Stock Name: MEDIA
Company Name: MEDIA PRIMA BHD
Company Name: MEDIA PRIMA BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 2.17 |
Showing posts with label MEDIA. Show all posts
Showing posts with label MEDIA. Show all posts
February 21, 2014
Media Prima - TV and print media segments losing traction
Stock Name: MEDIA
Company Name: MEDIA PRIMA BHD
Company Name: MEDIA PRIMA BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 2.65 |
November 19, 2013
Media Prima - No surprises
Stock Name: MEDIA
Company Name: MEDIA PRIMA BHD
Company Name: MEDIA PRIMA BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 2.73 |
July 22, 2013
May 8, 2013
April 15, 2013
February 21, 2013
January 23, 2013
August 15, 2012
Media Prima - Football saves the show
Stock Name: MEDIA
Company Name: MEDIA PRIMA BHD
Company Name: MEDIA PRIMA BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 2.55 |
July 6, 2012
June 22, 2012
Target prices for media firms cut
Stock Name: MEDIA
Company Name: MEDIA PRIMA BHD
Stock Name: STAR
Company Name: STAR PUBLICATIONS (M) BHD
Stock Name: MEDIAC
Company Name: MEDIA CHINESE INTERNATIONAL LT
Kenanga Research cut target prices for Malaysian media companies including Star Publications Bhd and Media Prima Bhd on expectations the weaker ringgit against the US dollar could crimp future earnings.
The research house kept a "neutral" call on the Malaysian media sector on firm gross advertising expenditure.
But it cut target prices for Media Prima Bhd to RM2.40 (US$0.76) per share from RM2.62 and Star Publications Bhd to RM3.28 from RM3.40.
Kenanga also cut its target price for Media Chinese International Ltd to RM1.33 per share from RM1.36. -- Reuters
Company Name: MEDIA PRIMA BHD
| Research House: KENANGA | Price Call: HOLD | Target Price: 2.40 |
Stock Name: STAR
Company Name: STAR PUBLICATIONS (M) BHD
| Research House: KENANGA | Price Call: HOLD | Target Price: 3.28 |
Stock Name: MEDIAC
Company Name: MEDIA CHINESE INTERNATIONAL LT
| Research House: KENANGA | Price Call: HOLD | Target Price: 1.33 |
Kenanga Research cut target prices for Malaysian media companies including Star Publications Bhd and Media Prima Bhd on expectations the weaker ringgit against the US dollar could crimp future earnings.
The research house kept a "neutral" call on the Malaysian media sector on firm gross advertising expenditure.
But it cut target prices for Media Prima Bhd to RM2.40 (US$0.76) per share from RM2.62 and Star Publications Bhd to RM3.28 from RM3.40.
Kenanga also cut its target price for Media Chinese International Ltd to RM1.33 per share from RM1.36. -- Reuters
May 15, 2012
Maybank IB upgrades Media Prima
Stock Name: MEDIA
Company Name: MEDIA PRIMA BHD
Maybank IB Research upgraded Media Prima Bhd to "hold" from "sell" previously with an unchanged target price of RM2.34 per share as it expected the worst was likely over for the media conglomerate.
"We expect first quarter ended March 31, 2012 results to be weak (for Media Prima) but following quarters to be stronger on recovering advertising expenditure (adex) sentiment," the broker said in a research note on Tuesday.
Maybank IB said adex sentiment was on the mend as consumer sentiment had recovered strongly.
It added such trend boded well for adex growth in the second quarter, especially in time for the Euro Cup, London Olympics and possibly the 13th General Elections in Malaysia.
By 10.24am, Media Prima's shares rose 5.38 percent to RM2.35 per share, outperforming the Malaysia's benchmark stock index that shed 0.85 percent. -- Reuters
Company Name: MEDIA PRIMA BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 2.34 |
Maybank IB Research upgraded Media Prima Bhd to "hold" from "sell" previously with an unchanged target price of RM2.34 per share as it expected the worst was likely over for the media conglomerate.
