SPH

SPH: Deutsche maintains Buy with $4.70 target. Notes strong numbers for Spore Oct adex, +4% yoy at $199m (just shy of Nov ’09 $207m LT historical high), on increases across almost all adex platforms. Biggest driver was newspaper (+8% yoy to 3yr high of $83m), and magazine (+14% to $11m ytd high)…

Sees SPH as on track to meet FY11 advertising revenue projection of $783m. Tips SPH to post solid 3-year core net profit CAGR of 8%. Says in the absence of Sky@eleven contribution, investor focus should revert back to SPH's core business of advertising revenues.