Still cautious. FY11 core earnings may exceed expectations due
to TV direct cost rationalisation in light of poor adex sentiment and
easing newsprint prices. We tweak our FY11 earnings estimate upwards by
6% but leave our FY12 and FY13 earnings estimates relatively unchanged,
as the impact of mediocre adex growth going forward will be offset by
higher content costs. Maintain Sell.
Maybank Research 9 Feb 2012
Click here for full report
No comments:
Post a Comment