SPH

SPH: Citi maintains Buy but reduce TP to $4.25 from $4.40. Reduce FY11-12E NP by 3-5% on the back of lower margin assumptions, and introduce FY13 NP f/cast (+4.9% yoy), translating to an FY11-13E CAGR of 5.6% div. Continue to like stock as earnings should recover in 2HFY11. Add that with a div yield of 6% and relative defensive nature of the media business, SPH looks well positioned amid market volatility andis trading below historical avg for a strong and sustainable cash flow media business