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[公司专区] 4502 Media 首要传媒

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发表于 2013-7-23 19:18 | 显示全部楼层
高清聯播料爭取廣告‧首要媒體營收看漲

熱股評析  2013-07-23 17:42
(吉隆坡23日訊)首要媒體(MEDIA,4502,主板貿服組)冀2014年上半年內,在旗下其中一家無線電視台推出高清聯播,分析員看好該公司將收取更好廣告費,進而提昇整體營收。

MIDF研究表示,已開始著手研究該公司財務狀況,若轉換高清聯播服務的進展順利,或將調高盈利預測。

該行指出,一旦免費電視台(FTA)能於數碼無線電視廣播基礎設施(DTTB)下運作後,該公司將即刻推出高清聯播,旗下的第三電視、八度空間、第九電視及NTV7,皆有可能被公司選中的頻道。

分析員也表示,該公司將保持其廣播公司的角色,不涉及數碼無線電視廣播基礎設施的建設,這也將有助於節省成本,並提高日後公司派出高股息的可能。

由於該公司有意調整現有25至75%的派息率,因此MIDF研究預測,2013及2014財政年的派息率將分別達69%和66%,亦相等於5%週息率。

針對該公司未來的營業額,該行憧憬,在高清聯播的服務升格後,客戶觀賞電視的體驗將得以改善,促使公司有能力提高廣告費,進而為公司帶來更好的盈利。

此外,由於該公司短期內缺乏推動股價的催化劑,加上從年初至今,股價已較預期的價格水平高出19%,分析員因此相信,股價已觸及阻力水平。

然而,基於後續的評估工作尚在進行,因此MIDF現階段仍維持“買進”評級與2令吉60仙目標價。(星洲日報/財經)

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发表于 2013-7-31 07:48 | 显示全部楼层
Media Prima Signs Multi-Year Licensing Agreement With Paramount Pictures

KUALA LUMPUR, July 30 (Bernama) -- Integrated media group Media Prima Bhd has signed a multi-year licensing agreement with US-based Paramount Pictures Corp, making a variety of contemporary and classic hit films available on the group's free-to-air television networks in Malaysia in the coming months.

Media Prima in a statement today said the deal would also give its television networks the first free-to-air window for the studio's major blockbuster releases.

"This agreement with Paramount is part of Media Prima's continuous efforts to bring high quality content to Malaysian TV screens," Group Managing Director Datuk Amrin Awaluddin said.

He said the group has always been committed to meeting the demands of television audiences for a variety of local and foreign content, and this deal will allow Media Prima to deliver an exciting selection of international blockbusters on its free-to-air television stations.

Media Prima TV Networks Chief Executive Officer Ahmad Izham Omar said: "We are very excited to air films from highly-acclaimed movie franchises such as Transformers: Dark of the Moon, Marvel's Iron Man 2, Mission Impossible: Ghost Protocol, DreamWorks Animation's Shrek Forever After and many more.

"These movies complement existing programmes and shows that have made our television stations, namely TV3, TV9, ntv7 and 8TV, the most popular networks in Malaysia."

Meanwhile, Paramount Home Media Distribution International Eexecutive Vice President and General Manager Wendy Ferren said the company is pleased to work with Media Prima to bring some of its most popular films to Malaysian audiences.

"The addition of hit films from Paramount's vast library will further enhance Media Prima's array of entertainment offerings," she said.

Paramount Home Media Distribution is part of Paramount Pictures, a global producer and distributor of filmed entertainment.

Media Prima's television networks hold a combined 45 per cent viewer share across all stations and channels.

BERNAMA

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发表于 2013-8-1 10:58 | 显示全部楼层
派拉蒙影视授权 首要传媒播大片

财经新闻
财经
   2013-08-01 10:40


  




(吉隆坡31日讯)派拉蒙影视(Paramount Pictures Corporation)授权首要传媒(MEDIA,4502,主板贸服股),未来数月播放旗下大片。

首要传媒周二发布文告指出,与派拉蒙影视签署多年授权协议。

文告说,第三电视(TV3)、TV9、NTV7和八度空间(8TV)观众,将能观看广受好评的电影如《变形金刚:月黑之时》、《钢铁人II》、《不可能的任务:鬼影行动》以及《怪物史莱克4》。

“首要传媒电视网络在我国维持主导地位,在所有电视台和频道的收视率合共为45%。”

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发表于 2013-8-28 20:24 | 显示全部楼层
4502    MEDIA    MEDIA PRIMA BHD
1ST SINGLE-TIER INTERIM DIVIDEND 3 SEN
Entitlement Details:
FIRST SINGLE-TIER INTERIM DIVIDEND OF 3.0 SEN PER ORDINARY SHARE FOR THE
FINANCIAL YEAR ENDED 31 DECEMBER 2013
Entitlement Type:First Interim Dividend
Entitlement Date and Time:13/09/2013  05:00 PM
Year Ending/Period Ending/Ended Date:31/12/2013
EX Date:11/09/2013
To SCANS Date:
Payment Date:30/09/2013
Interest Payment Period:
Rights Issue Price:0.000
Trading of Rights Start On:
Trading of Rights End On:
Stock Par Value:
Share transfer book & register of members will be closed from
to
(both dates inclusive) for the purpose of determining the entitlements
A Depositor shall qualify for the entitlement in respect of:
- Securities transferred into the Depositor's Securities Account before 13/09/2013 04:00 PM in respect of ordinary transfers.
- Securities transferred into the Depositor's Securities Account before
   in respect of express transfers.
- Securities deposited into the Depositor's Securities Account before 11/09/2013 12:30 PM in respect of securities exempted from mandatory deposit.
- Securities not withdrawn from the Depositor's Securities Account as at
  .
- Securities bought on KLSE on a cum entitlement basis according to the Rules of the KLSE.
Registrar's Name and Contact:
SYMPHONY SHARE REGISTRARS SDN BHD
LEVEL 6, SYMPHONY HOUSE
PUSAT DAGANGAN DANA 1 JALAN PJU 1A/46
47301 PETALING JAYA
SELANGOR
Tel : 03-78418000
Remarks:
N/A
Submitted By:
JESSSICA TAN SAY CHOON