"We expect first quarter ended March 31, 2012 results to be weak (for Media Prima) but following quarters to be stronger on recovering advertising expenditure (adex) sentiment," the broker said in a research note on Tuesday.
Maybank IB said adex sentiment was on the mend as consumer sentiment had recovered strongly.
It added such trend boded well for adex growth in the second quarter, especially in time for the Euro Cup, London Olympics and possibly the 13th General Elections in Malaysia.
By 10.24am, Media Prima's shares rose 5.38 percent to RM2.35 per share, outperforming the Malaysia's benchmark stock index that shed 0.85 percent. -- Reuters
April 20, 2012
Media: New ruling could end Astro's monopoly on sporting events
Stock Name: MEDIA
Company Name: MEDIA PRIMA BHD
The new ruling that mandates sharing of broadcasting rights with free-to-air (FTA) TV stations could end pay TV operator Astro Holdings Sdn Bhd's monopoly on certain sporting events. It will benefit FTA operators like Media Prima Bhd (MPR MK, Hold, RM2.35), said industry players. However, they said implementation of the ruling is key to ensure commercial viability. It will also allow FTA and pay TV players to jointly bid for expensive broadcasting licences. (StarBiz)
Comment: The new ruling marks the end of Astro's monopoly of broadcasting rights for popular sporting events. We view the news positively for FTA TV players as the joint bidding of acquiring these rights would enable them to bid with lower cost. (Desmond Chong)
Company Name: MEDIA PRIMA BHD
| Research House: ECMLIBRA | Price Call: HOLD | Target Price: 2.35 |
The new ruling that mandates sharing of broadcasting rights with free-to-air (FTA) TV stations could end pay TV operator Astro Holdings Sdn Bhd's monopoly on certain sporting events. It will benefit FTA operators like Media Prima Bhd (MPR MK, Hold, RM2.35), said industry players. However, they said implementation of the ruling is key to ensure commercial viability. It will also allow FTA and pay TV players to jointly bid for expensive broadcasting licences. (StarBiz)
Comment: The new ruling marks the end of Astro's monopoly of broadcasting rights for popular sporting events. We view the news positively for FTA TV players as the joint bidding of acquiring these rights would enable them to bid with lower cost. (Desmond Chong)
Source: ECM Newz Bits 20 April 2012
April 19, 2012
Media Prima: Maintain Sell - Not quite a free ride
Stock Name: MEDIA
Company Name: MEDIA PRIMA BHD
Much ado about nothing? We do not believe that the determination to share sports content will benefit Media Prima greatly. If it wants prime sporting content, it will likely have to pay dear prices for them. We maintain our estimates and MYR2.34 TP on 13.5x 2012 PER. Although its current price poses only 9% downside risk, we maintain our SELL call for now pending a meeting with management. Note that 1Q12 gross TV adex plunged 11% YoY vs our estimate of +7% YoY.
Click here for full report
Source: Maybank Research - 19 April 2012
Company Name: MEDIA PRIMA BHD
| Research House: MAYBANK | Price Call: SELL | Target Price: 2.34 |
Much ado about nothing? We do not believe that the determination to share sports content will benefit Media Prima greatly. If it wants prime sporting content, it will likely have to pay dear prices for them. We maintain our estimates and MYR2.34 TP on 13.5x 2012 PER. Although its current price poses only 9% downside risk, we maintain our SELL call for now pending a meeting with management. Note that 1Q12 gross TV adex plunged 11% YoY vs our estimate of +7% YoY.
