of those present and voting, in favour.

SPH chairman Lee Boon Yang reportedly said the transaction will offer shareholders "the best of both worlds", as SPH is set to retain a 70% stake in the Reit post-listing. This will allow SPH shareholders to continue to benefit from the group's majority ownership of these quality properties through new revenue streams.

icy97

SPH delays $540 mil REIT IPO: Sources
http://www.theedgesingapore.com/the-daily-edge/business/44430-sph-delays-540-mil-reit-ipo-sources.html

Tue, 25 Jun 10:29  
Singapore Press Holdings, the city-state’s largest publishing company, has delayed a planned initial public offering of a real-estate investment trust due to weak global markets, people with knowledge of the deal said Monday.

The offering was expected to raise as much as $540 million.

SPH’s decision comes as other companies in Asia either scrap or scale back planned offerings due to falling markets that have pushed share prices of some new trust listings sharply lower.

Jittery global investors have dumped emerging market stocks and currencies in recent weeks due to indications that the US Federal Reserve may being winding down its monetary stimulus later this year. A liquidity crisis China’s financial system and the country’s slowing economic growth have also darkened investors’ moods.

SPH had planned to start taking orders from institutional investors this week, one of the people with knowledge of the matter said. It still plans to proceed with the offering when the time is right but the delay to order-taking means the REIT isn’t likely to list in early July as originally planned, another person said.

An SPH spokesman told The Wall Street Journal that the company is “monitoring market conditions and will make an announcement at the appropriate time.”

SPH last week secured shareholders’ approval for the REIT, which would own two of the company’s Singapore shopping malls, the Paragon and Clementi Mall.

SPH had hoped to benefit from investors’ strong interest in trusts. Dividend-paying investments such as REITs had been in demand in recent years as monetary stimulus from central banks in developed markets kept interest rates low.

But both debt and equity markets have weakened since US Federal Reserve Chairman Ben Bernanke suggested last month that the Fed could begin cutting back on its $85 billion-a-month of bond purchases, known as quantitative easing, in coming months. He reiterated that stance last week and upgraded his assessment of the US economy.

Investors’ reactions to Bernanke’s statements have pushed a host of other companies into delaying their IPOs or cutting their size.

In Hong Kong, casino owner Macau Legend Development Ltd. said it will cut its US$788 million ($1 billion) Hong Kong IPO, causing it to delay its planned listing. Hopewell Hong Kong Properties, a unit of conglomerate Hopewell Holdings, has withdrawn an IPO that was expected to raise up to US$778 million in the city.

In Indonesia, private-equity firm PT Saratoga Investment Sedaya said last week that it would reduce the size of its IPO to US$151 million from US$220 million, as the Jakarta stock market fell victim to capital outflows.

Trust listings in Asia have also suffered in recent weeks. Asian Pay Television Trust (S7OU.SG)--an investment vehicle for Taiwan’s biggest cable-TV operator--has fallen fell 12.4% since its debut in Singapore last month. Langham Hospitality Investments. (1270.HK)--a trust that holds Great Eagle Holdings’ three Hong Kong hotel assets--lost 9.2% on its first day of trading in Hong Kong.

SPH publishes 18 newspapers, including its flagship broadsheets The Straits Times and The Business Times, as well as magazines and books. It also runs outdoor advertising and events businesses and has developed residential property. Its real-estate business mainly comprises shopping malls, including a third property--the Seletar Mall project--that is due to be completed next year.

The publishing company has said it planned to distribute a special dividend of 18 Singapore cents to its shareholders once the offering was completed, and hold a 70% stake in the REIT.

SPH’s move turns the spotlight onto Singapore-based property developer Overseas Union Enterprise, which has been preparing to launch a US$638 million REIT IPO in the city-state.

Overseas Union, controlled by Indonesia’s Riady family, has been testing market appetite this month for a proposed July listing of its hospitality REIT, which would include Singapore’s five-star Mandarin Orchard hotel and the adjoining Mandarin Gallery shopping mall.

icy97

SPH jumps to three-week high on REIT plan
http://www.theedgesingapore.com/the-daily-edge/business/44626-sph-jumps-to-three-week-high-on-reit-plan.html

Wed, 10 Jul 12:14
Shares in Singapore Press Holdings rose as much as 1.6 percent to a three-week high after the company gave more details about the planned listing of a real estate investment trust.

The media group plans to raise at least $523 million by spinning off some of its property assets via the new SPH REIT, it said in a preliminary prospectus.

"We believe that such a spinoff could benefit SPH shareholders in the long term," Maybank Kim Eng analysts said in a research note, adding that the limited free float -- accounting for just 12.4% of the total outstanding units -- could help the initial listing go smoothly in a volatile market.

SPH shares traded at $4.29, retreating from an intra-day high of $4.33. Share price has risen more than 6% so far this year, beating the Straits Times Index's moderate 0.8% gain.

