How Does SPH Company Work?

SMT functions as a mass media entity, dedicated to delivering quality journalism in multiple languages. Its core offerings include prominent newspapers such as The Straits Times and Lianhe Zaobao, alongside magazines and five radio stations.

SMT creates value by providing essential news and information, fostering public discourse, and promoting multiculturalism through its diverse language platforms. It employs over 2,500 staff, with approximately 1,000 journalists.

MPACT, which now largely consolidates the former SPH real estate assets, operates as a Singapore-listed real estate investment trust. Its portfolio comprises 17 retail, office, and business park properties across key Asian markets.

MPACT's value proposition is built on managing high-quality commercial spaces and achieving market differentiation through strategic geographical diversification. Its flagship assets, like VivoCity, are central to its offerings.

Formed in 1984 through a merger, SPH established itself as a media leader. A major strategic pivot occurred in 2021 with the restructuring of its media business into SPH Media Trust, a not-for-profit entity. This was followed by the delisting and acquisition of the remaining SPH by Cuscaden Peak in May 2022.

Declining print revenues, which saw SPH's operating revenue halve in five years, necessitated the media spin-off. The subsequent merger of SPH REIT into Mapletree Pan Asia Commercial Trust (MPACT) in August 2022 also reflects strategic portfolio adjustments.

MPACT has faced challenges like lower occupancy rates and negative rental reversions in overseas markets, amplified by a strong Singapore Dollar. To address this, MPACT divested assets, including Mapletree Anson in July 2024 and two Japan office buildings in July 2025, to strengthen its capital structure.

SPH Media Trust leverages trusted brands and a large journalist network, supported by government funding for quality journalism. MPACT's strengths include a diversified property portfolio, key Singapore assets like VivoCity, and prudent financial management, evidenced by a healthy aggregate leverage of 37.7% as of March 31, 2025.

SPH Media Trust (SMT) is a significant force in Singapore's media sector, operating in a duopoly with Mediacorp. Despite its established brands, SMT is working to improve its digital reach and engagement with younger and vernacular-speaking audiences to meet key performance indicators for government funding. This focus is crucial for its continued operational capacity and relevance in the evolving media landscape.

SMT navigates the ongoing decline in traditional media revenue and the critical need for accelerated digital transformation. Engaging younger and diverse audiences effectively remains a challenge, alongside public scrutiny and meeting performance targets tied to government funding. These factors underscore the dynamic and often demanding environment in which SMT operates.

SMT plans to utilize government funding to invest in technology, develop talent, and bolster its vernacular media offerings. The goal is to enhance digital capabilities and maintain its market position. This strategic investment aims to ensure SMT remains a relevant and influential media provider in Singapore.

Mapletree Pan Asia Commercial Trust (MPACT) faces risks from interest rate fluctuations, which increased its weighted average all-in cost of debt to 3.51% in FY2024/25. Economic slowdowns and geopolitical tensions in markets like China and Hong Kong have resulted in negative rental reversions. A strong Singapore Dollar also impacts overseas contributions, and tenant concentration, with Google representing 14.4% of gross rental income, adds another layer of risk.