28/08/2013   07:14 PM


Ref Code: 20130828EA00493

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发表于 2013-8-28 20:25 | 显示全部楼层
4502    MEDIA    MEDIA PRIMA BHD
Quarterly rpt on consolidated results for the financial period ended 30/6/2013
Quarter:2nd Quarter
Financial Year End:31/12/2013
Report Status:Unaudited
Submitted By:JESSICA TAN SAY CHOON
Current Year QuarterPreceding Year Corresponding QuarterCurrent Year to DatePreceding Year Corresponding Period
30/06/201330/06/201230/06/201330/06/2012
RM '000RM '000RM '000RM '000
1Revenue466,274447,623832,110782,907
2Profit/Loss Before Tax81,24777,155117,889105,879
3Profit/Loss After Tax and Minority Interest60,62457,37888,40478,780
4Net Profit/Loss For The Period60,10356,76187,21077,527
5Basic Earnings/Loss Per Shares (sen)5.525.288.007.20
6Dividend Per Share (sen)3.003.003.003.00
As At End of Current QuarterAs At Preceding Financial Year End
7Net Tangible Assets Per Share (RM) 1.44781.4331
Remarks:
N/A

28/08/2013   07:10 PM


Ref Code: 20130828FA00491

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发表于 2013-8-30 10:05 | 显示全部楼层
次季無驚喜‧首要媒體謹慎樂觀
2013-08-29 17:07
(吉隆坡29日訊)首要媒體(MEDIA,4502,主板貿服組)2013年次季業績缺乏驚喜,管理層對未來業務前景從樂觀轉向謹慎樂觀,特別是最近新興股市動盪,中東地區不穩定,以及政府可能削減津貼等利空籠罩,將負面衝擊廣告市場的情緒。
廣告成長料放緩
安聯研究指出,預料首要媒體2013年下半年及2014年的廣告開銷成長放緩,主要是政府潛在津貼合理化措施的影響。惟其淨周息率5.4%可緩和股價下跌風險。

肯納格研究指出,首要媒體管理層改變之前的樂觀態度,轉而持謹慎樂觀,主要是最新的經濟不明朗打擊廣告開銷市場情緒。

肯納格認為,雖然即將推行的津貼合理化計劃料打擊廣告開銷情緒,不過,仍保持廣告開銷按年成長17.5%預測,而2013及2014淨利預測,則分別下調1.9%及2.2%。

大眾研究指出,今年下半年潛在利好,包括佳節期間廣告開銷增長,成為本地內容的利基生產商及推動非傳統廣告刊戶,專注成本儘大化等。周息率約4.3%也可為股價提供一些支撐。

(星洲日報/財經)

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发表于 2013-9-19 21:02 | 显示全部楼层
减津贴不利广告开销 首要媒体前景看淡

(吉隆坡19日讯)津贴合理化及即將上路的消费税,预料將对广告开销带来负面的影响。因此,分析员看淡首要媒体(MEDIA,4502,主板贸服股)的盈利前景,並下调该公司的评级至「卖出」。

马银行金英投行分析员表示,近期的汽油价格调涨20仙的措施,是政府过去5年来最剧烈的一次调涨行动。鑑於政府正积极的缩减財务赤字,分析员相信未来会出现更多的津贴合理化措施。

下调財测

与此同时,消费税(GST)也预计將在2015年开始实施。这一系列的措施,都將对首要媒体的广告开销(ADEX)及盈利產生负面的影响。

分析员指出,在过去,主要的津贴合理化行动都对首要媒体的广告开销成长带来负面的影响。记忆犹新的是2008年,汽油价格上涨每公升78仙及电费上涨24%,促使首要媒体2008年第三季的电视广告开销按年下跌9%。

因此,分析员下调首要媒体2013至2015財政年的盈利预测7至12%,这是基於更低的广告开销成长预测。而分析员相信,首要媒体接下来的广告开销料不至於出现按年萎缩,但分析员指出,在2006年,虽然经济没有出现不景气,但是《新海峡时报》(首要媒体持股43%)的印刷广告开销却下跌7%,主要是因为津贴合理化措施。

分析员估计,电视或印刷广告开销成长每减少1个百分点,將会导致分析员的每股盈利预测缩减1至1.5%。

在过去政府採取削减津贴的时期,首要媒体的本益比水平普遍低於综合指数1.5至2倍。目前首要媒体的本益比接近综指的15.2倍水平,分析员认为,仍有下跌的风险。以2014財政年预测本益比14倍为准,分析员下调该公司的目標价格,从2.90令吉,调低至2.40令吉,投资评级则从「守住」降至「卖出」。

首要媒体今日闭市收在2.75令吉,跌3仙,成交量为399万8800股
【东方日报】

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发表于 2013-9-20 07:49 | 显示全部楼层
Media Prima - Winter Is Coming
Date: 19/09/2013

Source : MAYBANK
Stock : MEDIA     Price Target : 2.40     |     Price Call : SELL
Last Price : 2.75     |     Upside/Downside :   -0.35 (12.73%)
Back



The game has changed. The recent 20sen/litre petrol/diesel pump price hike was the steepest in five years and we believe that more subsidy rationalisation is in the pipeline, while the Goods and Services Tax (GST) is scheduled for implementation in 2015. These measures could have a negative impact on Media Prima’s (MPR) adex and, hence, earnings outlook. We cut our earnings estimates by 7-12% on our new expectations and ascribe a lower target FY14F PER multiple of 13x (14x previously) to arrive at a lower TP of MYR2.40 (MYR2.90 previously). We downgrade our call on MPR from HOLD to SELL.
20sen/litre fuel price hike likely the first of many salvos. The recent fuel price hike was the steepest in five years. As the government is committed to reducing the budget deficit, we believe that more subsidy rationalisations are forthcoming, while the GST is scheduled for implementation in 2015. We note that major subsidy rationalisations in the past negatively impacted MPR’s adex growth. Still fresh in our mind is the 78sen/litre fuel price hike and 24% electricity tariff hike in Jun 2008 that sent MPR’s TV adex falling 9% YoY in 3Q08.
Adex growth to lag real GDP growth. We cut our FY13-15 earnings estimates by 7-12% on lower adex growth assumptions (Table 2). While we do not expect MPR’s adex to contract YoY going forward, we note that New Straits Times Press’ (then 43% owned by MPR) print adex fell 7% in 2006, despite not being a recession year, due to major subsidy rationalisation. We estimate that every 1ppt cut in our TV or print adex growth assumption will trim our EPS estimate by 1-1.5%.
Downgrade to SELL and TP down to MYR2.40. Valuations-wise, we observe that MPR traded at an average 1.5-2.0x PER discount to the FBM KLCI 30 during major subsidy rationalisations in the past due to expectations of weak adex. Therefore, we believe that MPR’s current valuations – close to the FBM KLCI 30 1-year forward PER of 15.2x – have downside risk. We cut our TP from MYR2.90 on 14x FY14F PER to MYR2.40 on 13x FY14F PER, which is at a 1.9x discount to the post- 2001 historical average FBM KLCI 30 1-year forward PER of 14.9x.
        Source: Maybank Research - 19 Sep 2013

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发表于 2013-10-21 10:01 | 显示全部楼层
Media - Healthy Recovery In September
Author: kiasutrader   |   Publish date: Mon, 21 Oct 09:55  

Malaysia’s gross advertising  expenditure  (adex)  expanded  7.1%  m-o-m in  September  (3QCY13:  +5.9%  q-o-q;  9MCY13:  +19.8%  y-o-y).  Adex growth is on track with our expectations, but the uncertainties arising in the  global  economy  and  Malaysia’s  2014  Budget  may  impact advertisers’ spending. We keep our OVERWEIGHT recommendation for the sector, with MPR as our Top Pick.

