SPH

SPH: reported strong 3Q10 results. Revenue +27% yoy at $415m, driven by final Sky@eleven contributions and a surge in advertising revenues (+28% yoy, the fastest growth in nearly 5 yrs). Core operating performance was in line with expectations. Margins were up as lower paper costs offset increase in staff cost, resulting in net profit +30% to $165m, the highest since 3Q06. Deutsche maintains Buy with $4.60 target.