Brokers' take

Singapore Press Holdings (SPH) | Hold Target price: S$2.49 Jan 15 close: S$2.71 CIMB, Jan 15

The share price has corrected by about 5 per cent in the year to date, and with the pessimistic outcome for SPH's media segment largely in the price, we now upgrade the stock from "reduce" to "hold".

Our earnings per share forecast for 2018 is lowered by 0.4 per cent on lower property income, but we raise our earnings per share forecast for 2019 and 2020 by 1.2 per cent to 1.3 per cent on higher media margin and healthcare contribution.