SPH: Latest SG adex data shows growth moderating to 9% yoy in July, its slowest pace this year but newspaper adex remained robust, surging 17% to $78m, boosted by strong GDP growth in 1H10. For 9M10, SPH has reported advertising revenues of $553m vs $648m for full year FY09. Based on the current run rate, SPH is expected to book total ad revenues of $730m or +12.7% & comfortably meet consensus estimates of $504m net earnings (9M10: $423m).
Stock trading at 11.3x FY10 and 12.5x FY11 P/Es, well below historical trends. DB has buy call with $4.60 TP. Stock holding at $3.94 50-day MA support with near term resistance at $4.04.
No comments:
Post a Comment