Surya Citra Media (SCMA IJ)
Counting Ramadan’s blessings
Secara YTD, harga saham SCMA relatif berkinerja lebih buruk dibandingkan dengan perusahaan konsumen lainnya karena kami menduga investor menunggu hasil laporan keuangan- pasca akuisisi Sinemart.
Media Company Report June 14, 2017
Trading Buy
(Maintain) Target Price (12M, IDR)
3,290
Share Price (6/14/17, IDR)
2,790 17.9%
Expected Return
Consensus OP (17F, IDRtr)
2.4
Industry P/E (17F, x)
18.9
Benchmark P/E (17F, x)
16.3
Market Cap (IDRbn) Shares Outstanding (mn)
40,794.3 14,621.6
Free Float (mn)
13.6
Beta (Adjusted, 24M) 52-Week Low (IDR)
1.1 2,130
52-Week High (IDR)
3,360
(%)
1M
6M
12M
Absolute Relative
-2.4 -4.3
9.8 -0.4
-12.3 -32.4
Menurut kami, pangsa pemirsa SCTV yang menurun disebabkan oleh sinetron baru yang berjudul "Boy" (ditayangkan pada April 2017), yang pangsa pemirsanya lebih rendah dari sinetron yang ada di SCTV, seperti "Anak Langit" dan "Berkah Cinta". Namun demikian, SCMA tetap menayangkan sinetron “Boy” karena telah mendapat komitmen pendapatan dalam bentuk product placement (teknik iklan dengan menunjukkan produk/merek nyata yang digunakan dalam sinetron) dan Whisper Media. Menurut SCMA, pendapatan yang dihasilkan dari product placement dan Whisper Media lebih dari cukup menutupi rendahnya rating. Dengan demikian, kami yakin marjin kotor SCMA akan stabil pada kuartal mendatang.
Margin improvement still likely in 2Q17 Terlepas dari penurunan pangsa pemirsa baru-baru ini, kami memperkirakan marjin laba kotor SCMA akan membaik pada 2Q17 karena: 1)tambahan pendapatan dari program sahur selama Ramadan, 2) efek lagging dari naiknya pangsa pemirsa SCTV pada akhir 1Q17, dan 3) Biaya pemrograman yang tidak naik signifikan karena tidak adanya Torabika-Soccer. SCMA masih top pick sektor media kami. Target price kami IDR3,290, dan kami mempertahankan Trading Buy rating.
6/17
5/17
4/17
3/17
2/17
SCMA
1/17
12/16
9/16
10/16
8/16
11/16
JCI
(D-1yr=100) 130 120 110 100 90 80 70
7/16
Kami percaya bahwa penurunan primetime audience share SCTV adalah main drag dari keseluruhan penurunan all time audience share SCMA. Pada bulan Mei, prime time audience share SCMA turun sebesar 3.6%MoM menjadi 17.8%. Program non-prime-timenya, di sisi lain, hanya mengalami sedikit penurunan (-20bps MoM).
5,737.0
Institutional Ownership (%)
6/16
Meskipun perusahaan memperkirakan revenue pasca-akuisisi yang optimis, pangsa pemirsa prime-time dari saluran SCTV telah menyebabkan investor ragu. Namun, kami tetap optimis terhadap result 2Q17, terutama mengingat adanya Ramadan di kuartal tersebut.
PT. Mirae Asset Sekuritas Indonesia Trade Christine Natasya +62-21-515-1140 (ext 233)
[email protected]
FY (Dec.)
12/13
12/14
12/15
12/16
12/17F
12/18F
Revenue (IDRbn)
3,694.7
4,075.2
4,238.0
4,524.1
5,129.2
5,642.1
Gross Profit (IDRbn)
2,312.9
2,590.8
2,711.8
2,741.7
3,239.6
3,563.5
Operating Profit (IDRbn)
1,758.8
1,928.0
2,014.5
2,003.3
2,402.5
2,642.7
Net profit (IDRbn)
1,285.9
1,457.7
1,521.6
1,511.1
1,830.8
2,016.9
87.9 186.4
99.7 236.3
104.1 215.2
103.3 234.3
125.2 287.5
137.9 338.0
P/E (x) P/B (x)
31.7 15.0
28.0 11.8
26.8 13.0
27.0 11.9
22.3 9.7
20.2 8.3
ROE (%) ROA (%)
48.6 32.9
47.2 33.2
46.1 32.7
46.0 32.2
48.0 34.9
44.1 33.0
EPS (IDR) BPS (IDR)
Note: NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Sekuritas Indonesia Research estimates
June 14, 2017
Surya Citra Media
Secara YTD, harga saham SCMA relatif berkinerja lebih buruk dibandingkan dengan perusahaan konsumen lainnya karena kami menduga investor menunggu hasil laporan keuangan- pasca akuisisi Sinemart. Meskipun perusahaan memperkirakan revenue pasca-akuisisi yang optimis, pangsa pemirsa prime-time dari saluran SCTV telah menyebabkan investor ragu. Namun, kami tetap optimis terhadap result 2Q17, terutama mengingat adanya Ramadan di kuartal tersebut.
Figure 1. YTD share performances 30% 25% 20%
15% 10% 5% 0% -5% -10% -15% -20% KLBF IJ Equity
GGRM IJ Equity
HMSP IJ Equity
UNVR IJ Equity
ICBP IJ Equity
INDF IJ Equity
MNCN IJ Equity
SCMA IJ Equity
AISA IJ Equity
JCI Index
Source: Bloomberg, Mirae Asset Sekuritas Indonesia Research
Drop in audience share not too concerning Kami percaya bahwa penurunan primetime audience share SCTV adalah main drag dari keseluruhan penurunan all time audience share SCMA. Pada bulan Mei, prime time audience share SCMA turun sebesar 3.6%MoM menjadi 17.8%. Program non-prime-time-nya, di sisi lain, hanya mengalami sedikit penurunan (-20bps MoM). Menurut kami, pangsa pemirsa SCTV yang menurun disebabkan oleh sinetron baru yang berjudul "Boy" (ditayangkan pada April 2017), yang pangsa pemirsanya lebih rendah dari sinetron yang ada di SCTV, seperti "Anak Langit" dan "Berkah Cinta". Namun demikian, SCMA tetap menayangkan sinetron “Boy” karena telah mendapat komitmen pendapatan dalam bentuk product placement (teknik iklan dengan menunjukkan produk/merek nyata yang digunakan dalam sinetron) dan Whisper Media. Menurut SCMA, pendapatan yang dihasilkan dari product placement dan Whisper Media lebih dari cukup menutupi rendahnya rating. Dengan demikian, kami yakin marjin kotor SCMA akan stabil pada kuartal mendatang.
Mirae Asset Sekuritas Indonesia Research
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Figure 2. All-time audience shares %
LOKAL TV
TVRI1
Figure 3. SCMA’s all-time audience share
METRO
VIVA
Trans
MNCN
%
SCMA
23.1
23.1
14.0
13.4
35.5
32.6
20.2
18.8
18.3
14.3
14.6
14.6
33.2
33.3
17.4
17
80
16
16
15
60
14
50
13
35.5
12.4
12
30
12.1
11 10
20 10
18.1
18
90
40
IVM
19
100
70
SCTV
24.0
27.3
29.1
29.8
28.1
Jan-17
Feb-17
Mar-17
Apr-17
May-17
9
0
Source: Nielsen, Mirae Asset Sekuritas Indonesia Research
Source: Nielsen, