OUTPERFORM: Macquarie Research

MACQUARIE Research has given its thumbs-up to Singapore Press Holdings (SPH) on the back of a surge in local advertising spending.

It said the publisher stands to benefit from the increased credit-card ad campaigns by local banks.

Advertising dollar from property developers and telecommunications companies 'should help deliver or exceed our full-year forecast newspaper ad growth for SPH of 3.5 per cent', Macquarie said in its report.

It maintains its 'outperform' recommendation for SPH with a target price of $5.20.

-- MACQUARIE RESEARCH, June 8

Rating: OUTPERFORM