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.