SPH Q2FY2017

Operating Revenue                    $168,030K
Operating Profit                         $52,992K
Investment Income                    $16,715K
Profit After Taxation                 $63,877K
Net Profit Attr To Shrs              $53,503K
EPS                                            3 cents
NAV                                           $2.08
Cash & Cash Equiv                    $2769,506K

SPH Q1FY2017

Operating Revenue                    $278,304K
Operating Profit                         $70,799K
Investment Income                     ($1,800K)
Profit After Taxation                 $55,814K
Net Profit Attr To Shrs              $45,734K
EPS                                            3 cents
NAV                                           $2.16
Cash & Cash Equiv                    $405,425K

Comments:
The results for 1Q 2017 included charges of S$15.9m relating to the review of the media business and impairment of an associate.  Excluding the charges, operating profit would have declined by S$12.3m (12.4%).

SPH FY2016

Operating Revenue                    $1,124,349K
Operating Profit                         $305,169K
Investment Income                    $51,753K
Profit After Taxation                 $306,139K
Net Profit Attr To Shrs              $265,293K
Final DPS                                   11 cents
EPS                                            16 cents
NAV                                           $2.18
Cash & Cash Equiv                    $312,894K

Comments: From the table below, SPH is becoming more of a REIT cum investment company rather than a media company. Property and Invesment/Treasury make up more thn 50% of the Profit before tax.

Profit/Loss Before Taxation

Media                              $175,204K
Property                          $149,586K
Investment                      $48,833K
Others                             ($24,405K)
Fair Value Change          $11,823K
Total                               $361,041K

SPH Q3FY2016

Operating Revenue                    $291,579K
Operating Profit                         $60,770K
Investment Income                    $18,672K
Profit After Taxation                 $61,980K
Net Profit Attr To Shrs              $52,656K
EPS                                            3 cents
NAV                                           $2.11
Cash & Cash Equiv                    $278,460K

Comment: Results of Q3FY2016 impacted by impairment of goodwill and intangibles amounting to $28.4m for the magazines business due to unfavourable business conditions.Excluding impairment charges, operating profit would have fallen by $17.1m.

SPH 2QFY2016

Operating Revenue                    $259,297K
Operating Profit                         $68,123K
Investment Income                    $7,225K
Profit After Taxation                 $63,776K
Net Profit Attr To Shrs              $54,131K
EPS                                            3 cents
NAV                                           $2.16
Cash & Cash Equiv                    $288,185K

Comment: Operating profit was basically flat y-o-y but a fall in net investment income of  62.4%
result in net profit after tax to drop by 19.6%.

SPH 1QFY2016

Operating Revenue                    $296,206K
Operating Profit                         $98,984K
Investment Income                    $10,333K
Profit After Taxation                 $91,033K
Net Profit Attr To Shrs              $81,324K
EPS                                            5 cents
NAV                                           $2.28
Cash & Cash Equiv                    $414,575K

Comments: Advertisement revenue fell $20m and circulation fell $2.2m from 1QFy2015.
Property and others revenue increased by 16% (due to Seletar Mall) and 20.2% (increased online and exhibition) respectively.

SPH Invest in Qoo10!

Singapore Press Holdings (SPH) is the lead investor in a group that has stumped up US$82.1 million (S$112 million) to help e-commerce site Qoo10 expand further across the region.

The other investors include eBay, Saban Capital Group, UVM 2 Venture Investments LP, Brookside Capital and Oak Investment Partners, Qoo10 said in a statement yesterday.

Qoo10's parent company, Giosis, will use the capital to deve-lop technology and infrastructure while also enhancing its services and talent base

SPH 1QFY15

Operating Revenue                    $307,057K
Operating Profit                         $102,344K
Investment Income                    $1,682K
Profit After Taxation                 $78,120K
Net Profit Attr To Shrs              $69,350K
EPS                                            4 cents
NAV                                           $2.33
Cash & Cash Equiv                    $802,614K

Advertisement revenue fell by $16m (8%). Circulation revenue fell by $3.2m (6.8%).Seletar Mall should contribute in 2QFY15.

