Stock Name: STAR
Company Name: STAR PUBLICATIONS (M) BHD
Kenanga Research hiked Malaysian Star Publications (Malaysia) Bhd target price to RM3.40 (US$1.08) from RM3.26 after the newspaper publisher released its 1Q12 results.
In a research note on Thursday, Kenanga said it is cautiously optimistic on Star's outlook despite the lower-than-expected first quarter net profit of only RM32.5 million.
"We are expecting advertising expenditure sentiment to improve from 2Q12 onwards driven by scheduled major sport events and a potential general election," said the broker.
Keeping its call on the stock at "market perform", Kenanga cut Star's net profit forecasts in FY12, FY13 and FY14 by 5.1 percent, 2.9 percent and 1.8 percent due higher operating costs and tax rates.
Star announced on Wednesday that AirAsia Bhd chief executive officer Tony Fernandes has joined its board as non-executive director. -- Reuters
Company Name: STAR PUBLICATIONS (M) BHD
| Research House: KENANGA | Price Call: BUY | Target Price: 3.40 |
Kenanga Research hiked Malaysian Star Publications (Malaysia) Bhd target price to RM3.40 (US$1.08) from RM3.26 after the newspaper publisher released its 1Q12 results.
In a research note on Thursday, Kenanga said it is cautiously optimistic on Star's outlook despite the lower-than-expected first quarter net profit of only RM32.5 million.
"We are expecting advertising expenditure sentiment to improve from 2Q12 onwards driven by scheduled major sport events and a potential general election," said the broker.
Keeping its call on the stock at "market perform", Kenanga cut Star's net profit forecasts in FY12, FY13 and FY14 by 5.1 percent, 2.9 percent and 1.8 percent due higher operating costs and tax rates.
Star announced on Wednesday that AirAsia Bhd chief executive officer Tony Fernandes has joined its board as non-executive director. -- Reuters
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