不出所料，跌破4了。
真等到3.93时，才来认真考虑补仓，跌破3.93......就没准啦。
Last Price: S$4.00
Technically, watch to see if SPH could retest
S$4.14 should the stock be well supported
above S$3.93. The next support could be at
around S$3.75.
In our institutional research report dated 4 Dec
13, we maintained a HOLD with the same
sum-of-the-parts (SOTP) valuation of S$4.22,
which is cum-dividend for FY13?s declared final
DPS of 15 S cents. Earnings are not revised as
we forecast flat print revenue for FY14, before
a rebound to a mild annual growth of 3% for
FY15 and FY16. Key earnings risks are a weak
advertising revenue (AR) and a further derating
in yield stocks should interest rates
resume an uptrend earnestly. Our monthly
page monitor of The Straits Times suggests
AR remained weak in 1QFY14 (September-
November), with a yoy contraction of 5% in
advertising spending (adspend). Recruitment
ad volume contracted by 13% yoy, while
classified and display ad volumes shrank by
2% and 5% yoy respectively. SPH is expected
to announce its 1QFY14 results in the second
week of Jan 14.
UOBKH
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