Singapore Press Holdings (SPH) delivered its 1Q11 results with revenue of S$318.7m (-10.0% YoY) and net profit of S$102.3m (-29.3% YoY). The decline was attributed to the absence of revenue recognition from Sky@eleven, which was completed in May 10. Excluding this, the group's comparable revenue grew 12.3% YoY, while recurring earnings improved by 6.6%. SPH's 1Q11 performance was driven by broad-based revenue growth across all segments. Going forward, we expect its performance to be supported by stronger advertising demand alongside Singapore's economic growth and improving consumer confidence, as well as contributions from Clementi Mall, which is slated for official opening in Apr 11. Our earnings projections and S$4.59 fair value estimate remain intact. Dividend yield is attractive at ~6%. We maintain our BUY rating on SPH.
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