♦ Below expectations. Media Prima’s 2Q10 core net profit of RM36.7m (+92.1% yoy; +17.6% qoq) was below our and consensus expectations with 1H10 core net profit of RM59.3m (vs. RM8.0m in 2Q09) accounting for 34% and 38% of our and consensus expectations respectively. We believe the variances were largely due to: 1) lower-than-expected 6M’s EBITDA margin of 22.4% vs. our full-year EBITDA margin of 25%; and 2) higher-than-expected 6M’s effective tax rate of 28.6%, against our fullyear effective tax rate of 25%. As expected, no dividend was declared during the quarter.
Media Prima Berhad : 2Q10 Earnings Aided By Strong Recovery In Adex - 24/08/2010
Showing posts with label Media Prima. Show all posts
Showing posts with label Media Prima. Show all posts
Tuesday, August 24, 2010
Thursday, June 24, 2010
RHB Equity 360° - 24 June 2010 (Media, Freight Mgt, Jaya Tiasa; Technical: MPHB)
Sector Update
Media Prima : Fair value revised to RM2.80, from RM 2.55 Outperform
MCIL : Fair value raised to RM1.16 from RM1.14 Outperform
Star : Fair value raised to RM3.86 from RM3.60 Market Perform
- According to Nielsen Media Research, May’s gross adex for print and TV media rose 21.1% yoy and grew 10.7% mom, led by TV (+22.5% yoy; +20.3% mom) while print reported commendable growth of 19.9% yoy (+3.8% mom). Once again, we believe this strong yoy growth was mainly due to the low base effect coupled with improving economic conditions. YTD (Jan-May), adex growth stood at 29.9% yoy.
RHB Equity 360° - 24 June 2010 (Media, Freight Mgt, Jaya Tiasa; Technical: MPHB)
Media Prima : Fair value revised to RM2.80, from RM 2.55 Outperform
MCIL : Fair value raised to RM1.16 from RM1.14 Outperform
Star : Fair value raised to RM3.86 from RM3.60 Market Perform
- According to Nielsen Media Research, May’s gross adex for print and TV media rose 21.1% yoy and grew 10.7% mom, led by TV (+22.5% yoy; +20.3% mom) while print reported commendable growth of 19.9% yoy (+3.8% mom). Once again, we believe this strong yoy growth was mainly due to the low base effect coupled with improving economic conditions. YTD (Jan-May), adex growth stood at 29.9% yoy.
RHB Equity 360° - 24 June 2010 (Media, Freight Mgt, Jaya Tiasa; Technical: MPHB)
Thursday, May 20, 2010
Corporate Highlights - 20/5/2010
♦ Notion Vtec
Visit Note : Set To Deliver
♦ Kencana Petroleum
News Update : Termination Of Proposed Collaboration With Global Offshore
♦ Media Prima
Results Note : Expecting Stronger Earnings Ahead
♦ Media Prima
Results Note : Expecting Stronger Earnings Ahead
♦ Amway (M) Holdings
Results Note : Attractive Yield
Corporate Highlights - 20/5/2010
Visit Note : Set To Deliver
♦ Kencana Petroleum
News Update : Termination Of Proposed Collaboration With Global Offshore
♦ Media Prima
Results Note : Expecting Stronger Earnings Ahead
♦ Media Prima
Results Note : Expecting Stronger Earnings Ahead
♦ Amway (M) Holdings
Results Note : Attractive Yield
Corporate Highlights - 20/5/2010
Media Prima Berhad : Expecting Stronger Earnings Ahead - 20/5/2010
No surprises. Media Prima’s 1Q core net profit of RM29.3m (-15.7% qoq) accounted for 16.8% and 20.3% of our and consensus expectations respectively. We consider this to be within expectations as 1Q is typically a slower period. We expect stronger earnings in the coming quarters as a result of the economic recovery and sporting events lined up. As expected, no dividend was declared during the quarter.
