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Singapore Press Holdings

SGX:T39
Snowflake Description

Slightly overvalued with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
T39
SGX
SGD4B
Market Cap
  1. Home
  2. SG
  3. Media
Company description

Singapore Press Holdings Limited operates as a media company in Singapore and internationally. The last earnings update was 69 days ago. More info.


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T39 Share Price and Events
7 Day Returns
-0.8%
SGX:T39
0%
Asia Media
0.3%
SG Market
1 Year Returns
-2%
SGX:T39
-31.5%
Asia Media
-8.4%
SG Market
T39 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Singapore Press Holdings (T39) -0.8% -1.6% 0.8% -2% -40% -42%
Asia Media 0% 2.7% 0.4% -31.5% -21.2% -21.2%
SG Market 0.3% -1.2% 5.4% -8.4% 7.6% -2.6%
1 Year Return vs Industry and Market
  • T39 outperformed the Media industry which returned -31.5% over the past year.
  • T39 outperformed the Market in Singapore which returned -8.4% over the past year.
Price Volatility
T39
Industry
5yr Volatility vs Market

T39 Value

 Is Singapore Press Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Singapore Press Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Singapore Press Holdings.

SGX:T39 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.7%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:T39
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Media Unlevered Beta Simply Wall St/ S&P Global 0.8
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.801 (1 + (1- 17%) (47.2%))
1.077
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.08
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (1.077 * 5.96%)
8.72%

Discounted Cash Flow Calculation for SGX:T39 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Singapore Press Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SGX:T39 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 8.72%)
2019 143.50 Analyst x1 131.99
2020 277.20 Analyst x1 234.52
2021 267.90 Analyst x1 208.47
2022 263.35 Est @ -1.7% 188.49
2023 262.03 Est @ -0.5% 172.51
2024 262.93 Est @ 0.34% 159.21
2025 265.38 Est @ 0.93% 147.81
2026 268.94 Est @ 1.34% 137.78
2027 273.32 Est @ 1.63% 128.79
2028 278.33 Est @ 1.83% 120.63
Present value of next 10 years cash flows SGD1,630.20
SGX:T39 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD278.33 × (1 + 2.3%) ÷ (8.72% – 2.3%)
SGD4,437.22
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD4,437.22 ÷ (1 + 8.72%)10
SGD1,923.15
SGX:T39 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD1,630.20 + SGD1,923.15
SGD3,553.34
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD3,553.34 / 1,613.34
SGD2.2
SGX:T39 Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD2.20
Current discount Discount to share price of SGD2.43
= -1 x (SGD2.43 - SGD2.20) / SGD2.20
-10.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Singapore Press Holdings is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Singapore Press Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Singapore Press Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:T39 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-11-30) in SGD SGD0.17
SGX:T39 Share Price ** SGX (2019-03-21) in SGD SGD2.43
Asia Media Industry PE Ratio Median Figure of 48 Publicly-Listed Media Companies 15.18x
Singapore Market PE Ratio Median Figure of 329 Publicly-Listed Companies 12.84x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Singapore Press Holdings.

SGX:T39 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:T39 Share Price ÷ EPS (both in SGD)

= 2.43 ÷ 0.17

13.95x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Singapore Press Holdings is good value based on earnings compared to the Asia Media industry average.
  • Singapore Press Holdings is overvalued based on earnings compared to the Singapore market.
Price based on expected Growth
Does Singapore Press Holdings's expected growth come at a high price?
Raw Data
SGX:T39 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.95x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
-7%per year
Asia Media Industry PEG Ratio Median Figure of 19 Publicly-Listed Media Companies 1x
Singapore Market PEG Ratio Median Figure of 121 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

