SGX:T39

Stock Analysis Report

Singapore Press Holdings

Executive Summary

Singapore Press Holdings Limited operates as a media company in Singapore and internationally.

Snowflake

Fundamentals

Slightly overvalued with imperfect balance sheet.


Similar Companies

Share Price & News

How has Singapore Press Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: T39 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

2.7%

T39

-0.8%

SG Media

-0.007%

SG Market


1 Year Return

-12.8%

T39

-3.9%

SG Media

4.1%

SG Market

Return vs Industry: T39 underperformed the SG Media industry which returned -3.9% over the past year.

Return vs Market: T39 underperformed the SG Market which returned 4.1% over the past year.


Shareholder returns

T39IndustryMarket
7 Day2.7%-0.8%-0.007%
30 Day7.9%0.9%3.2%
90 Day11.1%5.4%2.1%
1 Year-8.5%-12.8%-2.1%-3.9%8.3%4.1%
3 Year-26.8%-37.1%-43.0%-45.6%21.1%8.2%
5 Year-30.6%-46.0%-38.7%-43.6%12.7%-6.0%

Price Volatility Vs. Market

How volatile is Singapore Press Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Singapore Press Holdings undervalued compared to its fair value and its price relative to the market?

17.48x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: T39 (SGD2.31) is trading above our estimate of fair value (SGD2.28)

Significantly Below Fair Value: T39 is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: T39 is good value based on its PE Ratio (17.5x) compared to the Media industry average (18.5x).

PE vs Market: T39 is poor value based on its PE Ratio (17.5x) compared to the SG market (13.1x).


Price to Earnings Growth Ratio

PEG Ratio: T39's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: T39 is good value based on its PB Ratio (1x) compared to the XA Media industry average (1.3x).


Next Steps

Future Growth

How is Singapore Press Holdings forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

-8.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: T39's earnings are forecast to decline over the next 3 years (-8.6% per year).

Earnings vs Market: T39's earnings are forecast to decline over the next 3 years (-8.6% per year).

High Growth Earnings: T39's earnings are forecast to decline over the next 3 years.

Revenue vs Market: T39's revenue is expected to decline over the next 3 years (-1.5% per year).

High Growth Revenue: T39's revenue is forecast to decline over the next 3 years (-1.5% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: T39's Return on Equity is forecast to be low in 3 years time (4.9%).


Next Steps

Past Performance

How has Singapore Press Holdings performed over the past 5 years?

-7.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: T39 has large one-off items impacting its financial results.

Growing Profit Margin: T39's current net profit margins (22.2%) are lower than last year (28.3%).


Past Earnings Growth Analysis

Earnings Trend: T39's earnings have declined by -7.3% per year over the past 5 years.

Accelerating Growth: T39's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: T39 had negative earnings growth (-23.4%) over the past year, making it difficult to compare to the Media industry average (2.4%).


Return on Equity

High ROE: T39's Return on Equity (5.5%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Singapore Press Holdings's financial position?


Financial Position Analysis

Short Term Liabilities: T39's short term assets (SGD769.1M) exceeds its short term liabilities (SGD677.0M)

Long Term Liabilities: T39's short term assets (769.1M) do not cover its long term liabilities (1.7B)


Debt to Equity History and Analysis

Debt Level: T39's debt to equity ratio (43.8%) is considered high

Reducing Debt: T39's debt to equity ratio has increased from 41.8% to 43.8% over the past 5 years.

Debt Coverage: T39's debt is not well covered by operating cash flow (8.9%).

Interest Coverage: T39's interest payments on its debt are well covered by EBIT (6.5x coverage).


Balance Sheet

Inventory Level: T39 has a low level of unsold assets or inventory.

Debt Coverage by Assets: T39's debt is not covered by short term assets (assets are 0.4x debt).


Next Steps

Dividend

What is Singapore Press Holdings's current dividend yield, its reliability and sustainability?

5.19%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Singapore Press Holdings before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company5.2%marketbottom25%2.6%markettop25%5.6%industryaverage2.4%forecastin3Years4.7%

Current dividend yield vs market & industry

Notable Dividend: T39's dividend (5.19%) is higher than the bottom 25% of dividend payers in the SG market (2.62%).

