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Singapore Press Holdings (SPH) Jan 2002 to Jan 2012 Total Returns

I took some notes while looking through SPH’s Q1 report (notes here). Here are more notes.

(Click to see larger chart)

This chart starts from Jan 2002 to Early 2012. So its roughly 9 years.

There was a sharp drop, which was due to a 5 for 1 stock split in 2004. In early 2002, SPH started off at $22.70. That is approximately $4.54 in current price. Since 2008, we have not reached that price for 3 years.

(Click to see larger chart)

Total dividend collected is 72,48% for the 9 years.  Total unrealized gains is –14.32%. Total returns 58,16%.

Annualized dividend returns is 6.2%. Annualized total returns is 5.2%.

Dividends accounted for 100% of the gains.

The entry price, in this case is perhaps expensive. i draw comparison between this and China Merchant Pacific (analysis here), which is essentially a toll road schip. Since 2004 till now, for 7 years annualize returns is 7.7%.  Would have thought SPH reinvestment could have yielded more.

Valuation of future cash flow and the price you pay for it is important

I run a free Singapore Dividend Stock Tracker . It  contains Singapore’s top dividend stocks both blue chip and high yield stock that are great for high yield investing. Do follow my Dividend Stock Tracker which is updated nightly  here.

Kyith

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saminathan

Monday 18th of June 2012

sph give so many fee paper so people are bought only free paper so many loss for newspaper vendor and sph if sph says every free paper are 50cent so many people bought free paper .please ........................

saminathan

Monday 18th of June 2012

my paper are free paper please entre atleast 50cent cost for every my paper

Drizzt

Tuesday 19th of June 2012

hi saminathan, i cannot distinguish whether you are saying SPH is good or bad

Drizzt

Tuesday 17th of April 2012

the problem is that these business are high ROA and they tend always be above book value. probaly because of their moat their cash flow is very very predictable. in that case the value of these companies should be value conservatively based on their expect cash flow discounted to present value.

kepcop and sci should probably use sotp and should be bought close to actual value or discount to it.

freedom

Tuesday 17th of April 2012

If there is no significant growth in business and earning, to pay above/near book value or high PE does not make it a good investment. The same could be applied to Singpost, SMRT, Starhub, M1, and any high profile REITs in the following 10 years.

Comparing SPH with Keppel Corp or SembCor Industry, kinda proves the point, IMO.

Drizzt

Monday 16th of April 2012

in terms of share holder returns i believe even its book value is smaller.

sph move vastly uncorrelated with the markets.

btw i value the revise net asst value close to 3.48. hope i am close.

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