Singapore Stock Market News
SPH - Anticipating Lower AD Spending
StockFanatic
Publish date: Thu, 03 Sep 2015, 11:51 AM
StockFanatic
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Downgrade to FULLY VALUED
We turn cautious on SPH and downgrade our recommendation to FULLY VALUED, from HOLD. We believe print ad growth could be negatively impacted on the back of slower GDP growth. We lowered our Adex growth assumptions on expectations of reduced advertising and marketing expenditure arising from an expected cut back in consumer spending and poorer business environment.
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