- Back  on  track. September’s overall gross adex showed  a  healthier growth of 7.1% m-o-m (ex-pay TV: +5.9% m-o-m) and grew by 5.9% q-o-q (ex-pay TV: +5.5% q-o-q) in 3QCY13. YTD, 9MCY13’s total adex went up 19.8% y-o-y (ex-pay TV: +2.3% y-o-y). This has somewhat eased our concerns of the last two months that adex numbers were showing slower growth.  Although  Free-To-Air  TV  (FTA  TV)  has  shown  a  1.6%  q-o-q decline vis-à-vis Pay TV’s growth of 6.5% q-o-q, in September the former recorded the strongest growth among all mediums, charting 12.1% m-o-m growth. This was  mainly driven by Media Prima (MPR MK, BUY, FV: MYR3.60)’s channels.  Meanwhile,  newspaper adex  grew  11.6x%  q-o-q, mainly  boosted by  the  English  language papers  (+19%  q-o-q)  on  top  of the steady growth by their Chinese language peers (+1% q-o-q).

- Moving into the strongest quarter. We believe that the media industry is  moving  into  the  strongest  quarter  of  the  year  for  adex,  4Q.  This  is when  advertisers  need  to  exhaust  their  advertising  budget.  Couple  this with the year-end sales and the festive season, and you have a scenario that that may help boost advertising spending. We also believe that the impending  2014  Budget  speech  is  factor.  The  market  is  expecting  the mechanics  and  implementation  of  the  goods  and  services  tax  (GST)  to be  announced  in  the  Budget  speech  and  we  believe  that  the uncertainties  over  this  tax  could  have  held  back  some  adex.  We  think that advertisers may start spending again once the uncertainty is over.

- Risks. We believe that the market uncertainties, such as the pace of the global  economy’s  recovery  and  the  Malaysian  Government’s impending 2014 Budget speech, may be a drag on consumer spending behaviour. Our  forecast  on  adex  growth  can  also  be  impacted  by  negative developments  affecting  the  market,  which  can  result  in  advertising spending growth not being as positive as anticipated.

- Maintain  OVERWEIGHT.  MPR  remains  as  our  Top  Pick  while  we believe  Astro  (ASTRO  MK,  BUY,  FV:  MYR3.36)  is  a  longer-term investment.  Catcha  Media  (CHM  MK,  BUY,  FV:  MYR0.96)  has  just completed its merger with Says.com and we think its outlook has turned brighter. We are keeping our NEUTRAL stance for Media Chinese (MCIL MK,  FV:  MYR1.06).  All  in,  we  maintain  our  OVERWEIGHT recommendation for this sector.

  下载 (25.26 KB)
2013-10-21 09:59





Source: RHB

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发表于 2013-10-21 10:14 | 显示全部楼层
Media - Year-end Adex Rush May be Muted
Author: kiasutrader   |   Publish date: Mon, 21 Oct 10:13  


We reiterate our NEUTRAL view on the media sector. September total gross adex grew 7.1% MoM mainly fuelled by: (i) the beginning of aggressive ad spends for the year-end budget, and (ii) normalisation of base effect after the short working month in August due to the Hari Raya festival. On a YTD basis, the total gross adex up to September advanced by 19.4% YoY to RM9.6b, led by higher contributions from the Pay-TV, FTA-TV and newspaper segments. However, should we strip off the Pay-TV contribution, the YTD September total gross adex YoY growth was flattish at only 1.8% (vs. our 2.1% estimate) to RM6.2b. Going forward, while we are entering the traditionally strong 4Q, the adex momentum in the remaining months may be, to a certain extent, affected by the spill-over effect from the recent petrol price hike and the government subsidies rationalisation plan. There are no changes to our media companies’ CY13-CY14 earnings forecasts. We are reiterating our MARKET PERFORM calls on Astro Malaysia Holdings (ASTRO, TP: RM3.14); Media Chinese International (MEDIAC, TP: RM1.19), and Star Publications (STAR, TP: RM2.41). Our UNDERPERFORM rating on Media Prima (MEDIA, TP: RM2.60) remains unchanged.
YTD September gross adex stood at RM9.6b (+19.4% YoY), mainly fuelled by the strong TV segment adex contribution (35.6% YoY to RM5.6b). On closer analysis, the TV segment was boosted by the strong Pay-TV adex, which surged 74.5% YoY (to RM3.4b), in contrast to the minuscule 1.4% YoY growth in the FTA-TV segment. The stronger YTD Pay-TV segment was driven by additional 15 channels (to 27 channels) being gradually included into Nielsen’s Pay-TV segment portfolio since July last year. Stripping off the additional channels' effect, the Pay-TV segment only grew by 19.8% YoY to RM2.2b as of YTD September. Meanwhile, should we exclude the Pay-TV segment; the YTD September total gross adex growth was flat at +1.8% YoY (vs. our 2.1% estimate for the full-year) to RM6.2b. On a MoM basis, the total gross adex grew by 7.1% (vs. -7.8% in August) as a result of higher main-stream media contribution as well as the low base in August. The decline in August was mainly due to the shortened working days amid the Hari Raya break coupled with Fitch's downgrade of Malaysia’s sovereign credit rating outlook, which dampened business and consumer sentiment.
Adding TV AlHijrah into FTA portfolio. Nielsen has started to include TV AlHijrah into its FTA segment from September 2013 onwards. Nonetheless, the impact is negligible as TV AlHijrah only contributed 1.7% to the September FTA TV ad spent. On a MoM basis, both the FTA and Pay-TV segments advanced by 12.1% and 9.1%, respectively, as advertisers start their spending rush to fulfil year-end budget. For the Pay TV segment, Astro PRIMA, Astro RIA and Astro Wah Lai Toi channels continued to rank as the top three highest Pay-TV adex generators with an aggregate contribution of RM1.1b in gross adex or 33% of the total YTD Pay-TV gross adex. On the FTA TV front, MEDIA’s 3QCY13 gross adex fell by 3.7% QoQ (-4.1% YoY), no thanks to the lower adex contribution from 8TV and NTV7.
The newspaper segment has also benefited from ad spend rush. On a MoM comparison, BM newspaper's adex declined 13% which we reckon was due to normalisation of base effect after the Hari Raya period. Chinese newspapers adex, on the other hand, expanded by 17.6% MoM amid the Chinese Moon Cake festival while English adex also improved by 9.1% MoM. On a YTD September basis, newspaper gross adex rose by 4.3% YoY to RM3.0b, thanks to the higher adex growth in the Chinese (8.0% YoY) and English (7.9% YoY) segments despite the weaker performance in the BM (-1.8% YoY) segments. On the newspaper incumbents, 3QCY13 newspaper gross adex for MEDIA and MEDIAC improved by +7.9% and +6.8% YoY, respectively, while STAR has reversed its previous negative growth trend and grew by 24% YoY (1QFY13: -4.3% YoY; 2QFY13: -9.0% YoY), according to Nielsen.
        Source: Kenanga