Though Maybank maintained its "buy" call on SPH, it cut the target price to $4.52 from $4.95 due to rising interest rates, and cautioned that lower-than-expected quarterly results, due next week, may put pressure on the stock in the short term.

icy97

SPH earnings up 81% to $188mil on one-off items
http://www.theedgesingapore.com/the-daily-edge/business/44671-sph-earnings-up-81-to-188mil-on-one-off-items.html

Mon, 15 Jul 21:18
Singapore Press Holdings said it posted a 80.7% increase in earnings of $187.5 million for the third quarter ended May 31, 2013 from $83.8 million a year ago.

The latest quarter’s results included one-off items, namely a fair value gain of $111.4 million arising from change in recognition of investment properties from cost-to-fair value basis, and a $26.2 million impairment loss on certain investments.

Excluding the one-off items, SPH said its earnings for the quarter came in at $100.5 million or 3.1% lower from a year ago.

On the outlook for the year, SPH CEO Alan Chan, said: "The group's advertising revenue performance will be driven by market conditions and consumer sentiment in the key advertising sectors. The group will continue its strategy to invest in online media and pursue growth opportunities, while striving to sustain its core newspaper business."

icy97

Maybank cuts SPH to 'hold' after Q3 earnings
http://www.theedgesingapore.com/the-daily-edge/business/44698-maybank-cuts-sph-to-hold-after-q3-earnings.html

Tue, 16 Jul 11:04  
Maybank Kim Eng downgraded Singapore Press Holdings to “hold” from “buy” and cut its target price to $4.50 from $4.52, saying the media and property company’s core business has continued to weaken.

SPH shares were down 1.15% at $4.28 on Tuesday, while the benchmark Straits Times Index was up 0.4%. The stock has risen about 6% so far this year versus a more than 2% gain in the index.

SPH reported on Monday evening an 81% jump in third-quarter net profit to $187.5 million, lifted by $111.4 million fair value gain on investment properties resulting from a change in accounting policy.

Excluding the fair value gain on investment properties and an impairment loss of $15.6 million on an overseas magazine subsidiary, SPH’s core net profit of $91.7 million was down 12% from a year earlier, Maybank noted.

The broker also said SPH’s advertising revenue has been heavily hit for the last two quarters since Singapore launched cooling measures on the property and car sectors.

“The most immediate catalyst, REIT spin-off, is largely in price already while the core media business could continue to be under pressure for more quarters,” Maybank said, adding that the current 5.5% dividend yield would be less attractive as government bond yields rise.

icy97

Name of Announcer *	SINGAPORE PRESS HLDGS LTD
Company Registration No.	198402868E
Announcement submitted on behalf of	SINGAPORE PRESS HLDGS LTD
Announcement is submitted with respect to *	SINGAPORE PRESS HLDGS LTD
Announcement is submitted by *	Ginney Lim May Ling
Designation *	Group Company Secretary
Date & Time of Broadcast	22-Aug-2013 17:32:17
Announcement No.	00077

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *	Divestment of stake in OpenNet Pte Ltd
Description	Please see attached announcement.

Attachments

DivestmentInOpenNet22Aug2013.pdf

icy97

東協細讀．新加坡報業控股雅虎 侵權訴訟達和解協議

財經環球1 Oct 2013 23:00
（新加坡1日訊）新加坡報業控股和搜索引擎公司雅虎亞太區私人有限公司（前身為雅虎東南亞）近兩年的侵權訴訟，昨天終達成協議和解。

雙方聯合發表媒體聲明，透露這個最新進展。

根據和解協議，雅虎承認在未經報業控股批准的情況下，將該公司報章內容放上雅虎新加坡新聞網頁供人瀏覽。

聲明指出，雅虎作為出版業者，無論在任何地方運作，都致力尊重他人的智慧財產權，對于雅虎亞太少數員工的行為，深感遺憾。涉及侵權的員工已得到紀律處分或被終止聘用。

根據和解協議，雅虎已就報業控股損失做出相關賠償，並保證不會再有類似侵權行為發生。

新加坡報業控股在2011年11月提出訴訟，指雅虎在2010年11月16日至2011年10月20日，擅自複製報業控股原載于《海峽時報》、《新報》和《我報》等報章的行為侵犯版權，要求法庭裁定並發禁止雅虎侵權及賠償報業控股的損失。

雅虎在隔月向高庭提呈答辯書，提出反訴。[中国报财经]

icy97

挪威电信入股报业控股的媒体合资
http://www.sharesinv.com/zh/articles/41784/

2013年09月30日
大型电信业者挪威电信(Telenor ASA)将入股报业控股(Singapore Press Holdings)的媒体合资公司701Search。701Search目前是报业控股的子公司SPH Interactive International及瑞士媒体公司Schibsted Classified Media AS的50:50合资。挪威电信是以1,690万元现金收购报业控股手上的部份701Search股权。在相关协议下，挪威电信也将认购701Search的额外股权。交易仍有待当局批准，若得以落实，报业控股的子公司、瑞士Schibsted Classified Media AS及挪威电信将各持有701Search的三分之一股权。701Search是一家网上分类广告公司，它所经营的网站包括马来西亚Mudah.my及印尼Berniaga.com。

