Here are some key highlights from the 4Q19 SPH Results Briefing:
Comment
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.
Paul has almost 20 years of experience as a fund manager and sell-side analyst. During his time as fund manager, he has managed multiple funds and mandates including capital guaranteed, dividend income, renewable energy, single country and regionally focused funds.
He graduated from Monash University and had completed both his Chartered Financial Analyst and Australian CPA programme.