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发表于 2013-10-21 22:43 | 显示全部楼层
財案衝击广告开销 媒体股展望中和


財经 2013年10月21日


(吉隆坡21日讯)在汽油价格上调之后,9月份的广告开销仍取得按月7.1%的成长。

然而,全球经济不稳定,加上大马即將公佈的预算案可能衝击广告开销,因此,分析员一般对媒体领域持「中立」的看法,惟拉昔胡申研究仍看好该领域在接下来几个月会有不俗的表现。

9月整体的广告开销健康成长,按月成长7.1%,7至9月广告开销按季成长5.9%。今年首9个月的广告总开销按年成长19.8%。

拉昔胡申研究分析员指出,9月份的广告开销成长,消除了过去两个月广告开销缓慢成长的担忧。

电视广告表现最佳

电视广告开销在各类媒体当中表现最佳,按月成长12.1%。广告开销的成长主要来自首要媒体(Media,4502,主板贸服股)旗下的电视台。

而报纸广告开销则按季成长11.6%,主要来自英文报章。

肯纳格分析员认为,9月份的广告开销成长主要来自电视广告,扣除电视广告,9月份的广告开销仅仅处於持平状態。

安联研究分析员则指出,產业发展商及电讯公司的广告,是支撑报章媒体广告收入的主要来源。

他预期,世华媒体(MediaC,5090,主板贸服股)及首要媒体第3季將能交出不俗的业绩,然而,星报所出版(Star,6084,主板贸服股)的广告收入成长並不显著,读者人数也开始出现下滑的趋势,因此,不受分析员看好。

拉昔胡申研究指出,媒体领域已经来到全年广告开销最强劲的第4季,广告商需要花清他们的全年广告预算,加上年尾的促销活动及佳节季节,促使广告商打更多的广告。

分析员也表示,在预算案公佈之前,许多广告商可能担心政府將宣布实施消费税,而暂缓广告支出,不过,当一切尘埃落定,广告商相信將重新打广告。

肯纳格分析员却没有那么乐观。他指出,接下来的几个月,广告开销的动力可能会受到汽油价格近期上涨,以及政府持续削减津贴的影响。

肯纳格研究维持2013及2014年媒体公司的盈利预测,並给予Astro大马(ASTRO,6399,主板贸服股),世华媒体及星报出版「与大市同步」的评级。同时也维持首要媒体「落后大市」的评级。

安联研究表示,在政府削减津贴,以及预期將在2014財政年宣布实施消费税的局势中,他不看好2013及2014年的广告开销成长,因此,维持媒体领域「中立」的评级。

拉昔胡申研究的分析员也指出,全球经济復甦步伐缓慢,加上政府的2014年財政预算案,可能会宣布一些打击消费开销的措施,这些都可能影响商家花钱在广告方面的意愿。

不过,整体而言,拉昔胡申研究分析员仍看好媒体领域,並给予「超越大市」的评级,首选股是首要媒体,並认为Astro大马是一项值得长期投资的股项。

此外,该分析员给予世华媒体「中和」的看法。
【光华日报】

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发表于 2013-10-22 11:55 | 显示全部楼层
Media Sector - A marginal recovery        NEUTRAL
Date: 22/10/2013

Source : AMMB
Stock : ASTRO     Price Target : 3.03     |     Price Call : HOLD
Last Price : 2.94     |     Upside/Downside :   +0.09 (3.06%)
Source : AMMB
Stock : STAR     Price Target : 2.78     |     Price Call : HOLD
Last Price : 2.38     |     Upside/Downside :   +0.40 (16.81%)
Source : AMMB
Stock : MEDIA     Price Target : 3.17     |     Price Call : BUY
Last Price : 2.84     |     Upside/Downside :   +0.33 (11.62%)
Source : AMMB
Stock : MEDIAC     Price Target : 1.28     |     Price Call : BUY
Last Price : 1.07     |     Upside/Downside :   +0.21 (19.63%)
Back



        - Total adex grew by 7% MoM (+30.5% YoY) in September, compared to a decline of 8% MoM in August, suggesting a recovery in the overall adex going into the final quarter of the year, which is seasonally the strongest due to yearend festive seasons and advertisers exhausting their budgets.
        - On a YTD basis, 9MCY13 total gross adex saw a growth of 19.4%, largely backed by growth in Pay TV due to additional channels added during the period of comparison. Stripping off the additional channels, we see a healthy growth of 6.5% in the overall adex, while taking out the Pay TV segment entirely reveals a growth of 1.8%.
        - Free-to-air (FTA) adex recorded an improvement in September, rising by 12.1% MoM and 3.1% YoY, after seeing contractions on a YoY basis in the last 3 months. Pay-TV continue to record the strongest growth, registering a YTD normalised (after stripping off additional channels) growth of 20%.
        - Total newspaper adex grew by 3.7% as at YTD September, after seeing a strong growth in September (3.4% MoM, 19%YoY). Print adex for Chinese-language newspapers continues to be strong, maintaining its 5%-6% growth. English newspaper adex increased by 7%, while Malay newspaper adex declined by 1.8%.
        - We remain cautious as planned adex spending and sentiments continue to be weak underpinned by uncertainties caused by the impending potential subsidy rationalisation measures and implementation of GST in the upcoming Budget 2014, as well as the recent fuel price hike.
        - Furthermore, changes in technology and reading preference may lead to a gradual migration from print to digital media, providing readers with an alternative source of information. Print adex could be adversely impacted going forward if advertisers realign their advertising allocations to take into account of this trend. This is further underscored by the rise of certain classified websites, such as iProperty and JobStreet, which has managed to wrestle some classified adex from traditional newspapers.
        - No changes to our estimates for now. We maintain NEUTRAL on the sector with BUY calls on:- (i) Media Prima (FV: RM3.17/share) due to its dominance in the FTA segment and its diversified and integrated media platform; and (ii) Media Chinese International (RM1.28/share) for its strong market position in the Chinese language segment which still sees a relatively decent adex growth.
        - We maintain our HOLD recommendations on:- (i) Astro Malaysia (RM3.03/share) due to its heavy capital expenditure cycle that is yet to peak which will continue to weigh on its earnings trajectory in the near term; and (ii) Star Publications (RM2.78/share) as we expect earnings to remain uncertain due to weak adex growth and declining readership.
        Source: AmeSecurities