Media Prima Berhad : Expecting Stronger Earnings Ahead - 20/5/2010
Media Prima Berhad : Expecting Stronger Earnings Ahead - 20/5/2010
RHB Equity 360° - 20 May 2010 (Notion Vtec, Kencana, Media Prima, Amway; Technical: IOI, FBM KLCI)
Visit Note
♦ Construction work on its new 150k sq ft plant is set to commence production by Sep-10. Note that management expects capex of around RM80m to ramp up the base plate capacity to 1m/month, 5m/month, and 7m/month by FY10-12 respectively from 350-400k/month (currently) vs. 100k/month in Jan-10.
♦ Also, the company expects stronger volume loading in 2H2010 from WD on the back of strong demand for HDD components. Recall that WD overtook Seagate as the No. 1 HDD vendor in 1Q10. WD now expects to increase its total HDD shipments by more than 20%. While currently capacities for these components are 800-900k/month, management is expecting to increase capacity to 1.5-2.0m/month by end-2010.
♦ In the anticipation of higher costs this year stemming from higher start-up costs and product testing, we have trimmed our FY10 net profit forecast by 4.3% to RM53.6m. However, given stronger volume loading as well as lower cost stemming from tight cost control and higher utilisation rate, we have tweaked upwards our FY11-12 net profit by 0.8% respectively.
♦ Separately, assuming completion of the proposed 10% placement and rights issue of free warrants, we estimate FY11 fully-diluted EPS of 38.5 sen, i.e. a dilution of 17.7% from our current forecast, while our fair value would fall to RM3.85. Nevertheless, this would still imply 41% upside from current levels.
♦ After revision in earnings, our fair value is raised to RM4.68 from RM4.64. Maintain Outperform.
RHB Equity 360° - 20 May 2010 (Notion Vtec, Kencana, Media Prima, Amway; Technical: IOI, FBM KLCI)
♦ Construction work on its new 150k sq ft plant is set to commence production by Sep-10. Note that management expects capex of around RM80m to ramp up the base plate capacity to 1m/month, 5m/month, and 7m/month by FY10-12 respectively from 350-400k/month (currently) vs. 100k/month in Jan-10.
♦ Also, the company expects stronger volume loading in 2H2010 from WD on the back of strong demand for HDD components. Recall that WD overtook Seagate as the No. 1 HDD vendor in 1Q10. WD now expects to increase its total HDD shipments by more than 20%. While currently capacities for these components are 800-900k/month, management is expecting to increase capacity to 1.5-2.0m/month by end-2010.
♦ In the anticipation of higher costs this year stemming from higher start-up costs and product testing, we have trimmed our FY10 net profit forecast by 4.3% to RM53.6m. However, given stronger volume loading as well as lower cost stemming from tight cost control and higher utilisation rate, we have tweaked upwards our FY11-12 net profit by 0.8% respectively.
♦ Separately, assuming completion of the proposed 10% placement and rights issue of free warrants, we estimate FY11 fully-diluted EPS of 38.5 sen, i.e. a dilution of 17.7% from our current forecast, while our fair value would fall to RM3.85. Nevertheless, this would still imply 41% upside from current levels.
♦ After revision in earnings, our fair value is raised to RM4.68 from RM4.64. Maintain Outperform.
RHB Equity 360° - 20 May 2010 (Notion Vtec, Kencana, Media Prima, Amway; Technical: IOI, FBM KLCI)
Wednesday, April 28, 2010
Corporate Highlights...- 28/04/2010
♦ Media Prima
Company Update : Strong Start For TV and Print Adex
♦ Carlsberg Brewery
News Update : Raising Prices
♦ Market Technical Reading
Daily Trading Strategy : Sentiment Deteriorating...
Corporate Highlights...- 28/04/2010
Company Update : Strong Start For TV and Print Adex
♦ Carlsberg Brewery
News Update : Raising Prices
♦ Market Technical Reading
Daily Trading Strategy : Sentiment Deteriorating...
