Worst likely over. We expect 1Q12 results to be weak but following
quarters to be stronger on recovering adex sentiment. Spot newsprint
prices are stabilizing at USD680-USD700/tonne. Media Prima (MPR)'s
balance sheet is stronger, allowing it to sustain recurring DPS at 10-11
sen p.a. thus delivering net yields of >4% p.a.. We raise our
2013-2014 earnings estimates by 11-13% and upgrade MPR to Hold from Sell
as its share price is now below our unchanged TP of MYR2.34.
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Source: Maybank Research - 15 May 2012
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