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BUY: Merrill Lynch - Apr 17, 2006 (ST)

BackApr 17, 2006

Brokers' Take

BUY: Merrill Lynch

Merrill Lynch bullish on SPH's ad market


Apr 17, 2006
The Straits Times

 

MERRILL Lynch believes that Singapore Press Holdings (SPH) will benefit from a boost in the advertisement market in the coming months, as consumer spending improves.

'Consistent with our ad page count, SPH had registered robust 9.5 per cent growth in classified ads,' it says, reviewing the media group's second-quarter results.

'With economic indicators all pointing in the right direction...we expect SPH's ad growth to accelerate,' it adds.

Merrill is keeping its 'buy' call on SPH, with a price target of $4.90.

MERRILL LYNCH, April 13


Rating: BUY