SPH operates as a media company doing publishing and distributing of newspapers, magazines, books in print and digital version. But this industry is facing a structural decline due to technological shifts and changing consumer behaviours. Gone are the days when they used to be a monopoly. Information is now consumed anywhere and everywhere on the internet. In the past, they used to earn big from advertising revenue on papers, but nobody does that now. Businesses are turning to digital marketing, Facebook marketing and the likes. Consumers’ attention has shifted offline to online. Even when SPH attempts to go aggressive on digital, it doesn’t seem to do much to lift their declining earnings. Here is a quick look at their financials over the past 10 years. Most of the other companies have made a strong recovery after the 2008 financial crisis. Not for SPH. Their revenue, operating income...