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Singapore Press Holdings

(SPH SP) 1QFY18 Ad Count Decline Of 14% Heralds Further Weakness Ahead


Our page count of SPH showed a 14% yoy decline for total ads. Double-digit declines were noted for all three segments. With 1Q setting the tone for page counts for the year, a recovery in print revenue seems unlikely. Our current assumption for a 10% yoy decline in FY18 remains intact. Earnings estimates remain unchanged. Revise target price up to S$2.42 as we incorporate MindChamps. Maintain SELL.


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OUE Commercial REIT: Further CPPU redemptions afoot


OUECT has announced that it will be carrying out a redemption of 100m convertible perpetual preferred units (CPPUs) at its issue price of S$1 per CPPU on 2 January 2018. As a recap, the CPPUs were issued at a coupon rate of 1.0% p.a. in 2015, at a conversion price of S$0.841 per unit with a restricted period of 4 years from the date of issuance. Similar to the previous redemption exercise that was concluded last month, we understand that the manager is carrying out these redemptions to enhance OUECT’s capital structure for longer-term sustainability and will help to mitigate possible DPU dilution from conversion of CPPUs into units. While CPPU distributions will see a drop, OUECT’s finance costs should inadvertently increase as we assume that the redemption will be largely debt funded. On balance, we expect that the net effect will cause FY18’s DPU to ease slightly by 0.3% against our last forecast. We maintain our HOLD rating and our fair value estimate of S$0.67.


Singapore Post (SPOST SP) : HOLD


Higher postage rates for international small packets

• New international small packets airmail rate structure introduced with effect from 2 Jan 2018
• Minimum postal charges raised; Higher charges for lighter small packets
• In conjunction with higher international postal settlement rates to be paid by Singpost from 1 Jan 2018
• Maintain HOLD, TP S$1.23


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings0.730-
Alliance Mineral0.250-
Avi-Tech Electronics0.340-0.010
Best World Int.1.3900.040
China Sunsine1.010-
DISA Limited0.008-
Dutech Holdings0.250-
Federal Int. (2000)0.270-
Food Empire0.560-0.010
Geo Energy0.230-
Golden Energy0.255-
GSS Energy0.126-0.001
Heeton Holdings0.515-
KSH Holdings0.555-
Lian Beng Group0.5100.005
Nordic Group0.460-0.005
Oxley Holdings0.330-
REX International0.1100.002
Serial System0.145-0.004
Sing Holdings0.3900.005
Sino Grandness0.2000.003
Straco Corp.0.735-
Sunningdale Tech1.3600.010
Sunpower Group0.565-
The Trendlines0.1100.002
Tiong Seng0.3150.005
Trek 2000 Int.0.095-
Uni-Asia Group1.300-
XMH Holdings0.220-
Yangzijiang Shipbldg1.1600.030

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