Singapore Press Holdings (SPH)

[Greenrookie]

I really wonder what is the floor for the revenue dip, excluding seasonal economic factors like very strong robust GDP growth which might props display segment advertisement for a while.

There are a few disruptive trends:
1) Online reading.
Will affect circulation revenue. The increase in digital circulation did not help the quarterly revenue of this segment but it did not show any significant decline too. I only work backwards Q0Q for 2 years.

2) Online advertisement.
This will affect advertisement revenue. This is segment that I thought correlated highly with GDP growth, e.g. due to the biggest "Print Segment" within the advertisement segment. But the thesis no longer holds as a spur of improvement of GDP numbers in 2013 from 2012 did not show in this segment.

Now there is this jobs Bank (nothing new, but now at national level), threatening it classified section e.g. recruits

Media business has nothing much to look forward to...