High dividend yields limit downside risk. Star's reported earnings were
within expectations. Earnings were flat YoY due to mediocre adex growth
that was insufficient to offset higher newsprint costs. We trim our
earnings estimates by 3%-4% p.a. on 'housekeeping' changes, and
introduce our 2014 estimates. We maintain our Hold call, on stable and
attractive net dividend yields of >5.5%. Our TP is little changed at
RM3.35 (-1%) as we roll forward our DCF based TP to end-2012.
Maybank Research 28 Feb 2012
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