Elevator Pitch
Singapore-listed media and property conglomerate Singapore Press Holdings Limited (OTCPK:SGPRF) (OTCPK:SGPRY) [SPH:SP], or SPH, is currently valued by the market at 20.8 times consensus forward FY2019 P/E which represents a discount to the stock's historical five-year forward P/E of approximately 22 times.
Nevertheless, I don't think SPH is undervalued, given that the investment thesis for the stock that growing property segment earnings will offset the gradual decline in media segment profit has been challenged with its recent financial performance. For 9MFY2019, the S$17.1 million increase in profit before tax