SPH FY2014

 Profit & Loss (Before Taxation)

Newspaper & Magazine              $246,381,000
Property                                       $239,397,000
Treasury & Investment                $30,419,000
Others                                           $12,194,000

Newspaper & Magazine segment decrease by 16% yoy and now form slightly less than half of overall PBT.Decline was basically due to lower advertisement revenue.Partial divestment in 701Search result in a gain in Others segment.Hardcopy ST circulation decrease  but digital increase yoy.Seletar Mall is target to open in Nov 2014.Final Dividend of 14 cents declared for FY2014.

With a total dividend of 21 cents at a current price of $4.16 per share, it is operating more like a pseudo bond of 5%.Do not expect too much in term of price appreciation, just get your 5% and hope and business fundamental do no deteriorate too much from here.

SPH 3QFY2014

Operating Revenue                                        = $309,725,,000
(Newspaper & Magazine)                              = $239,532,000
(Properties)                                                     = $50,976,000
(Others)                                                          = $19,217,,000
Operating Profit                                             = $98,391,000
Profit After Taxation                                      = $89,632,000
Cash & Cash Equiv                                        = $660,283,000
Net Profit Attributable to Shareholders         = $81,302,000
EPS                                                                = 6 cents
NAV                                                              = $2.17

Revenue for Newspapers & Magazine slide $19.7m (7.6%).Advertisement & Circulation revenues declined by $16.2m (8.2%) and $2.9m (5.8%) respectively.revenue from Property segment inched up $0.8m (1.6%).Other businesses grew by $3.7m(23.8%) led by online classified and radio business.

SPH 2QFY2014

Operating Revenue                                        = $281,764,,000
(Newspaper & Magazine)                              = $211,629,000
(Properties)                                                     = $51,699,000
(Others)                                                          = $15,436,,000
Operating Profit                                             = $53,495,000
 Profit Before Taxation                                  = $98,352,000
Profit After Taxation                                      = $90.246,000
Cash & Cash Equiv                                        = $660,283,000
Net Profit Attributable to Shareholders         = $81,302,000
EPS                                                                = 5 cents
NAV                                                              = $2.17

SPH 1QFY2014

Operating Revenue                                        = $328,475,000
(Newspaper & Magazine)                              = $255,869,000
(Properties)                                                     = $50,787,000
(Others)                                                          = $21,819,000
Operating Profit                                             = $116,873,000
 Profit Before Taxation                                  = $118,499,000
Profit After Taxation                                      = $97,696,000
Cash & Cash Equiv                                        = $815,245,000
Investment Income                                        = $5,119,000
Net Profit Attributable to Shareholders         = $88,815,000
EPS                                                                = 5 cents
NAV                                                              = $2.10

PS: This quarter incurred a financing cost of $4.2m for SPHReit. Display Adv which form 60% of Adv revenue for Newspaper & Magazine experience a smaller 1.7% YoY decline compare to previous past few quarters.

SPH FY2013

Operating Revenue                                        = $1,239,452,000
Operating Profit                                             = $369,288,000
Fair Value Gain on Investment Properties    = $111,407,000
Investment Income                                        = $13,971,000
Net Profit Attributable to Shareholders         = $430,954,000
EPS                                                                = 27 cents (include 7 cents from Change in Fair Value)
NAV                                                              = $2.19

Operating EPS is only 20 cents for FY2013 so need to monitor this to see if there is deterioration in SPH's fundamentals. Advertisement revenues declined by $31.7m and circulation revenue declined by $7.2m. Operating expenses increased by $40.4 due to impairments and set up costs.

SPH 3QFY13

Operating Revenue                           $324,951K
Newspaper & Mag Revenue            $259,271K
Property Revenue                             $50,160K
Others Revenue                                $15,520K
Net Profit After Tax                         $189,790K
Operating Profits                              $91,535K
Total Assets                                     $5,528,903,000
Total Liabilities                               $1,698,003,000
Net Assets                                        $3,830,901,000
CAsh Equiv at End Of Period          $348,582,000
EPS                                                  12cents
NAV                                                 $2.33

PS:Advertising revenue fall by $8.8m (4.3%) to $197.8m. Circulation revenue contracted by $1.2m (2.3%) to $50.7m. other operating expenses rose to $24.4m (79.2%) mainly due to impairment of overseas magazine subsidiary of $15.6m.Change of accounting policy in investment property resulted in fair value gain of $111.4m this quarter.

