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Company Update � Media Prima (SELL,
maintain)
- Tough times for media industry Already affected by the MH17 incident, we expect the media industry to face cautious spending as the GST implementation nears. We cut Media Prima�s (MPR) 2014-16E EPS by 7%-18% due to lower adex and newspaper circulation. We maintain our SELL rating on MPR with a lower target price of RM1.83 (based on unchanged 11x 2015E EPS) vs. RM2.05 previously, in view of industry challenges.
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