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发表于 2013-10-24 10:29 | 显示全部楼层
Media - DTTB – a game changer to the PTV segment?
Author: kiasutrader   |   Publish date: Thu, 24 Oct 10:16  


We reiterate our NEUTRAL view on the media sector. The current spotlight is on the bid for the country’s Digital Terrestrial TV Broadcasting (DTTB) project. According to the Malaysian Communications and Multimedia Commission (MCMC)’s timeframe, the winner is expected to be announced in 4QCY13. The authority has selected three bidders for the final evaluation round of which we believe, Puncak Semangat Sdn Bhd and Redtone Network Sdn Bhd have fairly high chances of success in view of their robust financial strength, vast industry experiences and strong shareholders support as opposed to the third bidder – I-Media Broadcasting Solutions Sdn Bhd. While the final evaluation is yet to be concluded, we understand that a Common Integrated Infrastructure Provider (CIIP) is expected to be set up by the successful bidder. There is a possibility for the CIIP to seek public listing should the successful bidder aims to grow the company further, in our view. We do not expect DTTB to pose any immediate threat to the current FTA TV incumbents, but they may face some challenges in the mid-to-long term should they fail to defend their market share. There are no changes to our media companies’ CY13-CY14 earnings forecasts for now. We are reiterating our MARKET PERFORM calls on Astro Malaysia Holdings (ASTRO, TP: RM3.14); Media Chinese International (MEDIAC, TP: RM1.19), and Star Publications (STAR, TP: RM2.41). Our UNDERPERFORM rating on Media Prima (MEDIA, TP: RM2.60) remains unchanged.
DTTB award is due to be announced. MCMC has short-listed three bidders for the DTTB project – (i) Puncak Semangat S/B (P.S.), (ii) Redtone Network S/B (RN), which is 49% owned by Redtone International Bhd (OP, TP: RM0.81), and (iii) I-Media Broadcasting Solutions S/B after the first round of evaluation in June 2013. Subsequently, the three bidders have submitted their respective detailed business plans for a final round of evaluation, and the result is expected to be announced in the 4QCY13. We understand that the 15-year DTTB contract value is estimated at RM1b based on earlier press report but may potentially be valued higher should more advanced technology is used. We also understand that Malaysia is targeting to be off the analogue system by late 2015.
A new media company in the making? Based on our understanding a CIIP will be built after the final successful bidder is announced. The CIIP will be performed the function as the DTT Multiplex service Provider (DMBH) and DTT network Facilities Provider to serve the contents and applications service providers. The successful DTTB applicant will be awarded an Apparatus Assignment to function as a CIIP to design, build, operate and maintain DTT infrastructures. In order to grow the CIIP further and enhance its operational as well as financial efficiency, we do not discount that the CIIP may seek public funding in the near future.
Policy frameworks already in placed. While the DTTB bidding process has yet to be concluded, the project’s policy frameworks (i.e. migration policy; standards and receiver specifications; implementation and migration plan; and etc.) are already in place. We understand three multiplexer will be available immediately, which will allow the CIIP to provide up to 45 Standard-Definition or 15 High-Definition channels during the initial stage, according to MCMC. Broadcasters will need to lease the access and bandwidth from CIIP with rates that are not expected to exceed the current rates. Nevertheless, should more technical infrastructures (i.e. statistical multiplexing, channel combining; co-location of transmitters and etc.) are used the cost per channel for DTT is envisaged to be more competitive.
Potential beneficiaries. We believe both PS and RN have fairly higher chances to seal the award, albeit the final evaluation process of the DTTB project has yet to be concluded, judging from their respective financial strength, rich industry knowledge and experiences as well as strong shareholders support. Meanwhile, Telekom Malaysia (TM, OP, TP: RM5.94) could also stand to benefit, to a certain extent, given that the group has the most extensive number and wider coverage of transmission sites in the country. With more FTA channels likely to be introduced under the DTTB this could provide an additional revenue stream in the future.
        Source: Kenanga

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发表于 2013-10-24 11:50 | 显示全部楼层
Media - DTTB – a game changer to the PTV segment?
Date: 24/10/2013

Source : KENANGA
Stock : ASTRO     Price Target : 3.14     |     Price Call : HOLD
Last Price : 2.93     |     Upside/Downside :   +0.21 (7.17%)
Source : KENANGA
Stock : MEDIAC     Price Target : 1.19     |     Price Call : HOLD
Last Price : 1.08     |     Upside/Downside :   +0.11 (10.19%)
Source : KENANGA
Stock : STAR     Price Target : 2.41     |     Price Call : HOLD
Last Price : 2.36     |     Upside/Downside :   +0.05 (2.12%)
Source : KENANGA
Stock : MEDIA     Price Target : 2.60     |     Price Call : BUY
Last Price : 2.84     |     Upside/Downside :   -0.24 (8.45%)
Back