SGX:T39 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.95x ÷ -7%

-2x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Singapore Press Holdings earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Singapore Press Holdings's assets?
Raw Data
SGX:T39 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-11-30) in SGD SGD2.20
SGX:T39 Share Price * SGX (2019-03-21) in SGD SGD2.43
Asia Media Industry PB Ratio Median Figure of 86 Publicly-Listed Media Companies 1.19x
Singapore Market PB Ratio Median Figure of 433 Publicly-Listed Companies 0.76x
SGX:T39 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:T39 Share Price ÷ Book Value per Share (both in SGD)

= 2.43 ÷ 2.20

1.1x

* Primary Listing of Singapore Press Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Singapore Press Holdings is good value based on assets compared to the Asia Media industry average.
X
Value checks
We assess Singapore Press Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Media industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Media industry average (and greater than 0)? (1 check)
  5. Singapore Press Holdings has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

T39 Future Performance

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

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Singapore Press Holdings expected to grow at an attractive rate?
  • Singapore Press Holdings's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Singapore Press Holdings's earnings are expected to decrease over the next 1-3 years, this is below the Singapore market average.
  • Singapore Press Holdings's revenues are expected to decrease over the next 1-3 years, this is below the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:T39 Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:T39 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts -7%
SGX:T39 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts -0.4%
Asia Media Industry Earnings Growth Rate Market Cap Weighted Average 19.5%
Asia Media Industry Revenue Growth Rate Market Cap Weighted Average 11.8%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.2%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:T39 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:T39 Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-08-31 975 84 207 3
2020-08-31 977 82 213 5
2019-08-31 991 57 219 3
SGX:T39 Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-11-30 972 211 277
2018-08-31 983 222 281
2018-05-31 1,005 235 371
2018-02-28 1,015 243 353
2017-11-30 1,019 238 366
2017-08-31 1,033 255 350
2017-05-31 1,054 252 205
2017-02-28 1,085 263 229
2016-11-30 1,106 281 230
2016-08-31 1,124 309 265
2016-05-31 1,140 344 273
2016-02-29 1,155 354 318

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Singapore Press Holdings's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Singapore Press Holdings's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:T39 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Singapore Press Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:T39 Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-08-31 0.13 0.13 0.12 3.00
2020-08-31 0.13 0.14 0.12 5.00
2019-08-31 0.13 0.14 0.13 4.00
SGX:T39 Past Financials Data
Date (Data in SGD Millions) EPS *
2018-11-30 0.17
2018-08-31 0.17
2018-05-31 0.22
2018-02-28 0.21
2017-11-30 0.23
2017-08-31 0.22
2017-05-31 0.13
2017-02-28 0.14
2016-11-30 0.14
2016-08-31 0.16
2016-05-31 0.17
2016-02-29 0.19

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Singapore Press Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Singapore Press Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Asia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Singapore Press Holdings has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

T39 Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Singapore Press Holdings's growth in the last year to its industry (Media).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Singapore Press Holdings's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Singapore Press Holdings's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Singapore Press Holdings's 1-year earnings growth is negative, it can't be compared to the Asia Media industry average.
Earnings and Revenue History
Singapore Press Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Singapore Press Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:T39 Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-11-30 972.17 277.21 71.92
2018-08-31 982.56 281.11 70.00
2018-05-31 1,004.77 371.41 68.83
2018-02-28 1,014.66 352.84 68.23
2017-11-30 1,018.92 366.15 66.86
2017-08-31 1,032.52 350.09 65.05
2017-05-31 1,053.51 205.29 117.83
2017-02-28 1,085.12 229.08 101.57
2016-11-30 1,106.45 229.70 69.21
2016-08-31 1,124.35 265.29 69.74
2016-05-31 1,140.02 272.63 17.46
2016-02-29 1,155.23 318.18 34.23
2015-11-30 1,166.23 333.68 68.29
2015-08-31 1,177.08 321.70 67.95
2015-05-31 1,198.25 381.72 67.11
2015-02-28 1,201.19 373.14 66.91
2014-11-30 1,209.66 384.82 64.98
2014-08-31 1,231.08 404.29 64.90
2014-05-31 1,227.19 332.45 111.57
2014-02-28 1,242.42 430.35 63.92
2013-11-30 1,245.84 424.65 64.18
2013-08-31 1,239.45 430.95 63.29
2013-05-31 1,239.44 640.21 16.80
2013-02-28 1,246.33 556.45 63.11
2012-11-30 1,262.60 572.37 76.92
2012-08-31 1,272.91 574.70 61.79
2012-05-31 1,278.31 388.80 45.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Singapore Press Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Singapore Press Holdings used its assets less efficiently than the Asia Media industry average last year based on Return on Assets.
  • Singapore Press Holdings's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Singapore Press Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Media industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Singapore Press Holdings has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

