$SINGAPORE PRESS HLDGS LTD(T39.SI)$OBSERVATIONS •SPH becomes a mostly Property co after removing Media biz •Besides their stake in SPHREIT, they have assets in Nursing Homes, Student Hostels in UK & M1 stake • For a quick projection using SPHREIT DPU trend as reference,Assuming SPH 2H Div also increase to 3ct (Total 3+3ct),Yield = 4% @ $1.50 (Current Yield 2.67% @ Div = 1+3 ct)NAV (after removing Media biz) = $2.08 ie ~25% discountCOMMENTS • Yield is NOT attractive vs REITs • Good discount to NAV but likely the norm for Property Co