$SINGAPORE PRESS HLDGS LTD(T39.SI)$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
Using '% off year hi' is a risky selection criteria. Using the PE as a first screening criteria may be a better approach, followed by more detailed research
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I'm guessing price will dip further based on EPS 1.95ct vs last Q 2.03ct (price peaked at $24x before higher expectations of this latest Q results pushed prices to $26x). Ball park $23x to $24x [疑问]
Microsoft sales grow on cloud strength, shares dip on heightened valuation