T39 Health

 How is Singapore Press Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Singapore Press Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Singapore Press Holdings's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Singapore Press Holdings's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Singapore Press Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Singapore Press Holdings Company Filings, last reported 3 months ago.

SGX:T39 Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-11-30 4,301.80 1,842.75 473.74
2018-08-31 4,228.08 1,610.17 481.16
2018-05-31 4,162.35 1,613.12 638.94
2018-02-28 4,210.30 1,614.04 652.97
2017-11-30 4,323.05 1,631.04 774.20
2017-08-31 4,223.32 1,509.14 676.02
2017-05-31 4,057.17 1,493.08 595.64
2017-02-28 4,094.58 1,334.99 658.75
2016-11-30 4,207.13 1,303.41 828.91
2016-08-31 4,241.40 1,311.29 719.59
2016-05-31 4,135.92 1,282.63 635.18
2016-02-29 4,207.48 1,301.81 682.73
2015-11-30 4,412.79 1,281.00 833.27
2015-08-31 4,346.65 1,301.14 767.25
2015-05-31 4,287.90 1,414.03 803.84
2015-02-28 4,386.31 1,926.88 1,337.11
2014-11-30 4,477.17 1,838.85 1,425.85
2014-08-31 4,396.18 1,839.46 1,470.96
2014-05-31 4,192.55 1,789.71 1,355.14
2014-02-28 4,192.99 1,770.73 1,407.77
2013-11-30 4,083.66 1,759.47 1,648.20
2013-08-31 4,215.71 1,746.22 1,446.93
2013-05-31 3,830.90 1,311.74 617.73
2013-02-28 2,253.08 1,306.35 681.04
2012-11-30 2,162.64 1,295.83 925.64
2012-08-31 3,753.18 1,305.50 780.90
2012-05-31 2,219.35 1,289.30 646.64
  • Singapore Press Holdings's level of debt (42.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (43.1% vs 42.8% today).
  • Debt is not well covered by operating cash flow (11.5%, less than 20% of total debt).
  • Singapore Press Holdings earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Singapore Press Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Singapore Press Holdings has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

T39 Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.35%
Current annual income from Singapore Press Holdings dividends. Estimated to be 5.12% next year.
If you bought SGD2,000 of Singapore Press Holdings shares you are expected to receive SGD107 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Singapore Press Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.55%).
  • Singapore Press Holdings's dividend is below the markets top 25% of dividend payers in Singapore (5.52%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:T39 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Asia Media Industry Average Dividend Yield Market Cap Weighted Average of 31 Stocks 2.7%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 4%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.6%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.5%
Singapore Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:T39 Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2021-08-31 0.12 3.00
2020-08-31 0.13 4.00
2019-08-31 0.12 2.00
SGX:T39 Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2018-11-05 0.130 5.195
2018-10-15 0.130 4.950
2018-07-11 0.150 5.353
2018-04-10 0.150 5.606
2017-11-01 0.150 5.702
2017-09-15 0.150 5.551
2017-07-14 0.170 6.020
2017-04-12 0.170 5.187
2016-11-15 0.180 5.056
2016-10-14 0.180 4.815
2016-07-15 0.200 5.257
2016-04-12 0.200 5.080
2015-10-13 0.200 5.170
2014-10-16 0.210 5.101
2014-04-11 0.150 3.590
2013-12-16 0.400 9.818
2013-04-12 0.240 5.703
2012-10-12 0.240 5.773
2012-04-13 0.240 6.084
2011-10-13 0.240 6.345
2011-04-13 0.270 7.061
2010-10-13 0.270 6.728
2010-04-13 0.250 6.282
2009-10-12 0.250 6.636
2009-04-14 0.160 4.854
2009-03-23 0.270 10.243

