It reported that print revenue dropped by 36% y-o-y and digital revenue dropped by 8.1% y-o-y too, as companies withhold advertising and promotional activities. However, on a q-o-q basis, advertising revenue improved thanks to a pick-up in sentiment towards the end of last year.
CGS-CIMB analysts have kept their “hold” call on Singapore Press Holdings but with a higher target price of $1.31 from $1.10 previously, to factor in higher value of its investment in its associate iFast Corp, whose share price had surged more than 50% year to date.
In its business update for 1QFY21 ended Nov 2020, SPH reported total circulation increased by 1.8% y-o-y, with digital circulation up 42% y-o-y, accounting for 52% of total circulation, overtaking print.
