KUALA LUMPUR (April 19): Maybank Investment Bank Bhd Research has maintained its Sell recommendation on MEDIA PRIMA BHD [] at RM2.52 with a target price of RM2.34 and said it does not believe that the determination to share sports content would benefit Media Prima greatly.
In a note April 19 the research house said if it wants prime sporting content, it will likely have to pay dear prices for them.
“We maintain our estimates and MYR2.34 target price on 13.5x 2012 PER.
“Although its current price poses only 9% downside risk, we maintain our SELL call for now pending a meeting with management. Note that 1Q12 gross TV adex plunged 11% YoY vs our estimate of +7% YoY,” it said.
In a note April 19 the research house said if it wants prime sporting content, it will likely have to pay dear prices for them.
“We maintain our estimates and MYR2.34 target price on 13.5x 2012 PER.
“Although its current price poses only 9% downside risk, we maintain our SELL call for now pending a meeting with management. Note that 1Q12 gross TV adex plunged 11% YoY vs our estimate of +7% YoY,” it said.