Corporate Highlights...- 28/04/2010
Media Prima Berhad : Strong Start For TV and Print Adex
1Q10 adex for TV and print off to a good start. According to Nielsen Media Research (“NMR”), 1Q10 adex for Media Prima’s TV channels jumped 34.6% yoy while the print media saw gross adex grow by 7.5% yoy. For the TV segment, 1Q adex growth was led by TV9 (+62% yoy) while for the print media, the growth mainly came from Harian Metro (18% yoy). Generally the stronger TV adex growth is consistent with past trends, where we note that TV adex has historically had a higher leverage to GDP growth, vis-à-vis print adex.
Media Prima Berhad : Strong Start For TV and Print Adex - 28/04/2010
Media Prima Berhad : Strong Start For TV and Print Adex - 28/04/2010
RHB Equity 360° (Media Prima; Technical: KNM) - 28/04/2010
Top Story : Media Prima – Strong start for TV and print adex Outperform
Company Update
♦ According to Nielsen Media Research (NMR), 1Q10 adex for Media Prima’s TV channels jumped 34.6% yoy while the print media saw gross adex grow by 7.5% yoy. For the TV segment, 1Q adex growth was led by TV9 (+62% yoy) while for the print media, the growth mainly came from Harian Metro (18% yoy). Generally the stronger TV adex growth is consistent with past trends, where we note that TV adex has historically had a higher leverage to GDP growth, vis-à-vis print adex.
♦ For FY09, average discounts for the TV segment was 68.8% (FY08: 61.6%) as the weaker economic conditions then meant that higher discounts were required to secure commitments from advertisers. For FY10, management expects discounts for the TV segment to average around the 65%-level as economic conditions improve. The bulk of the increase in discount should flow down to Media Prima’s bottomline.
♦ NSTP’s print adex market share grew to 31.5% in 1Q10 from 29.2% in 1Q09. This was largely due to the growth in adex from the malay dailies, partly offset by NST’s market share loss. Management, however, remains positive on the adex outlook for NST given improving economic conditions and major sporting events in FY10.
♦ We have revised up our FY10 and FY11 ad revenue growth projections for the TV segment to +8% and +5% respectively and for print segment, to +4.9% and 4.6% respectively. Overall, our FY10-11 net profit forecasts have been raised by 9.9%-13.5%.
♦ Our indicative fair value has been revised upwards to RM2.55 (fully diluted) from RM2.23 based on unchanged target FY10 PER of 15x. We reiterate our Outperform call on the stock.
RHB Equity 360° (Media Prima; Technical: KNM)-28/04/2010
Company Update
♦ According to Nielsen Media Research (NMR), 1Q10 adex for Media Prima’s TV channels jumped 34.6% yoy while the print media saw gross adex grow by 7.5% yoy. For the TV segment, 1Q adex growth was led by TV9 (+62% yoy) while for the print media, the growth mainly came from Harian Metro (18% yoy). Generally the stronger TV adex growth is consistent with past trends, where we note that TV adex has historically had a higher leverage to GDP growth, vis-à-vis print adex.
♦ For FY09, average discounts for the TV segment was 68.8% (FY08: 61.6%) as the weaker economic conditions then meant that higher discounts were required to secure commitments from advertisers. For FY10, management expects discounts for the TV segment to average around the 65%-level as economic conditions improve. The bulk of the increase in discount should flow down to Media Prima’s bottomline.
♦ NSTP’s print adex market share grew to 31.5% in 1Q10 from 29.2% in 1Q09. This was largely due to the growth in adex from the malay dailies, partly offset by NST’s market share loss. Management, however, remains positive on the adex outlook for NST given improving economic conditions and major sporting events in FY10.
♦ We have revised up our FY10 and FY11 ad revenue growth projections for the TV segment to +8% and +5% respectively and for print segment, to +4.9% and 4.6% respectively. Overall, our FY10-11 net profit forecasts have been raised by 9.9%-13.5%.
♦ Our indicative fair value has been revised upwards to RM2.55 (fully diluted) from RM2.23 based on unchanged target FY10 PER of 15x. We reiterate our Outperform call on the stock.
RHB Equity 360° (Media Prima; Technical: KNM)-28/04/2010