Elevator Pitch
I maintain my "Neutral" rating on Singapore-listed media and property conglomerate Singapore Press Holdings Limited (OTCPK:SGPRF) (OTCPK:SGPRY) [SPH:SP], or SPH.
There were initial fears that SPH's business operations and financial results will be badly hit by the coronavirus pandemic, but things have turned to be better than expected. Digital subscriptions growth could help to partially offset the expected decline in advertisement revenue, while bookings for the UK purpose-built student accommodation assets were healthy and student refunds were lower than expected. Digital transformation is key to the media business' turnaround,