We reiterate our NEUTRAL view on the media sector. The current spotlight is on the bid for the country’s Digital Terrestrial TV Broadcasting (DTTB) project. According to the Malaysian Communications and Multimedia Commission (MCMC)’s timeframe, the winner is expected to be announced in 4QCY13. The authority has selected three bidders for the final evaluation round of which we believe, Puncak Semangat Sdn Bhd and Redtone Network Sdn Bhd have fairly high chances of success in view of their robust financial strength, vast industry experiences and strong shareholders support as opposed to the third bidder – I-Media Broadcasting Solutions Sdn Bhd. While the final evaluation is yet to be concluded, we understand that a Common Integrated Infrastructure Provider (CIIP) is expected to be set up by the successful bidder. There is a possibility for the CIIP to seek public listing should the successful bidder aims to grow the company further, in our view. We do not expect DTTB to pose any immediate threat to the current FTA TV incumbents, but they may face some challenges in the mid-to-long term should they fail to defend their market share. There are no changes to our media companies’ CY13-CY14 earnings forecasts for now. We are reiterating our MARKET PERFORM calls on Astro Malaysia Holdings (ASTRO, TP: RM3.14); Media Chinese International (MEDIAC, TP: RM1.19), and Star Publications (STAR, TP: RM2.41). Our UNDERPERFORM rating on Media Prima (MEDIA, TP: RM2.60) remains unchanged.
DTTB award is due to be announced. MCMC has short-listed three bidders for the DTTB project – (i) Puncak Semangat S/B (P.S.), (ii) Redtone Network S/B (RN), which is 49% owned by Redtone International Bhd (OP, TP: RM0.81), and (iii) I-Media Broadcasting Solutions S/B after the first round of evaluation in June 2013. Subsequently, the three bidders have submitted their respective detailed business plans for a final round of evaluation, and the result is expected to be announced in the 4QCY13. We understand that the 15-year DTTB contract value is estimated at RM1b based on earlier press report but may potentially be valued higher should more advanced technology is used. We also understand that Malaysia is targeting to be off the analogue system by late 2015.
A new media company in the making? Based on our understanding a CIIP will be built after the final successful bidder is announced. The CIIP will be performed the function as the DTT Multiplex service Provider (DMBH) and DTT network Facilities Provider to serve the contents and applications service providers. The successful DTTB applicant will be awarded an Apparatus Assignment to function as a CIIP to design, build, operate and maintain DTT infrastructures. In order to grow the CIIP further and enhance its operational as well as financial efficiency, we do not discount that the CIIP may seek public funding in the near future.
Policy frameworks already in placed. While the DTTB bidding process has yet to be concluded, the project’s policy frameworks (i.e. migration policy; standards and receiver specifications; implementation and migration plan; and etc.) are already in place. We understand three multiplexer will be available immediately, which will allow the CIIP to provide up to 45 Standard-Definition or 15 High-Definition channels during the initial stage, according to MCMC. Broadcasters will need to lease the access and bandwidth from CIIP with rates that are not expected to exceed the current rates. Nevertheless, should more technical infrastructures (i.e. statistical multiplexing, channel combining; co-location of transmitters and etc.) are used the cost per channel for DTT is envisaged to be more competitive.
Potential beneficiaries. We believe both PS and RN have fairly higher chances to seal the award, albeit the final evaluation process of the DTTB project has yet to be concluded, judging from their respective financial strength, rich industry knowledge and experiences as well as strong shareholders support. Meanwhile, Telekom Malaysia (TM, OP, TP: RM5.94) could also stand to benefit, to a certain extent, given that the group has the most extensive number and wider coverage of transmission sites in the country. With more FTA channels likely to be introduced under the DTTB this could provide an additional revenue stream in the future.
        Source: Kenanga

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发表于 2013-11-1 18:08 | 显示全部楼层
OTHERS MEDIA PRIMA BERHAD (“MPB” OR “COMPANY”) -CANCELLATION OF THE 7-YEAR COMMERCIAL PAPERS PROGRAMME OF UP TO RM180 MILLION IN NOMINAL VALUE
MEDIA PRIMA BERHAD

TypeAnnouncement
SubjectOTHERS
DescriptionMEDIA PRIMA BERHAD (“MPB” OR “COMPANY”)

-CANCELLATION OF THE 7-YEAR COMMERCIAL PAPERS PROGRAMME OF UP TO RM180 MILLION IN NOMINAL VALUE


MPB refers to its announcement dated 23 August 2007 in relation to the Securities Commission’s approval for the establishment of the 7-year Commercial Papers Programme of up to RM180.0 million in nominal value (“CP Programme”).

MPB wishes to announce that following a review of the CP Programme, it was determined that the CP Programme be cancelled. All settlements in relation to the CP Programme have been made with no further obligations on MPB thereafter. In furtherance of this, MPB has received written confirmation that MPB’s said CP Programme has, effective 31 October 2013, been cancelled from the Fully Automated Systems for Issuing/Tendering (FAST).

MPB wishes to announce that the cancellation of the CP Programme will not have any material effect on the Company’s financial position.

This announcement is dated 1 November 2013.






Announcement Info
Company NameMEDIA PRIMA BERHAD  
Stock Name MEDIA   
Date Announced1 Nov 2013
CategoryGeneral Announcement
Reference NoMP-131101-61751

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发表于 2013-11-11 23:26 | 显示全部楼层
PublicInvest Research Headlines - 11 Nov 2013
Date: 11/11/2013

Source : PUBLIC BANK
Stock : MEDIA     Price Target : 2.62     |     Price Call : HOLD
Last Price : 2.67     |     Upside/Downside :   -0.05 (1.87%)
Back


