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AllianceDBS cuts Star's FY14-16 earnings forecast by 5%-7%
by Cals Wed 04 Jun 2014, 02:56
| AllianceDBS cuts Star's FY14-16 earnings forecast by 5%-7% |
| Business & Markets 2014 |
| Written by Bernama |
| Tuesday, 03 June 2014 11:46 KUALA LUMPUR (June 3): AllianceDBS Research has cut its earnings forecast for Star Publications (M) Bhd's financial years 2014-2016 by 5% to 7%, but maintains its "hold" recommendation with a higher target price of RM2.55. "Star will likely scale down its Sarawak operations by the third quarter of this year as it is loss-making and the circulation figures are not meaningful. "Management estimates annual cost savings of between RM5 million and RM6 million. "Contrary to previous guidance, Star is reviewing its voluntary separation scheme exercise and does not have plans to reduce headcount further for now," the research firm said in a note. AllianceDBS said it believed Star intended to leverage on its wide English content as a source of growth beyond its print business, as demonstrated by its recent collaboration with Bloomberg TV Malaysia to provide business content. Management had also highlighted several potential collaboration opportunities in the future such as in-train advertising with MRT, and as content provider for new free-to-air (FTA) TV channels after the digital TV migration. For its events division, Star looks to increase the frequency of existing events in 2014 and plans to organise new thematic events in 2015. Star's shares were flat at RM2.64 as at 10.54 am. |
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