Analisa Saham MNCN
Mirae Asset Sekuritas Indonesia Flash Focus
Flash Focus – MNCN 4Q17 Results by Christine Natasya (natasya@miraeasset.co.id)
(Mar 29, 2018)
-For 4Q17, MNCN posted net profit of IDR331.6bn (vs. net loss of IDR74bn in 4Q16), yet it declined by 4.4% QoQ.
-The 4Q17 revenue came in at IDR1.67tr (+14% YoY, -4.9% QoQ), leading the full-year figure to IDR7.05tr (+4.8% YoY).
-MNCN’s FY17 gross margin expanded 4.8%p YoY to 62.1% (from 57.3% in FY16), which we attribute to the expansion of in-house production capacity.
-We are still waiting for the company to release its audited full-year results. Currently, we recommend Overweight on the media sector, with MNCN as our top pick. MNCN’s valuation is attractive compared to Surya Citra Media (SCMA/Trading Buy/TP: IDR2,915).
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