        Economy
US: Payrolls beat forecasts as US weathers shutdown. American employers added more workers to payrolls in Oct than economists projected as the world’s largest economy powered through the federal government shutdown. The gain of 204,000 workers topped the most optimistic forecast in a survey of economists and followed a 163,000 increase in Sept that was larger than initially estimated. The jobless rate rose to 7.3% from an almost five-year low. (Bloomberg)
EU: ECB split stokes German backlash fears. Divisions at the heart of the European Central Bank over last week’s rate cut have revived fears in Frankfurt of a German popular backlash against the bank’s policy making, even as the ECB faces decisions critical to the eurozone’s future. People involved in the policy debates said divisions between northern and southern representatives on the ECB board have been mounting since market pressures on the eurozone relaxed, with council members freed up to revert to national interests. (Financial Times)
EU: S&P Cuts France's Credit Rating by One Notch to Double-A. Standard & Poor's (S&P) Ratings Services on Friday cut France's credit rating by one notch to double-A, sharply criticizing President François Hollande's strategy for repairing the country's economy. S&P, which lowered France from double-A-plus, shifted its outlook for the rating to stable from negative. This implies the probability of an upgrade or a downgrade is below one in three. S&P's decision comes as broader doubts take hold in France about Mr. Hollande's approach to rekindling economic growth through incremental steps to avoid sparking a popular backlash. (Wall Street Journal)
UK: House prices increase to record as recovery goes national. UK house prices rose to a record last month as easing credit availability drove buyers back to the market in all regions of England and Wales for the first time in almost three years, Acadametrics said. Values increased 0.6% from Sept to an average GBP237,161 (USD380,500), the Londonbased real-estate researcher and LSL Property Services Plc said in a report today. Annual price growth increased in all 10 regions tracked by Acadametrics for the first time since Nov 2010 as values climbed an average 4.3% from a year earlier. (Bloomberg)
UK: London prime rental market faces saturation as developers rush in. London’s housing market faces an oversupply of high-value homes for rent, as developers rush to build schemes that will soak up a wave of foreign investment flowing into the capital. By contrast there is a huge undersupply at lower levels of the market, according to research by estate agent Savills. Foreign buyers have streamed into the London market in recent months, prompting political debate about raising the taxes they face in an attempt to stem the tide. (Financial Times)
China: Output growth tops estimates as recovery sustains momentum. China’s industrial output growth unexpectedly accelerated and inflation stayed below a government target, providing a boost to Communist Party leaders meeting in Beijing to chart the economy’s course for coming years. Production rose 10.3% from a year earlier, the National Bureau of Statistics said yesterday, exceeding the 10% median estimate in a Bloomberg News survey of economists and the previous month’s 10.2%. Inflation was a less-than-forecast 3.2% and producer prices fell 1.5%. (Bloomberg)
Indonesia: To relax foreign investment rules. Foreign investors will see more opportunities to benefit from Indonesia's future growth as the government moves forward with plans to open up the economy. Coordinating Minister for the economy, Hatta Rajasa, led a meeting with a number of government officials and prominent members of the business community in Jakarta. The meeting was a discussion on the government's plans to attract more foreign direct investments. The outcome, explained Hatta, was an agreement to open up some of the sectors restricted to foreign investors as well as allowing them to increase their interests in local businesses. (Business Times)
Malaysia: Bigger exports growth in Sept. The Sept figure rose 5.6% compared to a revised 13% in Aug while imports rose at a slower 2.8% (compared to 14.2% in August), increasing the trade surplus to RM8.7bn. According to the International Trade and Industry Ministry (Miti), total trade for the first nine months touched RM1.0trn. Exports in Sept increased for the fourth consecutive month, recording a value of RM63.3bn, the highest registered this year. (Business Times)        Markets
Media Prima (Neutral, TP: RM2.62): Poised to retain dominance. Media Prima CEO for television networks Ahmad Izham Omar said Media Prima is set to bring over 100 new programmes that include a combination of local blockbusters, drama series, cooking shows and documentaries across our four channels- - TV3, ntv7, 8TV and TV9. As of second quarter this year, the media conglomerate held almost 45% share of the local TV market via the four channels, with TV3 reigning supreme at 24%. (Business Times)
Guinness Anchor: 1Q net profit down 13%. Guinness Anchor’s (GAB) net profit fell by 13% to RM49.6m for the 1QFY4 from RM56.8m a year ago, on lower revenue. Revenue declined 17% to RM325.7m from RM392.2m a year ago, mainly due to a planned reduction in distributor stocks and softer consumer spending amid economic uncertainty. Moving forward, the group will invest in marketing initiatives such as Heineken Thirst in Dec and also expect exciting new offerings from the group in the near future. (SunBiz)
XOX: Makes turnaround with RM4.5m net profit. XOX registered a turnaround after its financial statements for the year ended June 30, 2013 were audited, with an audited net profit of RM4.5m compared with an unaudited net loss of RM3.6m. The company said the deviation of about 225.7% in earnings was due to earlier negotiations that its subsidiary had with a major trade creditor for a discount on the cost of sales incurred. (StarBiz)
Supermax: Proposes to purchase 40ha land. Supermax Corp has proposed to purchase an estimated 40ha vacant industrial land in Serendah, Selangor for RM78.4m from Dragonline Resources SB. The purchase of the freehold tract is to expand its nitrile glove output aggressively to meet growing demand. It said the tract is near its headquarters in Sungai Buloh hence this will reduce travelling and logistics cost as the tract is near to Port Klang. (Financial Daily)
Oil & Gas: Petronas expands footprint in Canada. Petroliam Nasional (Petronas) outfit, Progress Energy Canada Ltd, is buying a large chunk of Talisman Energy Inc’s Montney natural gas assets for CAD1.5bn (RM4.6bn). Progress Energy is buying about three quarters, or 51 hectares, of Talisman’s holdings in the Greater Farrell and Greater Cypress areas of British Columbia. These assets produced about 11,000 barrels of oil equivalent per day as of Oct 1 and production is expected to increase in the fourth quarter of the year. (Business Times)
IPO: Titijaya eyes RM122m IPO. Property developer Titijaya Land plans to raise a total of RM122.5m from its listing exercise this monthend, a bulk of which would be utilized as working capital and for the purchase of landbank. The shares offered under the IPO, which is slated tentatively for Nov 27 listing, are priced at RM1.50 for each. Upon listing, it would have an enlarged share capital of 340m shares and an estimated market capitalization of RM510m. Armed Forces Fund (LTAT) and Lembaga Tabung Haji are on board after subscribing for their private placement. It current landbank, spanning over 470 acres has an ongoing project with GDV of RM1bn as well as upcoming projects with a total GDV of at least RM3.3bn. (Financial Daily)        MARKET UPDATE
US markets picked up steam following a positive jobs report by the Labor Department, though expectations are still for the Federal Reserve to begin reducing their asset purchases by March next year, at the earliest. Employers added 204,000 workers in October, almost double what was anticipated, and weathering the partial government shutdown with some ease. Unemployment rates remained elevated however, rising a notch to 7.3% from the 7.2% registered in September. Additionally, the Thomson Reuters/University of Michigan preliminary consumer sentiment index for November fell to its weakest in about two years. Nevertheless, benchmark indices closed last Friday on a stronger note, with the Dow Jones Industrial Average and S&P 500 rising 1.1% and 1.3% respectively.
France’s credit rating cut to AA by Standard and Poor’s, citing an unconvincing growth outlook, is a fresh reminder of the on-going challenges the region still faces in its battle against its sovereign debt crisis. The country’s benchmark CAC 40 slipped 0.5% as a result. Other major markets fared better however, lifted by better-than-expected GDP and employment growth numbers in the US as well as the unexpected interest rate cut by the European Central Bank. While Germany’s DAX and Spain’s IBEX 35 were largely flat (-0.03% and 0.07% respectively), Italy’s FTSE MIB and UK’s FTSE 100 inched 0.5% and 0.2% higher.
Asian equities, perhaps more susceptible to “hot money” outflows than the rest of the world didn’t take too kindly to the stronger US GDP growth number, with most benchmark indices trading to the downside on fears of a tapering “ahead of schedule”.
Question is… when IS the scheduled time? Every time the subject matter is broached, markets tumble. Given the unprecedented nature of these moves in the first place, there will never likely be a right time. Until it’s done, markets will remain volatile. Last Friday, almost all major Asian benchmarks declined. The Shanghai Composite Index, Hang Seng Index, Straits Times Index and FBM KLCI slipped 1.1%, 0.6%, 0.8% and 0.1% respectively. XOX “beat the buzzer”, so to speak, when it submitted its annual audited accounts for FYE June 2013 just ahead of the deadline set by Bursa Malaysia, averting a suspension of its shares which would have been effective today. As a result, there could be a “reprieve rally” today, though questions should still be asked as to why the accounts could not be furnished much earlier. Kejuruteraan Samudra Timur announced the receipt of a 5-year contract from Petronas Carigali for the provision of tubular handling equipment and services for the shallow waters of its West Malaysian operations, a development which bodes well for the Group. No quantum was reported, but which should help the company see better days ahead following the proposed exit from its land rig business which has been a drag in recent times.
        Source: PublicInvest Research - 11 Nov 2013

