Stock Upgraded: SPH target price raised to 4.75 by Credit Suisse

Credit Suisse said it raised its target price for Singapore Press Holdings (SPH) to 4.75 sgd from 4.70 to reflect the higher valuations of the company's assets. It also raised its net profit forecast for the company by 1.4 pct to 405 mln sgd for the year to August 2007, and by 19.3 pct to 493 mln for the following year, to factor in earnings contributions from SPH's residential property development along Thomson Road. The residential development is scheduled to be launched in early 2007. However, the brokerage said it is keeping its "neutral" rating on the stock, gaying SPH lacks catalysts despite trading at an undemanding valuation. "Fundamentally, we do not see a rebound in the core media business in the near term," Credit Suisse said in a note. SPH ended the morning flat at 4.18 sgd on volume of 5.28 mln shares.