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Singapore Press Holdings A year to forget
■ SPH sank into FY20 net loss of S$83.7m due to S$245.6m exceptional items, below our/consensus full-year forecasts. DPS of 2.5 Scts was also a miss. ■ Media posted its first PBT loss of S$11.4m; property offers recovery and inorganic growth opportunities to drive higher earnings and dividends. ■ We see value in its property portfolio, and believe the higher net gearing and cautious outlook are largely in the price at 0.45x FY20 P/BV. Reiterate Hold.
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iFAST Corporation (IFAST SP) Riding On The Wave Of Digitalisation And Fintech
Against the backdrop of a rapidly growing wealth management fintech industry in Asia, iFAST has carved out a niche to expand its assets under administration and revenue streams. Initiate coverage at BUY with a target price of S$3.34.
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MAYBANK KIM ENG |
DBS VICKERS |
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IHH Healthcare (IHH MK) Sustainable healthcare
Committed to safety and quality As an international healthcare service provider operating in a highlyregulated business environment, IHH adheres to the laws and regulations which cover key aspects of its business (from patient safety to waste disposal). There could be incremental pressure for healthcare reforms but we think IHH could be largely unaffected as its patient pools are less price-sensitive. Maintain BUY and SOP-based TP of MYR5.95.
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SPH Weak media segment to persist
Investment Thesis: Maintain HOLD on a lower TP of S$1.09. We maintain our HOLD rating on SPH with a lower SOTP-based TP of S$1.09, led by continued weakness in the media segment in FY21F. We expect weak adex to persist, dragging overall FY21F earnings.
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Check out our compilation of Target Prices