BUY: Nomura Asia Equity Research - May 23, 2005 (ST)

BackMay 23, 2005

Brokers' Take

BUY: Nomura Asia Equity Research

Higher Ad spending to boost SPH Shares.

May 23, 2005
The Straits Times


NOMURA Asia Equity Research has a positive outlook on Singapore Press Holdings (SPH), as early indicators show an uptrend in advertising spending here.

The research house said it has seen a significant page count increase in the media group's stable of newspapers, especially The Straits Times.

Nomura said the paper's Saturday pages - about 220 on average for the past three months - are up by 15 per cent on average year-on-year last month, and by 10 per cent year-on-year this month.

'If this hit rate continues, we can expect both the third and fourth quarters of financial year 2005 to be well ahead of last year,' it said.

-- NOMURA, May 19

Rating: BUY