Media Sector

Markets rebounded in March with the KLCI ending 1Q in the black. Moving into 2Q, OSK foresee there will be some short term volatility but they are confident on their year-end KLCI target of 1680 pts.

OSK also advise investors to buy Big Caps on potential rebounds while focusing on the more defensive Small Caps given their superior performance over the past few months. OSK’s favourite sectors remain Banks, O&G, Property and Construction in the mid- to short-term while the longer term buys are Media and Healthcare.

The table below are the target price for April 2011 top picks.

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OSK still maintain year-end 1680-pt KLCI target. However, they note that there are increasing market volatility in the short term. Investors with a lower risk appetite and shorter investment horizon may want to focus on defensive and dividend yielding plays.

OSK  Top 10 Defensive Buys, which have dividend yields exceeding 4%, are from a broad range of sectors including Consumer, Healthcare, Media and Logistics.

OSK Top 10 Defensive Stocks Picks are,

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Despite the rather moderate earnings growth projections for 2011 based on a moderate economic growth forecast, media sector upgraded from Neutral to Overweight as the thematic factors such as an impending general election and influx of foreign investors would be the sector’s key upside catalysts in 2011.

Media Chinese (MCIL) has an attractive valuation proposition as the stock is currently trading at below 10x PER on CY11 EPS. Given that its largest shareholder owns some 55% of MCIL shares, as well as the stock’s attractive valuation, there is a strong possibility of MCIL being taken private.

Nevertheless, Media Prima (MPR) is good choice for investors seeking the widest exposure in the media sector, backed by the group’s position as the only integrated media player in Malaysia with exposure to all media platforms.

Despite the windfall from its special dividend last year, the medium and long term prospects for Star remain somewhat unattractive, especially if one considers its relatively expensive valuation. As such, Star has NEUTRAL recommendation.

Below are target price for selected stocks in Media Sector.

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