SPH: Deutsche maintains Hold, TP $3.80. Note of strong growth in Feb's total adex. Feb's total adex +21% (or S$30m) YoY to $174m. Despite Feb's strong adex growth, SPH's advertising revenues are tracking in line with full year advertising revenue forecast.
Specifically, based on current run-rates, estimate SPH booked $180m advertising revenues in 2Q12e. Together with the $204m 1Q12 advertising rev already reported, this would take SPH's YTD advertising revenues to $384m.
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