High Dividend: T39's dividend (5.19%) is low compared to the top 25% of dividend payers in the SG market (5.64%).


Stability and Growth of Payments

Stable Dividend: T39's dividend payments have been volatile in the past 10 years.

Growing Dividend: T39's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (83.3%), T39's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: T39's dividends in 3 years are not forecast to be well covered by earnings (120.9% payout ratio).


Next Steps

Management

What is the CEO of Singapore Press Holdings's salary, the management and board of directors tenure and is there insider trading?

4.2yrs

Average management tenure


CEO

Yat Chung Ng (57yo)

2.2yrs

Tenure

S$1,790,000

Compensation

Mr. Yat Chung Ng is Chief Executive Officer and Executive & Non-Independent Director of Singapore Press Holdings. He was appointed as Director of SPH REIT Management Pte Ltd in August 2017. He is the Chair ...


CEO Compensation Analysis

Compensation vs Market: Yat Chung's total compensation ($USD1.32M) is about average for companies of similar size in the SG market ($USD1.17M).

Compensation vs Earnings: Yat Chung's compensation has been consistent with company performance over the past year.


Management Age and Tenure

4.2yrs

Average Tenure

54.5yo

Average Age

Experienced Management: T39's management team is considered experienced (4.2 years average tenure).


Board Age and Tenure

5.9yrs

Average Tenure

57yo

Average Age

Experienced Board: T39's board of directors are considered experienced (5.9 years average tenure).


Insider Trading

Insider Buying: T39 insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyS$27,82022 Oct 19
Chin Hwee Tan
EntityIndividual
Role
Member of the Board of Directors
Non-Executive & Independent Director
Shares13,000
Max PriceS$2.14
BuyS$25,68022 Oct 19
Ming Yan Lim
EntityIndividual
Role
Member of the Board of Directors
Non-Executive and Independent Director
Shares12,000
Max PriceS$2.14
BuyS$51,36022 Oct 19
Boon Yang Lee
EntityIndividual
Role
Chairman of the Board
Non-Executive and Independent Chairman
Shares24,000
Max PriceS$2.14
BuyS$36,38022 Oct 19
Khin Geok Quek
EntityIndividual
Shares17,000
Max PriceS$2.14
BuyS$27,82022 Oct 19
Bahren Bin Haji Shaari
EntityIndividual
Role
Member of the Board of Directors
Non-Executive & Independent Director
Shares13,000
Max PriceS$2.14
BuyS$25,68022 Oct 19
Siak Ching Chong
EntityIndividual
Role
Member of the Board of Directors
Non-Executive & Independent Director
Shares12,000
Max PriceS$2.14
BuyS$4,84222 Oct 19
Guat Har Ang
EntityIndividual
Role
Member of the Board of Directors
Non-Executive & Independent Director
Shares13,000
Max PriceS$0.37
BuyS$25,68022 Oct 19
Yen Yen Tan
EntityIndividual
Role
Member of the Board of Directors
Non-Executive & Independent Director
Shares12,000
Max PriceS$2.14
BuyS$34,24022 Oct 19
Ming-Hui Lim
EntityIndividual
Role
Member of the Board of Directors
Non-Executive & Independent Director
Shares16,000
Max PriceS$2.14
BuyS$27,50016 Jan 19
Chin Hwee Tan
EntityIndividual
Role
Member of the Board of Directors
Non-Executive & Independent Director
Shares11,000
Max PriceS$2.50
BuyS$32,50016 Jan 19
Khin Geok Quek
EntityIndividual
Shares13,000
Max PriceS$2.50
BuyS$50,00016 Jan 19
Boon Yang Lee
EntityIndividual
Role
Chairman of the Board
Non-Executive and Independent Chairman
Shares20,000
Max PriceS$2.50
BuyS$22,50016 Jan 19
Yen Yen Tan
EntityIndividual
Role
Member of the Board of Directors
Non-Executive & Independent Director
Shares9,000
Max PriceS$2.50
BuyS$25,00016 Jan 19
Guat Har Ang
EntityIndividual
Role
Member of the Board of Directors
Non-Executive & Independent Director
Shares10,000
Max PriceS$2.50
BuyS$22,50016 Jan 19
Siak Ching Chong
EntityIndividual
Role
Member of the Board of Directors
Non-Executive & Independent Director
Shares9,000
Max PriceS$2.50
BuyS$27,50016 Jan 19
Bahren Bin Haji Shaari
EntityIndividual
Role
Member of the Board of Directors
Non-Executive & Independent Director
Shares11,000
Max PriceS$2.50
BuyS$30,00016 Jan 19
Ming-Hui Lim
EntityIndividual
Role
Member of the Board of Directors
Non-Executive & Independent Director
Shares12,000
Max PriceS$2.50

