Media group Cyfrowy Polsat is seen as the top pick in the Warsaw-listed media & entertainment companies, Erste analysts said in a report on the media sector dated September 18.

"For the second half of 2012, we believe that the situation on the advertising market will remain tough," researchers said. "The first signs of stabilization could be seen by the end of 2012, as renewed optimism from monetary easing (. . .)would at least partly spill over into the real economy."

In the present situation Erste analysts "prefer companies with a strong balance sheet and high cash-generation ability," the researchers said justifying their choice.