SPH

SPH: Nov 2010 total adex reached $203m, only slightly below Nov 2009's record $207m adex, according to Nielson data. This was driven largely by Newspapers and Magazines, which surged 10% YoY to $100m (historical high). Given the robust adex performance, Deutsche has strong expectations for SPH’s 1QFYAug11 preview…

Forecasts $310 total revenue (+10% yoy excl Sky@eleven), with main contribution from $203m in advertising revenues (+11% yoy). Expects $110m net profit, driven by recovery in EBITDA margins. Maintains at Buy with $4.70 target; notes 6% div yield to provide share price support.