启示：报业控股的总裁陈庆鏻表示，在挪威电信成为701Search的股东后，701Search将能从其三个股东在各方面的优势和广泛知识中受惠，并在东南亚及以外的网上分类广告市场扩大版图。

icy97

报业控股的FY13盈利下跌25%
http://www.sharesinv.com/zh/articles/42041/

2013年10月14日
报业控股(Singapore Press Holdings)报FY13盈利下跌25%至4亿3,100万元。报章与杂志业务的贡献减少，其账目包括一项为海外子公司计入的减值额。报章与杂志部门的收入下跌是由于广告收入和发行收入均下降。公司的首席财务官Tony Mallek表示：“老实说，我们大部份的数字都下滑了。”公司正在筹备一个价值1亿元的新媒体基金来重振其核心业务，包括聘请策略顾问及监控成本。尽管FY13充满挑战，公司指出，广告收入的跌幅在4Q13放缓至2.3%，比全年的5.1%跌幅来得好。但公司也说，下个财年的前景目前依旧不太明朗。公司宣布派发每股8分的末期股息和7分的特别股息。

启示：虽然公司并没有详细透露该新媒体基金将投资于哪些领域，但不容忽视的是，公司手上持有雄厚的17亿元资金。这笔资金将对其数码媒体业务的发展和增长大有作为。

icy97

报业控股入股数码杂志销售平台Magzster
2013年12月12日
http://www.sharesinv.com/zh/articles/43254/

报业控股(Singapore Press Holdings)以主要投资者的身份与创投基金公司Kalaari Capital通过B系列融资计划，联合投资1,000万美元于Magzster。

Magzster是一个全球数码杂志销售店和报摊，能让全世界的任何出版商以数码形式为全球读者出版数码杂志。Magzster于2011年成立，总部设在纽约，并在多个国家设有销售办事处，包括新加坡。

Magzster拥有来自200多个国家的1,600万个用户，它提供超过30个语文的数千份杂志。使用Magzster的国际出版商包括报业控股、美国赫斯特(Hearst)、美国康泰纳仕(Conde Nast)、彭博社(Bloomberg)、英国Haymarket及博施(Edipresse)香港。

启示：公司作出这项投资是为开拓一个提供杂志内容的新平台，也是其加强内容创造和分销的策略之一。

icy97

报业控股的1Q14盈利下跌6.6%
2014年01月15日
http://www.sharesinv.com/zh/articles/44075/

报业控股(Singapore Press Holdings)在截至2013年11月30日的1Q14录得营业额从3亿2,210万元提高2%至3亿2,850万元，归功于百利宫(Paragon)和金文泰广场(Clementi Mall)的租金收入增加。

营业额提高有助缓解总开支从2亿1,200万元上升1.4%至2亿1,510万元所带来的影响，公司的固定盈利因而提高2.2%至1亿1,690万元。

若不包括非控股投资所带来的贡献(从1Q13的110万元提高至1Q14的890万元)，归属股东的净利从1Q13的9,510万元下降6.6%至1Q14的8,880万元。

启示：媒体业及消费行为日新月异，公司将继续评估及寻找增长良机，同时致力于重振其核心的媒体业务。

icy97

SPH sees 1Q earnings shrink 6.6% to $88.8 mil
Source: The Edge   |   Publish date: Tue, 14 Jan 22:09
http://www.theedgesingapore.com/the-daily-edge/business/46915-sph-sees-1q-earnings-shrink-66-to-888-mil.html

Singapore Press Holdings said its fiscal first-quarter earnings shrank 6.6% to $88.8 million, or six cents per share, as its core newspaper and magazine business continued to slow.

Newspaper and magazine operating revenue slipped 2.9% to $255.9 million.

Advertising revenue fell 2.8%, or $5.8 million, while circulation revenue eased 4.7%, or $2.3 million, during the quarter.

The group said its other businesses fared better. SPH, which holds a majority stake in the mall-focused SPH REIT, said property revenue rose 5.4% to $50.8 million as the Paragon and Clementi malls drew higher rental income.

Net asset value per share stood at $2.10 as at end November 2013, down from $2.19 as at end-August 2013.

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SPH's 2Q net profit rises 7.5% to $81.3 mil
Source: The Edge   |   Publish date: Fri, 11 Apr 19:54
http://www.theedgesingapore.com/the-daily-edge/business/47944-sphs-2q-net-profit-rises-75-to-813-mil.html

Singapore Press Holdings said its Q2 net profit rose 7.5% to $81.3 million, from $75.6 million a year ago. SPH said this was boosted by a $52.9 million gain from divesting part of its stake in the regional online classified business.

The group's operating revenue for the quarter ended February 28 fell 1.2% to $278.8 million, from $282.2 million for the corresponding quarter a year earlier.

Total costs for the quarter had risen 13.7% to $228.3 million, due to a one-off impairment charge and higher bonus costs.

SPH added that advertisement revenue and circulation revenue fell 6.6% and 3.8% respectively.

SPH's directors also announced on Friday an interim dividend of 7 cents a share, to be paid on May 23.