Singapore Press Hldgs Ltd: No catalyst, but hold for yield

- 1Q within expectations; EBIT at S$126.8m dropped by -23% on absence of Sky11 contribution, else would have been up 11% yoy.
- Ad revenues up by 13% yoy while rental surged 25% yoy on rental increase and higher lettable area, but offset by higher costs, namely staff and consumables.
- Clementi Mall achieved 85% commitment, and Group expects full tenancy commitment in Apr'11.
- Maintain Hold, sum-of-parts TP: S$4.37.

Comment on Results: 1Q within expectations; Revenue and EBIT dropped respectively by 10% and 23% yoy to S$318.7m and S$126.8m respectively, on the absence of Sky@Eleven (Sky11) property development contribution, which was completed in May'10. Else, revenue and EBIT would have increased by 12% and 11%, respectively.

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