SPH

SPH: UOB Kay Hian maintains Hold with $4.25 TP. Note that SPH REIT listing is on hold, pending better market conditions. Back to basics, 2Q13 advertising revenue contraction is likely to be smaller than 2QFY13’s 9.3% yoy. House lower TP from $4.50 to $4.25 because of a higher DCF discount rate as house have raised risk-free rate by 80bp. Maintain HOLD with entry price at $4.00 or below.