Singapore Press Holdings Ltd. dropped to its lowest over a decade as investors concerned earnings will be impacted by economic recession and ad slump this year, Bloomberg reported Tuesday.

The shares were down 4 cents, or 1.5 percent, to S$2.67 at 10:45 a.m. Tuesday in Singapore trade, compared to a 2.3 percent drop on the benchmark Straits Times Index. It hit the lowest point since Aug. 4, 1998.

"A slowdown in private consumption in Singapore would adversely impact advertising demand," according to Credit Suisse AG analyst Sean Quek.

Credit Suisse cut its target price for the publisher from S$3.23 from S$3.45. It expects the company's profit will decline from S$437.4 to S$401 million ($267 million) in the year ending August 2009, Bloomberg reported.