Thursday, April 5, 2012
SPH
SPH: Deutsche has results preview and raises TP to $4.12 with Hold rating. Note that SPH will report 2Q12e results on 13 Apr (Fri) after mkt. Expect Net Profit to rise 8% YoY to $81m, supported largely by non-print revenue gains while margins are anticipated to remain relatively flat YoY. Expect 6c/share interim div (vs 2Q11's 7c/share). Key issues to watch include updates on SPH's property business, especially details around the Sengkang commercial site awarded earlier this yr.
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