Welcome change but still Neutral. Jun 2012 total gross adex grew 6% YoY,
the strongest growth rate YTD, thanks to the Euro Cup. TV adex surged
14% YoY but newspaper adex grew by a modest 4% YoY as major sporting
events favour TV adex. While Jun 2012 adex figures are a welcome change,
we are still wary of potential fuel price/electricity tariff hikes
following the looming 13th General Election. We retain our 2012 total
gross adex growth forecast of 7%. Only MCIL is a BUY.
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Source: Maybank Research - 27 July 2012
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