SPH

SPH: Credit Suisse maintains Neutral with $4.50 TP. Add that demand weakens further with 3Q11 job ad volume flat YoY (-0.1%), vs 2Q’s estimated +0.9% YoY growth. View that SG’s population growth would slow to 1-2% and real GDP growth to 4% over the next 3-5 years do not augur well for SPH. But stock’s div yield of 7% should continue to provide downside support.