Tuesday, June 06, 2006

Stock Downgraded: Yellow Pages "hold" rating by SIAS Research!

SIAS Research said it has lowered its rating for telephone directory publisher Yellow Pages to 'hold', given the firm's limited domestic growth potential, while keeping its price target at 1.23 sgd per share. "Revenue from [its] Singapore phone directory continues to decline and we believe this trend will continue for at least another year or two, but at a slower rate, before stabilizing," SIAS said in a note to clients. "Although Internet Yellow Pages has been highlighted as the next growth driver for Yellow Pages, its overall contribution to its revenue is still small and therefore will not provide the needed boost for Yellow Pages growth rates in the short run," the brokerage said. At 10.17 am, Yellow Pages was flat at 1.15 sgd, with 115,000 shares traded.

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