SPH   

Challenges abound

Writing has long been on the wall that traditional media is under stress - venturing into Mediaworks was a valiant attempt but bottomline, Singapore market is simply not comparable to US markets. That' s how NYT can continue to thrive. Whilst SPH REIT has done well with Paragon and Clementi Mall, Woodleigh Residences looks like it will continue to be an uphill challenge for them - 18.8% sold since Nov 2018. Taking an impairment of $21.5 million for a $164 million investment after 2 years seems high unless the profits don' t support the purchase price/valuation. With the pound being clobbered by Brexit (and potential no-deal), will they also take a provision thereafter from the recent investment in student accommodation businesses?

https://www.bloomberg.com/news/articles/2019-07-25/straits-times-owner-becomes-worst-msci-singapore-stock-this-year