Tuesday, July 12, 2011

SPH 3Q2011

Some numbers that I keep track:-

EPS = 7cents
NPAT = 115M
NAV = $1.33
EPS(YTD) = 18 cents
Total Liabilitiess = 1.761B


1) Print Classified decreased by $3.2M (1.6%) mainly due to lower classified ads. Circulation revenue steady at $53.8M
2) Rental rev from Clementi Mall for 3Q2011 is $6.0M


  1. I don't see how SPH is a value stock. You have an annual net income of ~100M on a stock that has a 1.85B market cap. As for the assets they add tops 150-200M to the valuation. If you run a 10 year value of money calc at an 11% growth rate (which is very generous) and a 10% discount of the future value of money you have 598.46M. Add 200M to 598.46M and you're not even half of the way there. This company could be worth it's market cap- but it's definitely not a value company.

    If this is your idea of a value investment you're doing it wrong.

  2. Hi Value Major

    SPH Ytd NPAT is $293M. I expect it to hit around $410M in FY2011.Not sure how you get $100M for annual net income.

  3. Last year they had a similar first quarter and ended the year with a net number of 100M. Propane is a seasonal business- most of their profit comes in the 4th (a little) and 1st (a lot) quarters. They actually lost money in the 2nd and 3rd quarters of last year. They could easily do it again this year unless something has radically changed from last year. It's pretty much impossible for them to do winter numbers for 4 quarters though.