■ We took a deep dive into what’s next for SPH following its recent proposal to
exit media. We raise SOP TP to S$2.19 on higher investment portfolio value.
■ We deem SPH an integrated real-estate asset manager/owner with quality
portfolio worth at least S$6.7bn with S$1.2bn non-core assets for recycling.
■ SPH is not a property developer, with minimum development projects and
trading at an attractive c.0.8x FY21F P/B vs. peers at 2.5x (Fig 5).