Here are some key highlights from the 4Q19 SPH Results Briefing:
Media PBT has dropped from S$241mn in FY15 to S$55mn in FY19.
We worry the fall will persist because the high margin classifieds ad revenue is still hovering at S$89mn.
Expect more PBSA acquisitions to build up SPH recurrent earnings.
# Phillip Securities Research does not have any research coverage or recommendation on SPH.