SPH

SPH: HSBC reiterates its Hold called and unchanged TP on SPH despite some minor estimate changes.

HSBC notes that SPH will continue to face headwinds for its core media business, property cooling measures, lower tourist arrivals/consumption and lower luxury spending.

SPH's management remains open about some upside from general election spending and is not looking at regional expasion or expansion into non-print segments.

HSBC notes that SGcarmart has seen healthy traction and the company is aiming for similar market positioning in the jobs and online property segments.

The research house also pointed out that SPH feels its still too soon to move Seletar Mall into SPH Reit as there is still need to stabilise shopper traffic and rental yields.

SPH currently trades at 22x FY15E P/E, with a dividend yield of 5%.