Sky was trading at around $3.95 but had a valuation of $6.60 and Fletcher Building was trading around $5.90 with a valuation of $10.53.
Sky had indicated that December and January net subscriptions were both running slightly ahead of the previous corresponding period.
In addition, viewer numbers were up, consistent with the release from the Television Broadcasters Council, she said.
Churn was stable but Sky was conscious of the risk rising unemployment might have this calendar year.
The first- and second-half earnings split would be complicated by the roll-out of the Rugby World Cup and the higher costs associated with launching MySky.
The first-half numbers for 2009 were still being finalised, but it appeared the full-year guidance remained a "sound target", Ms Kinnaird said.
"We have categorised Sky as defensive growth and this is proving to be the case so far in the current recessionary environment."
Fletcher Building was continuing to get orders for infrastructure projects with the backlog remaining around $1.2 billion.
The company was committed to paying a full-year dividend of 48.5c in the medium-term - subject to a material downturn in earnings which seemed unlikely.
That placed Fletcher Building on a gross yield of 12% versus the New Zealand 90-day bank bill rate of 4.5%.
"At these prices, Fletcher Building is a yield play as well as having significant capital gain upside,"she said.
