OVERWEIGHT: JP Morgan

JP Morgan turns more bullish on SPH

JP MORGAN has upgraded Singapore Press Holdings (SPH) from neutral to overweight, with a June 2008 price forecast of $5.50.

'We see positive catalysts coming from stronger-than-expected ad revenue growth in the coming quarters, maiden earnings recognition from its property development project Sky@eleven, and higher revaluation and rental revisions at Paragon.'

JP MORGAN, July 12
Rating: OVERWEIGHT