SPH

SPH: Acquiring online car portal sgCarmart for up to $60m (approx. 26x trailing P/E), which includes website's online vehicle classifieds site, car auction platform, online marketing site, service provider for car loans, insurance and settlement services. Group highlights that sgCarmart will have synergies with the existing ST701 online classifieds verticals and will add to the breadth of SPH's online classifieds portfolio. sgCarmart attracts ~2.2m visitors each month, and has ~10k listings. As a comparison, sgCarmart has FY11 earnings of $2.33m, revenues $5.5m; SPH has FY11 earnings was $369.4m, revenues of $1.273b.