Wednesday, 14 January, 2015 9:30 AM
Posted by Kevin Scully
SPH reported its Q1-2015 results which reflected the continued weakness in its print media. Key financial highlights are:
a) revenue in Q1-2015 was S$307.1mn down 6.5%
b) pretax profit was 95.9mn down 19%
c) net attributable profit fell 21.9% to S$69.4mn
d) EPS was 4 cents with NAV of S$2.33
Annualised PE at S$4.11 is 25.7 times with a price to book of 1.76
Expected dividend yield is 3.6%
More details on its operational performance can be found in its Q1-2015 presentation slides.
Commentary
SPH is a blue chip company in a transition phase brought about by the growing presence of digita media. This is a world wide trend as seen by the numbers below:
a) US print circulation down 10.5% over last five years while print ad revenue ......