SPH is now the worst performer on the MSCI Singapore Index as shares hover at a 25-year low. YahooFinance
The company, the city-state’s largest media group, is down 4.3% this year, compared with a 12% gain in the 25-member MSCI Singapore Index. The other worst performers on the gauge include Genting Singapore Ltd. and Sembcorp Industries Ltd. In the benchmark Straits Times Index, which is jointly compiled by the company, Singapore Exchange Ltd. and the FTSE group, SPH is only faring better than three Jardine Matheson firms.
The diversification into real estate is helping, but"the core business is deteriorating at a much faster pace,” said Jarick Seet, head of small and mid-cap research at RHB Securities. “Other segments are not able to replace the drop in earnings” in the media business. Once bigger than the New York Times Co. in terms of market capitalization, Singapore Press has shrunk in value in the past two years. Shares are set for a fifth yearly decline and the firm has lost almost half, or S$3.2 billion, of its market value since the end of 2014.
The company bought Orange Valley Healthcare Pte, a nursing home provider, for S$164 million in April 2017 and took a goodwill impairment of S$21.5 million in the third quarter of this year.
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