Bursa Malaysia Stock Watch

Media Prima: Maintain Hold - Nice 2Q12 Recovery But Still Wary

kltrader
Publish date: Wed, 15 Aug 2012, 10:25 AM
kltrader
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Nice 2Q12 Recovery But Still Wary
  • Yet to be convinced. Although Media Prima's (MPR) 2Q12 net profit grew 28% YoY vs. 1Q12 earnings plunge of 41% YoY, the growth was largely due to content cost management that will hurt viewership and TV adex growth going forward. We raise our earnings estimates by 6- 9% as we lower TV direct cost and newprint prices, partially offset by lower TV adex growth assumptions.
  • We however remain wary of its outlook. Maintain HOLD with a 6% higher TP of MYR2.47.
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Source: Maybank Research - 15 August 2012
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