Stock focus :BEC World
Kim Eng Securities has recommended "buy" for BEC World's stock with a fair value of Bt23 per share.
To improve utilisation rates, BEC World will revamp its weekend programme again next month. One important change is a one-hour morning news programme that will be hosted by Sorayuth Sutadsanachinda, who has moved from Channel 9. Besides morning news programmes aired on weekdays, Sorayuth will host a news programme produced by his company, Rai Som, under a time-sharing arrangement. He may also be involved with an evening news programme on Channel 3. Effective from January, BEC will also raise its advertising rate for the morning programmes hosted by Sorayuth by 13 per cent to Bt175,000 per minute. The evening programme's rate will climb 14 per cent to Bt330,000 per minute. With continuing uncertainty over the future of iTV, some TV production houses and advertising spenders have shifted towards Channel 3. Unilever, Thailand's largest spender on ads, saw its ad spending jump 28.5 per cent in the first 11 months of the year. Unilever's ad spending for Channel 3 surged 75.5 per cent, well above the growth rates for Channel 7 and iTV of 11.9 per cent and 33.6 per cent respectively. Channel 3's audience share rose from 24.8 per cent in October to 26.1 per cent last month, indicating another strong set of results by BEC this quarter. The brokerage expects the company's normalised earnings to surge 109 per cent to Bt1.84 billion in 2006 and climb 11 per cent to Bt2.05 billion in 2007.
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