SPH

SPH: Deutsche maintains Buy with $4.70 TP. Note that SPH's 2Q11 ad revs likely in-line. Core P/E at 12mth low. Feb's total ad expenditure fell by 4%($5m) to $144m. Estimate SPH booked S$179m 2Q11 advertising revenues, up 8% YoY, YTD, with advertising revenue at $385m, forming 49% of house FY11 $783m estimates. Add that grp is an attractive investment opportunity given its stable and cash-generative media business and 6% div yield.