The Straits Times (ST) seems to be promoting Singapore Press Holdings’ (SPH) stock even as SPH’s net profit and shares dropped. ST is fully owned by SPH and is the media organisation’s flagship English-language news publication.
The Straits Times seems to be promoting Singapore Press Holdings’ stock even as SPH’s net profit and shares dropped. ST is fully owned by SPH and is the media organisation’s flagship English-language news publication.
SPH’s net profit of SGD $29.7 million was significantly lower than the S$52.95 million net profit analysts polled by Refinitiv Financial Solutions earlier estimated the organisation would record. A day later on Wednesday, SPH shares dropped by 2.4 per cent, which prompted OCBC Investment Research to keep its “hold” rating on SPH shares. OCBC Investment Research however added that it would review its fair value estimate of S$2.55. By midday on Thursday, shares of SPH were down 2.46% and was trading at $2.45.
SPH also recorded a notable 10.1 per cent decline in media revenue. The organisation claimed that this decline was partly due to the shorter festive advertising window between Christmas and Chinese New Year.
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