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发表于 2013-11-18 18:16 | 显示全部楼层
4502    MEDIA    MEDIA PRIMA BHD
Quarterly rpt on consolidated results for the financial period ended 30/9/2013
Quarter:3rd Quarter
Financial Year End:31/12/2013
Report Status:Unaudited
Submitted By:JESSICA TAN SAY CHOON
Current Year QuarterPreceding Year Corresponding QuarterCurrent Year to DatePreceding Year Corresponding Period
30/09/201330/09/201230/09/201330/09/2012
RM '000RM '000RM '000RM '000
1Revenue439,277437,2111,271,3871,220,118
2Profit/Loss Before Tax85,49378,690203,382184,569
3Profit/Loss After Tax and Minority Interest64,08058,914152,484137,694
4Net Profit/Loss For The Period63,51658,621150,726136,148
5Basic Earnings/Loss Per Shares (sen)5.825.4513.8112.65
6Dividend Per Share (sen)3.003.006.006.00
As At End of Current QuarterAs At Preceding Financial Year End
7Net Tangible Assets Per Share (RM) 1.47671.4331
Remarks:
N/A

18/11/2013   06:15 PM


Ref Code: 20131118FA00264

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发表于 2013-11-18 18:24 | 显示全部楼层
4502    MEDIA    MEDIA PRIMA BHD
2ND SINGLE-TIER INTERIM DIVIDEND 3 SEN
Entitlement Details:
SECOND SINGLE-TIER INTERIM DIVIDEND OF 3.0 SEN PER ORDINARY SHARE FOR THE
FINANCIAL YEAR ENDING 31 DECEMBER 2013
Entitlement Type:Second Interim Dividend
Entitlement Date and Time:13/12/2013  05:00 PM
Year Ending/Period Ending/Ended Date:31/12/2013
EX Date:11/12/2013
To SCANS Date:
Payment Date:30/12/2013
Interest Payment Period:
Rights Issue Price:0.000
Trading of Rights Start On:
Trading of Rights End On:
Stock Par Value:
Share transfer book & register of members will be closed from
to
(both dates inclusive) for the purpose of determining the entitlements
A Depositor shall qualify for the entitlement in respect of:
- Securities transferred into the Depositor's Securities Account before 13/12/2013 04:00 PM in respect of ordinary transfers.
- Securities transferred into the Depositor's Securities Account before
   in respect of express transfers.
- Securities deposited into the Depositor's Securities Account before 11/12/2013 12:30 PM in respect of securities exempted from mandatory deposit.
- Securities not withdrawn from the Depositor's Securities Account as at
  .
- Securities bought on KLSE on a cum entitlement basis according to the Rules of the KLSE.
Registrar's Name and Contact:
SYMPHONY SHARE REGISTRARS SDN BHD
LEVEL 6, SYMPHONY HOUSE
PUSAT DAGANGAN DANA 1 JALAN PJU 1A/46
47301 PETALING JAYA
SELANGOR
Tel : 03-78418000
Remarks:
N/A
Submitted By:
JESSSICA TAN SAY CHOON

18/11/2013   06:23 PM


Ref Code: 20131118EA00288

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发表于 2013-11-18 18:58 | 显示全部楼层
OTHERS Single-tier second interim dividend of 3.0 sen per ordinary share for the financial year ending 31 December 2013.
MEDIA PRIMA BERHAD

TypeAnnouncement
SubjectOTHERS
DescriptionSingle-tier second interim dividend of 3.0 sen per ordinary share for the financial year ending 31 December 2013.


The Board of Directors of Media Prima Berhad is pleased to declare a single-tier second interim dividend of 3.0 sen per ordinary share in respect of the financial year ending 31 December 2013. Further details on the entitlements of the above single-tier second interim dividend are set out in the Notice of Entitlement (Notice of Book Closure) which is announced separately today.   



Announcement Info
Company NameMEDIA PRIMA BERHAD  
Stock Name MEDIA   
Date Announced18 Nov 2013
CategoryGeneral Announcement
Reference NoMP-131106-E57D6

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发表于 2013-11-19 09:45 | 显示全部楼层
Media Prima - Not Out Of The Woods Yet
Author: kltrader   |   Publish date: Tue, 19 Nov 09:31  


Commendable 3Q13 but there are still risks. MPR„s 3Q13 results were above expectations and we believe that this was due mainly to cost rationalisation. We are concerned that TV and print recorded YoY contractions in both revenue and EBITDA in 3Q13. The recent 20sen/ litre fuel price hike, GST implementation on 1 Apr 2015 and further subsidy rationalisation by the government pose risks to our estimates. We maintain our SELL call and MYR2.40 TP on 13x FY14 PER.
Above expectations. 3Q13 net profit of MYR63.5m (+8% YoY) brought 9M13 net profit to MYR150.7m (+11% YoY) or 71% of our full-year estimate (historical range: 60-70%). 9M13 revenue of MYR1.3b (+4% YoY) was within expectations at 72% of our 2013 estimate. We believe the outperformance at the profit level was due to the 1% YoY and 8% QoQ decline in 3Q13 operating expenses. This could be due to cost rationalisation gains. A second interim net DPS of 3sen (+0% YoY) brought 9M13 net DPS to 6sen (+0% YoY), in line.
TV and print results not encouraging. Although 3Q13 revenue was flat YoY, 3Q13 net profit was up 8% YoY on higher radio contributions and narrower corporate losses. On closer inspection, TV and print recorded YoY contractions in both revenue and EBITDA in 3Q13. We are concerned as both segments contributed 89% to group EBITDA in 2012. In fact, 3Q13 TV adex eased 1% YoY – the first YoY contraction in five quarters (Chart 1). We believe that this was due to fewer ads after the 13th  General Election held on 5 May 2013.
Maintain earnings estimates. 9M13 TV viewership share of 43% was down 2ppts YoY and 1ppt QoQ. Therefore, we do not believe that MPR can continue to rationalise cost without negatively impacting viewership share and adex growth in the long run. We also fear that there is more downside risk to our estimates from the 20sen/litre fuel price increase on 3 Sep 2013, GST implementation on 1 Apr 2015 and further subsidy rationalisation efforts by the government which would impact adex sentiment generally in the media industry.  
        Source: Maybank Research - 19 Nov 2013

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