Click here for full report
Source: Maybank Research - 19 April 2012
March 28, 2012
Media - NEUTRAL - 28 March 2012
Stock Name: MEDIAC
Company Name: MEDIA CHINESE INTERNATIONAL LT
Stock Name: STAR
Company Name: STAR PUBLICATIONS (M) BHD
Stock Name: MEDIA
Company Name: MEDIA PRIMA BHD
Company Name: MEDIA CHINESE INTERNATIONAL LT
| Research House: KENANGA | Price Call: BUY | Target Price: 1.30 |
Stock Name: STAR
Company Name: STAR PUBLICATIONS (M) BHD
| Research House: KENANGA | Price Call: HOLD | Target Price: 3.40 |
Stock Name: MEDIA
Company Name: MEDIA PRIMA BHD
| Research House: KENANGA | Price Call: HOLD | Target Price: 2.72 |
We are maintaining our NEUTRAL view on the media sector.Post 4QCY11 results, media companies have started to change their bearish viewsto being more optimistic given the improved outlook for both consumers andadvertisers. Despite the first two months gross adex seeing a contraction of -1.7% YoY, we arekeeping our full year +11.1% YoY growth forecast unchanged for now. There is nochange in our earnings forecasts for media companies under our coverage. We aremaintaining Media Chinese International ('MCIL') target price of RM1.30 with anOUTPERFORM recommendation while keeping MARKET PERFORM ratings on both Star Publications('Star') and Media Prima ('MPR') withunchanged target prices of RM3.40 and RM2.72 respectively,
CY11 resultssnapshot. Most of the media companyresults under our coverage came in above ours and the street expectations. Themain culprits were due to better costs efficiency and higher-than-expectedsales as a result of seasonal factors. In view of their encouraging results,especially for the latest quarter, media companies have started changed theirbearish views to being more optimistic given the improved outlook for both consumers and advertisers.Dividend-wise, Star declared a total 18.0 sen in FY11, which translated into a dividendpayout ratio of 71%, and in line with its dividend payout policy of 70%-80%.MPR on the other hand declared a total full year dividend of 16.0 sen. Thistranslated to a dividend payout ratio of 91.8% and exceeded the company policy,which sets its payout policy at between 25%-75% of PATAMI. No dividend wasdeclared by MCIL as expected given that the company tends to declare it on abiannual basis.
Adex gathers momentumin FY11 but soften in the first two months of 2012. The country's mediagross adex gained momentum and recorded a rise of 11.9% YoY to RM10.8b (including Pay-TV segment) in CY11, thanks to the TV and newspapers' segments, which jumped by 13.3% and11.9% to RM5.5b and RM4.4b respectively. For the YTD adex (until February), it has softened by -1.7% YoY to RM1.41b as a result of lower free-to-air TV and newspapers adex, which fell by 10.6% and2.0% to RM365m and RM596m respectively. The slowdown in our view was mainly dueto a shorter pre-Chinese New Year advertising period and advertisers conservingtheir A&P budget as they renegotiate ad rates with media owners. All the media companies are currentlyexpecting the country's overall gross adex to grow at a high single digit inCY12 as compared to our low double digit growth expectation. We expect grossadex at RM11.9b, or +11.1% YoY growth, based on 2.3x GDP multiplier (average ofthe past two GE years).
The Malay printmarket adex share exceeded that of the Chinese in FY11, in line with thegrowing readership in the Malay segment according to Nielsen MediaResearch. The research outfit indicatedthat the Malay print market adex share has increased to 31% (FY10: 26%),overtaking the 29% share (FY10: 30%) of the Chinese segment. English languageon the other hand continued to dominate the print market share with a 40%share, although this is lower than its 44% share in the preceding quarter(figure 1 & 2).
Newsprint costhovering at an expected trading range. Newsprint price is currently trading at around USD650-670/MT, in linewith the industry players' expectation, and is expected to hover at the currentlevel during 1HCY12 as a result of deteriorating newspaper pulp price.Nevertheless, industry players are expecting the newsprint price to trendhigher in 2H due to potential higher demand from North America. MCIL iscurrently holding a 6 to 8-month newsprint inventory with an average cost ofUSD700/MT. New Straits Times and Star, on the other hand, are currently holding8-month and 12-month newsprint inventories respectively (the highest among theindustry), with an average cost of USD720/MT and slightly below USD700/MTrespectively. We have imputed an average of USD700/MT, USD720/MT and USD700/MTnewsprint cost assumptions for MCIL (for FY13), MPR and Star respectively.
