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Danareksa Equity Snapshot - 30 Mei 2018
May 30, 2018 09:58

FROM EQUITY RESEARCH

Surya Citra Media: Big jump in 1Q18 advertising revenues

(SCMA IJ. IDR 2,360. BUY. TP IDR 3,100)

SCMA’s 1Q18 revenues and net profits are inline, both numbers reaching 22.6% of our full year forecasts. SCMA’s 1Q18 revenues are up an impressive 15.0% yoy, mainly thanks to higher advertising revenues. While the EBIT margin improved slightly in the period mainly on the back of efficiencies in salaries and allowances expenses, the gross margin was compressed due to higher program and broadcasting expenses. In the media sector, SCMA is our top pick.

 

Media Nusantara: Sluggish 1Q18 performance

(MNCN IJ. IDR 1,260. BUY. TP IDR 1,750)

MNCN booked lower-than-expected 1Q18 revenues and net profits, mainly on the back of weak advertising revenues and higher content costs in 1Q18 compared to 4Q17. This led to gross margins compression in 1Q18 compared to previous quarters, although gross margins were still higher versus 1Q17. MNCN also booked significant forex losses in 1Q18 and a higher tax rate. We are currently reviewing our forecast.

 

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MARKET NEWS

Macroeconomy

  • Indonesia’s 4M18 state budget expenditures are 26.3% of the full year target

Sector

  • Construction: Among the construction companies, PTPP booked the most new contracts in 4M18

Corporate

  • Bank Central Asia:  BCA will increase its time deposits rate in June

 

TECHNICAL ANALYSIS CORNER

Market Maker

  • IHSG. 6,068. NEGATIVE. TP 5,900.

 

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