SINGAPORE (Jan 17): DBS Vickers is maintaining its "hold" on Singapore Press Holdings with a target price of S$2.78 given 1Q18 earnings came in line with the house's expectations.

Core operating profit for 1Q18 was 2.1% y-o-y lower at S$76.7 million. Revenue declined 7% to S$259 million while cost of sales declined by 5.3% and operating expenses fell by a stronger 22.6%.

Sales from display, classifieds and newspaper ads fell 17.9%, 12.5% and 16.3% y-o-y respectively, the slowest rate in the last five quarters... (Click here to read the full story.)