SPH

SPH: JP Morgan assumes coverage with Neutral Call and TP $4.32. Note of strong cash generation profile mitigated by tepid growth outlook for print media. Steady cash flow stream and ability to drive dividend higher, but long-term growth prospects for print media are poor. SPH increasing its online presence, but low visibility on monetization. Valuation is in line with regional peers despite lower growth. On a P/E basis, SPH is trading at 20.3x FY14E P/E, in line with ASEAN media peers, despite a relatively tepid earnings growth profile.