SPH

SPH: Credit Suisse maintains Neutral on the stock with TP $4.00. Core media shows no signs of bottoming, offset by property segment remained stable with positive rent reversions and new contribution from fully-leased Seletar Mall. Lacking near term catalysts, SPH largely remains a yield play (approx. 5%) with its safe cash position. Note, however, that the 5% yield includes special dividends that have been declared yearly.