Vigilance is key. While 1Q12 media sector earnings were dismal, we are
cautiously optimistic going into 2Q12 due to the adex-friendly UEFA Euro
Cup and London Summer Olympics events. We expect stronger 2H12 adex YoY
due to a low 2H11 base. We maintain our 2012 total gross adex growth
forecast of 7% for now, but are wary of potential policies that could
hurt adex sentiment in 2H12. As all three media companies are now HOLDs,
we upgrade the media sector from Underweight to Neutral.
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Source: Maybank Research - 12 June 2012
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