Singapore Press Holdings downgraded by JP Morgan
So what made the brokerage change the rating from overweight to neutral?
A Reuters report said:
JP Morgan downgraded Singapore Press Holdings (SPH), which has a near monopoly of newspaper publishing in the city-state, to neutral from overweight, but retained its target price at S$3.80.
By 0245 GMT, SPH shares were down 1.3 percent at S$3.66, and have lost about 8 percent since the start of last year.
STATEMENT:
The brokerage said a top bid for a commercial property development site in the north-east of Singapore is a potential risk to dividends due to immediate capital requirements.
JP Morgan has cut its fiscal 2012-2014 earnings estimate by 2 percent to factor in potential costs for the acquisition and development of the site.
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