Brokers' Take

SPH offers downside protection, says CLSA

CLSA says Singapore Press Holdings (SPH) has good downside protection with its sustainable dividend yield of around 6.5 per cent.

The yield could be enhanced by special dividends from a divestment of non-core holdings.

SPH's advertising expenditure has recovered from a bad couple of weeks in September, CLSA said.

CLSA has a 12-month target price of $4.70 for SPH's stock.

CLSA, Nov 29
Rating: OUTPERFORM