SPH 2QFY2013

Operating Revenue                           $285,451K
Newspaper & Mag Revenue            $224,433K
Property Revenue                             $50,170K
Others Revenue                                $7,580K
Net Profit After Tax                         $71,575K
Total Assets                                     $3,938,226,000
Total Liabilities                               $1,685,147,000
Net Assets                                        $2,253,079,000
CAsh Equiv at End Of Period           $403,437,000
EPS                                                  4cents
NAV                                                 $1.35

PS:Advertising revenue fall by $13.9m (7.6%) to $168.5m. Circulation revenue contracted by $2.4m (4.9%) to $47.3m.

SPH 1QFY3013

Operating Revenue                           $326,377K
Newspaper & Mag Revenue            $263,518K
Property Revenue                             $48,192K
Others Revenue                                $10,382K
Net Profit After Tax                         $91,214K
Total Assets                                     $4,177,633,000
Total Liabilities                                 $2,014,992,000
Net Assets                                       $2,162,641,000
CAsh Equiv at End Of Period           $640,227,000
EPS                                                  6 cents
NAV                                                 $1.29

Note: Adv revenue down $4.1m YoY, Circulation revenue down $1.3 YoY.Rental Revenue up $1.3 YoY.Other revenue fell $5.4m YoY due to shows held on different dates as compare to previous.

SPH FY2012

Operating Revenue                           $1,292,736K
Newspaper & Mag Revenue            $1,002,762K
Property Revenue                             $191,421K
Others Revenue                                $78,730K
Net Profit After Tax                         $369,358K
Total Assets                                     $4,057,245,000
Total Liabilities                               $1,732,183,000
Net Assets                                        $2,325,062,000
CAsh Equiv at End Of Period          $372,459,000
EPS                                                  23 cents
NAV                                                 $1.39

SPH - Share Buyback

SPH started its share buyback since 2008. It purchased 500K shares at $3.96 yesterday. I believe this would support the price at around this level. I would expect yer-end DPS to be around 17 cents.

This is an underestimated stock as most people think that print media will decline due to online media growth. However, I think any decline in SPH print business in terms of revenues and profits will be muted as most of adv revenue come from display advertisements which is not easily taken over by online media. Also, SPH business is buffeted by a quasi-REIT business with low gearing and a stable magazines business. Over the years, circulation show little growth but not significant decline either. In other words, not an exciting stock but will provide stability in income and little capital erosion over time.

SPH Clementi Mall

In late 2009, SPH together with NTUC FairPrice and NTUC Income made a bid for Clementi Mall at a hefty price of $541M, a cool 41.9% above the next highest bid of $382M. SPH share price immediately took a hit as everyone unanimously conluded that the bid price is way too high. It is probably still true today that SPH overbid for Clementi Mall at the expense of shareholders.

The consolation however is the recent asset evaluation done by Knight Frank for SPH three properties (includiing site at Sengkang). KF valuated Clementi Mall at $598m based on current market conditions.Hopefully this make those shareholders feel vindicated. However, it could have been a MUCH BETTER deal if SPH had been more prudent in its bid of Clementi Mall.

SPH 3QFY2012

Operating Revenue                          $336,149,000
Newspaper & Mag Revenue            $261,369,000
Property Revenue                             $48,682,000
Others Revenue                                $21,789,000
Net Profit After Tax                         $99,780,000
Total Assets                                     $3,911,002,000
Total Liabilities                               $1,691,650,000
Net Assets                                        $2,219,552,000
CAsh Equiv at End Of Period          $253,900,000
EPS                                                  6 cents (YTD 17 cents)
NAV                                                 $1.33