Bursa Malaysia Stock Watch

Media Prima: Maintain Sell - Not quite a free ride

kltrader
Publish date: Thu, 19 Apr 2012, 09:31 AM
kltrader
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Much ado about nothing? We do not believe that the determination to share sports content will benefit Media Prima greatly. If it wants prime sporting content, it will likely have to pay dear prices for them. We maintain our estimates and MYR2.34 TP on 13.5x 2012 PER. Although its current price poses only 9% downside risk, we maintain our SELL call for now pending a meeting with management. Note that 1Q12 gross TV adex plunged 11% YoY vs our estimate of +7% YoY.

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 Source: Maybank Research - 19 April 2012
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