Singapore Press Holdings (SPH)

[CityFarmer]

If growth is expected to come from property, then dividends MUST be cut as some money must be saved up to buy new investment property/land. Currently, almost all earnings from SPH is declared as dividends which is not sustainable if the company wants to grow via the property segment

The growing of property segment is not a new venture, started long ago with Paragon, then Clementi mall, now Seletar mall. The book value of investment property had grown from 1.1 billion in FY08 to 2.1 billion in FY12.

Dividend paid stayed more and less the same during the period. So i guess the property growth is not funded by cutting dividend, instead by retained earning.