UOBKayhian on 15 Jan 2014
FY14F PE (x): 21.6
FY15F PE (x): 21.6
Lower print revenue offset by higher property revenue. Print revenue declined by 3%
yoy. This was offset by a 5% increase in property revenue. The lower print revenue can
be attributed to advertising and circulation revenue declining by 3% yoy and
5%respectively. Revenue for the property segment rose by 5% yoy to S$51m due to
higher rental income from Paragon and The Clementi Mall.
Maintain HOLD. We have adjusted our target price from S$4.22 to S$4.00, primarily due
to share price having gone ex of FY13’s final DPS of 15 S cents. Our recommended
entry price is at S$3.80 and below.
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