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Danareksa Equity Snapshot - Media Sector (OVERWEIGHT) May 18: RCTI’s audience share improves further
June 07, 2018 10:16

Media

May 18: RCTI’s audience share improves further

 

A recent Nielsen survey signaled a further improvement in MNCN’s audience share in May 18, both prime time and non-prime time, mainly on the back of RCTI’s improving audience share during Ramadan. During prime time, RCTI’s top TV shows were: 1) “Dunia Terbalik” and 2) “Cinta Yang Hilang”. Surprisingly, ANTV’s prime time and non-prime time audience share continued to pick up as well, mainly on the back of: 1) “Karma The Series” and 2) “Jodoh Wasiat Bapak”. SCMA remains as our top pick in the sector.

 

MNCN’s audience share improved in May 18. MNCN’s audience share improved in May 18, driven mainly by RCTI’s better audience share on a monthly comparison even though it is still lower compared to last year. SCMA’s audience share was down slightly in May 18, mainly due to SCTV’s lower audience share on a monthly comparison (even though it is better on a yearly comparison). At the same time, VIVA’s audience share improved further in May 18 driven by ANTV. On the flip side, TRANS and METRO were the laggards in May 18.

 

RCTI’s prime time audience share improved in May 18. RCTI’s prime time audience share improved in May 18, largely thanks to: 1) “Dunia Terbalik” and 2) “Cinta Yang Hilang” (which were aired during Ramadan), even though the station’s prime time audience share is still much lower compared to the previous year. MNCTV’s prime time audience share was also boosted by “Buka Puasa Bareng Upin & Ipin”. Meanwhile, SCTV’s prime time share declined. Its top TV shows were: 1) “Anak Langit”, 2) “Orang Ketiga” and 3) “Siapa Takut Jatuh Cinta”. As for ANTV, its prime time audience share picked up further in May 18 supported by: 1) “Karma The Series” and 2) “Jodoh Wasiat Bapak”.

 

MNCN’s non-prime time audience share improved in May 18. MNCN’s non-prime time audience share also improved in May 18, driven mainly by RCTI, although the performance was still lower on a yearly comparison. From a negative aspect, both SCTV and IVM’s non-prime time audience share declined in May 18 on a monthly comparison, although the overall performance was still better compared to the previous year. As for ANTV, its non-prime time share continued to pick up over the previous month. Both TRANS and METRO’s non-prime time audience share continued to lag, however.

 

Top pick: SCMA. Despite the pick-up in MNCN’s audience share during Ramadan, our top pick in the media sector is still SCMA given its: 1) expected significant yoy growth in revenues and net profits in 2018, 2) strong audience share, and 3) healthy balance sheet with net cash. Overall, we remain upbeat on the outlook for improving adex in 2018 and maintain our overweight call on the sector. The risks to our call include: 1) audience share stagnating, 2) higher content and operating costs, and 3) stiffer competition.

 

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