Maintain HOLD. 1Q12 results were below expectations due to newspaper
adex easing YoY and 64%-owned Cityneon Holdings incurring cost overruns.
We trim our earnings estimates and ex-net cash DCF-based TP by 2-3%. We
expect future quarters to be better due to adex-friendly events ahead.
Star remains a HOLD for its stable and attractive net dividend yields of
>5%.
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Source: Maybank Research - 24 May 2012
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