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BUY: Kim Eng - Jun 23, 2008 (ST)

BackJun 23, 2008

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BUY: Kim Eng




Jun 23, 2008
The Straits Times

 

SPH A HEDGE AGAINST INFLATION, SAYS KIM ENG

KIM Eng maintains its growth assumptions of 8 per cent growth in advertising revenue for Singapore Press Holdings (SPH) for the financial year, though visibility for placing of ads has shortened.

With the first two quarters showing decent growth, any slowdown in the second half will be well-cushioned, it says.

Despite the economic slowdown, SPH has shown a consistently high page count. It offers a good inflation hedge, given its defensive earnings and sustainable strong yields.

KIM ENG, June 20
Rating: BUY