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Ginney Lim (58yo)

    Executive VP of Corporate Communications & CSR

    • Tenure: 0yrs
  • Ngoi Sng

    Executive Vice President of Retail Property Management

    • Tenure: 6.7yrs
  • Chin Wah Loo

    Head of Shanghai Office

    • Tenure: 0yrs
  • Arnold Gay (52yo)

    Head of Corporate Relations

    • Tenure: 14.8yrs
  • Mable Chan (58yo)

    Executive VP of Human Resources

    • Tenure: 6.2yrs
  • Yat Chung Ng (57yo)

    CEO and Executive & Non-Independent Director

    • Tenure: 2.2yrs
    • Compensation: S$1.79m
  • Soo Chin

    Head of Corporate Communications & CSR

    • Tenure: 0yrs
  • Hwee Song Chua (51yo)

    Chief Financial Officer

    • Tenure: 1.6yrs
  • Janice Wu

    Executive Vice President of Corporate Development

    • Tenure: 0yrs
  • Glen Gary Francis (43yo)

    Chief Technology Officer

    • Tenure: 1.5yrs

Board Members

  • Siak Ching Chong (60yo)

    Non-Executive & Independent Director

    • Tenure: 9.1yrs
    • Compensation: S$107.00k
  • Janet Ang

    Non-Executive & Independent Director

    • Tenure: 5.1yrs
    • Compensation: S$120.00k
  • Ming Yan Lim (56yo)

    Non-Executive and Independent Director

    • Tenure: 0.4yrs
  • Andrew Lim (57yo)

    Non-Executive & Independent Director

    • Tenure: 2.8yrs
    • Compensation: S$144.50k
  • Yat Chung Ng (57yo)

    CEO and Executive & Non-Independent Director

    • Tenure: 2.2yrs
    • Compensation: S$1.79m
  • Boon Yang Lee (71yo)

    Non-Executive and Independent Chairman

    • Tenure: 8.1yrs
    • Compensation: S$216.00k
  • Bahren Bin Haji Shaari (57yo)

    Non-Executive & Independent Director

    • Tenure: 7.6yrs
    • Compensation: S$127.50k
  • Chin Hwee Tan (48yo)

    Non-Executive & Independent Director

    • Tenure: 5.7yrs
    • Compensation: S$118.00k
  • Yen Yen Tan (54yo)

    Non-Executive & Independent Director

    • Tenure: 7.6yrs
    • Compensation: S$105.00k
  • See Tiat Quek (65yo)

    Non-Executive & Independent Director

    • Tenure: 6.2yrs
    • Compensation: S$149.50k

Company Information

Singapore Press Holdings Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Singapore Press Holdings Limited
  • Ticker: T39
  • Exchange: SGX
  • Founded: 1984
  • Industry: Publishing
  • Sector: Media
  • Market Cap: S$3.770b
  • Shares outstanding: 1.61b
  • Website: https://www.sph.com.sg

Number of Employees


Location

  • Singapore Press Holdings Limited
  • News Centre
  • 1000 Toa Payoh North
  • Singapore
  • 318994
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SGPR.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
T39SGX (Singapore Exchange)YesOrdinary SharesSGSGDJan 1992
SGPR.YOTCPK (Pink Sheets LLC)UNSPONSORD ADRUSUSDNov 2008

Biography

Singapore Press Holdings Limited operates as a media company in Singapore and internationally. It operates in three segments: Media, Property, and Treasury and Investment. The company publishes, prints, an ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/11 12:31
End of Day Share Price2019/11/11 00:00
Earnings2019/08/31
Annual Earnings2019/08/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.