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Singapore Press Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess Singapore Press Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Singapore Press Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Singapore Press Holdings has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

T39 Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Yat Chung Ng
COMPENSATION SGD1,900,000
AGE 56
TENURE AS CEO 1.5 years
CEO Bio

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 Chairman of the Singapore Institute of Technology Board of Trustees. He was an Acting President of APL Logistics Ltd. He has been Chairman of SPH Magazines Pte Ltd. since 2019. He is as Director of United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited. He was Trustee of National University of Singapore. He was a Director of Singapore Power Ltd. He was the Executive Director of Neptune Orient Lines Ltd., having served as its Group President and CEO. He was Senior Managing Director at Temasek Holdings (Private) Limited (“Temasek”). Before joining Temasek, he was the Chief of Defense Force in the Singapore Armed Forces. He has also served as a Director of Fraser & Neave Limited and Singapore Technologies Engineering Ltd. Mr. Ng holds a Bachelor of Arts (Engineering Tripos) and a Master of Arts from Cambridge University, a Master of Military Art and Science (General Studies) from the US Army Command & General Staff College, USA and an MBA from Stanford University. He has been conferred several awards, including the Meritorious Service Medal (Military) and the Public Administration Medal (Gold) (Military).

CEO Compensation
  • Yat Chung's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Yat Chung's remuneration is higher than average for companies of similar size in Singapore.
Management Team Tenure

Average tenure and age of the Singapore Press Holdings management team in years:

1.2
Average Tenure
53
Average Age
  • The average tenure for the Singapore Press Holdings management team is less than 2 years, this suggests a new team.
Management Team

Yat Chung Ng

TITLE
CEO and Executive & Non-Independent Director
COMPENSATION
SGD2M
AGE
56
TENURE
1.5 yrs

Hwee Song Chua

TITLE
Chief Financial Officer
AGE
50
TENURE
0.9 yrs

Glen Gary Francis

TITLE
Chief Technology Officer
AGE
42
TENURE
0.8 yrs

Mable Chan

TITLE
Executive VP of Human Resources
AGE
57
TENURE
5.5 yrs

Ginney Lim

TITLE
Executive VP of Corporate Communications & CSR
AGE
57

Soo Chin

TITLE
Head of Corporate Communications & CSR

Janice Wu

TITLE
Executive Vice President of Corporate Development

Ignatius Low

TITLE
Chief Marketing Officer
AGE
45
TENURE
0.9 yrs

Ngoi Sng

TITLE
Executive Vice President of Retail Property Management
TENURE
6 yrs

Chin Wah Loo

TITLE
Head of Shanghai Office
Board of Directors Tenure

Average tenure and age of the Singapore Press Holdings board of directors in years:

5.5
Average Tenure
56
Average Age
  • The tenure for the Singapore Press Holdings board of directors is about average.
Board of Directors

Boon Yang Lee

TITLE
Non-Executive Chairman
COMPENSATION
SGD210K
AGE
70
TENURE
7.4 yrs

Yat Chung Ng

TITLE
CEO and Executive & Non-Independent Director
COMPENSATION
SGD2M
AGE
56
TENURE
2.6 yrs

Bahren Bin Haji Shaari

TITLE
Non-Executive & Independent Director
COMPENSATION
SGD125K
AGE
56
TENURE
6.9 yrs

