MIDF RESEARCH Friday, 13 May 2016 2 Target Price. We roll forward our valuation base year to FY17 an d derive a new target price of RM1.75 . Our target price assumption is based on FY17EPS of 13.9sen aga inst its 3-year historical average PER of 12.6x. Outlook Home shopping business - the key catalyst moving fo rward. The subdued outlook of the free-to-air (FTA) TV will be mitigated by the home shopping business ini tiatives and video on demand (VOD) services. Note t hat the home shopping business will provide 16 hours of broadcas t on non-prime time slots on existing TV channels. Leverage on new rapid transit lines. The group will continue to further secure new site for its advertising panels as well as converting the traditional billboard sig ns to digital billboards to enhance the digital inv entory networks. The expected completion of rapid transit lines in 2016 offers new concession opportunities for the group. In addition, the group envisages to improve the existing take-up rat e from 68% to 75% by middle of this year. Targeting overseas market. The group will continue to roll out new contents th rough its wholly-owned subsidiary, Primeworks Studios. It has also collaborated with r enowned media companies such as Nippon TV, Fuji TV, Mediacorp and FremantleMedia. To effectively monetise its con tent, the group also seeks to widen the distributio n network in the region. Maintain BUY. The group has managed to perform considerably well in difficult times through various cost cutting exercises such as production cost savings and mutua l separation scheme (MSS). In addition, the group h as launched various initiatives across the different platform t o further widen its earnings base. Moreover, we vie w that the strong balance sheet will support the group’s ability to d istribute attractive dividend. All factors consider ed, we are maintaining our BUY recommendation on the stock
Remember, don't watch TV3, NTV7, TV8, TV9 and listen to Media Prima Ratio Network, and etc. anything to do with Media. Otherwise, you are considered giving support to it, SERIOUS lah.
Most important, do not use electricity supplied by Tenaga, because it works for "pirate boss too". And also don't live in Malaysia, as it works for "pirate boss" too. You two, MuttonCauury and monieky, immediately leave Malaysia. Jangan dapat malu di sini.
It depends on how we look into it: Its new businesses are growing well while its printing businesses are deteriorating. But main business of TV channels is improving.
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Beza
1,847 posts
Posted by Beza > 2016-03-24 09:44 | Report Abuse
Astro did well last Q, so does Media, i think.