SPH leans on property holdings as media business remains weak: UOB

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SINGAPORE (June 13): UOB Kay Hian is maintaining its “hold” call on Singapore Press Holdings (SPH) with a higher target price of S$2.46.

In a Wednesday report, analyst Foo Zhi Wei says, “Based on our page count of SPH’s The Straits Times, total page count was down 12.5% y-o-y in 3Q18.”

By segment, the Recruit, Classifieds and Display ads saw declines of 10%, 15% and 12% respectively. Except for Display ads, the 3Q18 decline represented an improvement from that seen in both the same period last year in 3Q17, as well as 2Q18... (Click here to read the full story)