See Tiat Quek

TITLE
Non-Executive & Independent Director
COMPENSATION
SGD144K
AGE
64
TENURE
5.5 yrs

Andrew Lim

TITLE
Non-Executive & Independent Director
COMPENSATION
SGD139K
AGE
56
TENURE
2.2 yrs

Siak Ching Chong

TITLE
Non-Executive & Independent Director
COMPENSATION
SGD102K
AGE
59
TENURE
8.4 yrs

Yen Yen Tan

TITLE
Non-Executive & Independent Director
COMPENSATION
SGD103K
AGE
53
TENURE
6.9 yrs

Chin Hwee Tan

TITLE
Non-Executive & Independent Director
COMPENSATION
SGD112K
AGE
47
TENURE
5 yrs

Janet Ang

TITLE
Non-Executive & Independent Director
COMPENSATION
SGD112K
TENURE
4.4 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Singapore Press Holdings insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
16. Jan 19 Buy Chin Hwee Tan Individual 14. Jan 19 14. Jan 19 11,000 SGD2.50 SGD27,500
16. Jan 19 Buy Ming-Hui Lim Individual 14. Jan 19 14. Jan 19 12,000 SGD2.50 SGD30,000
16. Jan 19 Buy Bahren Bin Haji Shaari Individual 14. Jan 19 14. Jan 19 11,000 SGD2.50 SGD27,500
16. Jan 19 Buy Siak Ching Chong Individual 14. Jan 19 14. Jan 19 9,000 SGD2.50 SGD22,500
16. Jan 19 Buy Guat Har Ang Individual 14. Jan 19 14. Jan 19 10,000 SGD2.50 SGD25,000
16. Jan 19 Buy Boon Yang Lee Individual 14. Jan 19 14. Jan 19 20,000 SGD2.50 SGD50,000
16. Jan 19 Buy Yen Yen Tan Individual 14. Jan 19 14. Jan 19 9,000 SGD2.50 SGD22,500
16. Jan 19 Buy Khin Geok Quek Individual 14. Jan 19 14. Jan 19 13,000 SGD2.50 SGD32,500
X
Management checks
We assess Singapore Press Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Singapore Press Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

T39 News

Simply Wall St News

Do Directors Own Singapore Press Holdings Limited (SGX:T39) Shares?

A look at the shareholders of Singapore Press Holdings Limited (SGX:T39) can tell us which group is most powerful. … Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … Singapore Press Holdings isn't enormous, but it's not particularly small either.

Simply Wall St -

Did Changing Sentiment Drive Singapore Press Holdings's Share Price Down By 40%?

One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During the five years over which the share price declined, Singapore Press Holdings's earnings per share (EPS) dropped by 8.2% each year. … The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers)

Simply Wall St -

Calculating The Intrinsic Value Of Singapore Press Holdings Limited (SGX:T39)

by estimating the company's future cash flows and discounting them to their present value. … discounted cash flows (DCF) … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model.

Simply Wall St -

Here's What Singapore Press Holdings Limited's (SGX:T39) P/E Ratio Is Telling Us

To keep it practical, we'll show how Singapore Press Holdings Limited's (SGX:T39) P/E ratio could help you assess the value on offer. … Based on the last twelve months, Singapore Press Holdings's P/E ratio is 14.6. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

A Closer Look At Singapore Press Holdings Limited's (SGX:T39) Uninspiring ROE

Over the last twelve months Singapore Press Holdings has recorded a ROE of 7.7%. … One way to conceptualize this, is that for each SGD1 of shareholders' equity it has, the company made SGD0.077 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Singapore Press Holdings Limited (SGX:T39): Ex-Dividend Is In 4 Days

Singapore Press Holdings Limited (SGX:T39) will be distributing its dividend of S$0.07 per share on the 21 December 2018, and will start trading ex-dividend in 4 days time on the 06 December 2018. … Is this future income a persuasive enough catalyst for investors to think about Singapore Press Holdings as an investment today? … See our latest analysis for Singapore Press Holdings?

