Threat of dividend cut looms over SPH investors

SINGAPORE (July 18): UOB Kay Hian is maintaining its “hold” call on Singapore Press Holdings (SPH) with a lower target price of $3.80 from its previous price target of $3.90. It also projects a sharp dividend cut of about 15-20% this year.

The property and media group recently saw its 3Q earnings tumble by 46.4% y-o-y to $42.7 million due to impairment charges related to its magazine business.

(See SPH sees 3Q earnings fall by nearly half to $52.7 mil on impairment charge)

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