• We attended Media Prima’s (MPR) launch “Bridging Experience” for its latest out-ofhome (OOH) solution under its subsidiary Big Tree, known as Big+, which seeks to bridge traditional OOH media with technology and online capabilities. Under Big+, three digital products were introduced:

• We are positive on this development as the digital transformation of MPR’s OOH solutions would equip advertisers with more innovative ways to reach their target audience through engagement and interaction. MPR said that a Nielsen study showed OOH drives 4x more online activity per ad dollar spend than traditional media such as TV, radio and print. As at 3QFY18, MPR’s OOH segment contributed 14% of group total revenue.

• Despite our optimism, we note that positive contribution from Big+ might only be seen in the longer term beyond our forecast period and thus, we are keeping our forecasts unchanged for FY18F-FY20F.

• We maintain our HOLD recommendation on Media Prima (MPR) with an unchanged fair value of RM0.44/share pegged to a PB of 0.7x.

Source: AmInvest Research - 10 Jan 2019