The transfer of the media segment is expected to be completed in December 2021 while the EGM for Keppel’s privatisation offer is set to be held in mid-November 2021. “We recommend shareholders to accept Keppel’s offer at $2.099/share given the fair valuation of SPH, in our view,” write Tan and Cheong in an Oct 7 note.
SPH’s FY2021 results reveal a stark rebound, as the company is no longer weighed down by its media segment, write UOB Kay Hian Research analysts Llelleythan Tan and John Cheong.
SPH reported a strong set of FY2021 results operating profit up 70% y-o-y while PATMI was strong at $93 million, backed by strong contributions from the purpose-built student accommodation (PBSA) and retail & commercial segments. SPH declared a final dividend of 3 cents, resulting in a total of 6 cents dividend for FY2021, compared to 2.5 cents for the entire FY2020.
