UPDATE 1-Merrill adds CTC, Turkcell to EEMEA most preferred list

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May 12 (Reuters) - Merrill Lynch added Russia's CTC Media (CTCM.O: Quote, Profile, Research), Turkey's Turkcell TCELL.IS and Israel's Partner Communications (PTNR.TA: Quote, Profile, Research) to its Eastern Europe, Middle East and, Africa telecom and media most preferred list, and said this list is intended to appeal to investors with a short-term view.

The brokerage said CTC Media remains its top pick among emerging European free-to-air broadcasters due to its exposure to the fastest growing advertising market in the world -- Russia.

Israel's second-largest mobile phone operator Partner Communications should benefit from an ongoing share buyback and an increasing revenue share, the brokerage added in a note to clients. The company has strength in the post paid market, it said.

Merrill said it replaced Morocco's Maroc Telecom IAM.CS with Kuwait's Mobile Telecommunications Co (ZAIN.KW: Quote, Profile, Research) and added Czech broadcaster Central European Media Enterprises (CETV.O: Quote, Profile, Research) to its least preferred list, saying the stock trades at a premium to its peers.

It also removed Polish telecom group TPSA TPSA.WA from its most preferred list. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Anil D'Silva)