Simply Wall St -

Why Singapore Press Holdings Limited (SGX:T39) Is A Financially Healthy Company

Small-caps and large-caps are wildly popular among investors; however, mid-cap stocks, such as Singapore Press Holdings Limited (SGX:T39) with a market-capitalization of S$4.3b, rarely draw their attention. … Don’t forget that this is a general and concentrated examination of Singapore Press Holdings's financial health, so you should conduct further analysis. … See our latest analysis for Singapore Press Holdings

Simply Wall St -

Do Directors Own Singapore Press Holdings Limited (SGX:T39) Shares?

The big shareholder groups in Singapore Press Holdings Limited (SGX:T39) have power over the company. … Singapore Press Holdings has a market capitalization of S$4.2b, so it's too big to fly under the radar. … Check out our latest analysis for Singapore Press Holdings

Simply Wall St -

Singapore Press Holdings Limited (SGX:T39): What Does The Future Look Like?

The latest earnings release Singapore Press Holdings Limited's (SGX:T39) announced in August 2018a

Simply Wall St -

Was Singapore Press Holdings Limited's (SGX:T39) Earnings Decline Part Of A Broader Industry Downturn?

Examining Singapore Press Holdings Limited's (SGX:T39) past track record of performance is a valuable exercise for investors. … Below, I will assess T39's latest performance announced on 31 August 2018 and weigh these figures against its longer term trend and industry movements. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of -7.5%, indicating the rate at which T39 is growing has slowed down

Simply Wall St -

T39 Company Info

Description

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, and distributes newspapers, magazines, and books; holds investments; holds, develops, manages, and lets properties; and offers multimedia content and services, outdoor advertising, and radio broadcasting services. It also organizes events, exhibitions, conventions, conferences, and concerts; and operates a financial portal. In addition, the company operates nursing homes, and tuition and enrichment centers; manages and develops curriculum and intellectual property; manages shopping centers and other commercial properties; and provides online classifieds and investor relation, ancillary services and supplies, management support, editorial, fund management, recruitment, human resource, business management and consultancy, rehabilitation, home care, food, marketing, news reporting, kiosks franchising, technical, software licensing, and online marketing services. Further, it produces dramas, variety shows, and documentaries; executes camera work, editing, and sound mixing for audio-video presentations and music recording; develops software for interactive digital media; trades in medical and healthcare equipment and consumables; and develops e-commerce applications and Web search portals. Additionally, the company offers public relations, television programmer production and advertising, research, childcare, learning, in-lift digital displays and display content deployment, and other services. It also provides computer programming services for online investor relations and related businesses; licenses copyrights and trademarks; operates a self-service digital magazine store and newsstand, and an online market place for service providers; and provides online system for sales of vehicles and related services. The company was incorporated in 1984 and is based in Singapore.

Details
Name: Singapore Press Holdings Limited
T39
Exchange: SGX
Founded: 1984
SGD3,904,292,968
1,613,344,202
Website: http://www.sph.com.sg
Address: Singapore Press Holdings Limited
News Centre,
1000 Toa Payoh North,
Singapore,
318994,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX T39 Ordinary Shares Singapore Exchange SG SGD 02. Jan 1992
OTCPK SGPR.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB SGP1 Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
OTCPK SGPR.Y UNSPONSORD ADR Pink Sheets LLC US USD 11. Nov 2008
Number of employees
Current staff
Staff numbers
4,084
Singapore Press Holdings employees.
Industry
Publishing
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/21 12:31
End of day share price update: 2019/03/21 00:00
Last estimates confirmation: 2019/03/09
Last earnings filing: 2019/01/11
Last earnings reported: 2018/11/30
Last annual earnings reported: 2018/08/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.