Source: Kenanga
March 6, 2012
Media (Neutral NEW) - 2012 to be a quiet year
Stock Name: MEDIA
Company Name: MEDIA PRIMA BHD
Stock Name: STAR
Company Name: STAR PUBLICATIONS (M) BHD
Stock Name: MEDIAC
Company Name: MEDIA CHINESE INTERNATIONAL LT
Company Name: MEDIA PRIMA BHD
| Research House: HLG | Price Call: SELL | Target Price: 2.34 |
Stock Name: STAR
Company Name: STAR PUBLICATIONS (M) BHD
| Research House: HLG | Price Call: HOLD | Target Price: 3.27 |
Stock Name: MEDIAC
Company Name: MEDIA CHINESE INTERNATIONAL LT
| Research House: HLG | Price Call: HOLD | Target Price: 1.26 |
Media (Neutral NEW)
2012 to be a quiet year
- Adex growth to moderate' Jan-12 Adexfell by -10.2% YoY, continuing the downwards trend in Adex growth.
- We believe that Adex growth will only pick up when there is more clarityon the global macro outlook, which in turn will reinforce confidence inbusinesses to invest in Adex.
- Newspaper Adex dominates' The overallAdex market is worth ~RM8.3bn and newspaper medium still commands the lionshare, making up ~53%.
- TV Adex is catching up' The nextbiggest Adex market is the FTA TV segment with 36% (~RM3bn) of the total Adexmarket. FTA TV Adex has been gradually increasing its share in the industryover the years because of growing affluence in the population whereby ~90% ofthe ~6.1m Malaysian household owns a TV.
- With slowing Adex growth and lack of confidence within the businesscommunity to commit on additional Adex spending, we are NEUTRAL on the sector.
- Hence, we initiate coverage on:
- Media Prima with aSELL at TP: RM2.34;
- Star with a HOLD atTP of RM3.27; and
- MCIL with a HOLD atTP of RM1.26
Source: HLIB Research 6 March 2012
February 24, 2012
Media Prima: Maintain Sell - Cost-cutting saves the day
Stock Name: MEDIA
Company Name: MEDIA PRIMA BHD
Respectable results but outlook is challenging. MPR recorded marginally better-than-expected results due to lower-than-expected costs. We tweak our earnings estimates up by 4% p.a. over 2012-13 on minor adjustments to estimated costs and introduce our 2014 forecast. Consequently, our TP is raised to RM2.34 (+4%), on an unchanged 13.5x 2012 PER. Risk-reward still does not favour investors. Given its challenging outlook and rich valuations, we still rate MPR a Sell.
Maybank Research - 24 Feb 2012
Click here for full report
Company Name: MEDIA PRIMA BHD
| Research House: MAYBANK | Price Call: SELL | Target Price: 2.34 |
Respectable results but outlook is challenging. MPR recorded marginally better-than-expected results due to lower-than-expected costs. We tweak our earnings estimates up by 4% p.a. over 2012-13 on minor adjustments to estimated costs and introduce our 2014 forecast. Consequently, our TP is raised to RM2.34 (+4%), on an unchanged 13.5x 2012 PER. Risk-reward still does not favour investors. Given its challenging outlook and rich valuations, we still rate MPR a Sell.
Maybank Research - 24 Feb 2012
Click here for full report
Media Prima Bhd - Still not beaming
Stock Name: MEDIA
Company Name: MEDIA PRIMA BHD
Target RM2.65
Despite the surprisingly strong FY11 results, we remain Neutral on Media Prima as visibility on 2012 adex is low given the potential economic slowdown. But the stock should be supported by its decent yields of above 4%.
Source: CIMB Research 24 February 2012
Company Name: MEDIA PRIMA BHD
| Research House: CIMB | Price Call: HOLD | Target Price: 2.65 |
Target RM2.65
Despite the surprisingly strong FY11 results, we remain Neutral on Media Prima as visibility on 2012 adex is low given the potential economic slowdown. But the stock should be supported by its decent yields of above 4%.
Source: CIMB Research 24 February 2012
Subscribe to:
Posts (Atom)