Elevator Pitch
I maintain a Neutral rating on Singapore-listed media and property conglomerate Singapore Press Holdings Limited (SGPRF) (SGPRY) [SPH:SP], or SPH.
SPH is guiding for operating profit to be significantly lower in FY2020 (YE August 31) vis-a-vis FY2019, given continued headwinds for its core media and property businesses. More specifically, market consensus is expecting SPH's normalized net profit to drop by -24% YoY in FY2020. Covid-19 has resulted in an accelerated decline in print ad revenue, a sharp drop in shopper footfall for its retail malls, and uncertainty over international student enrollment for its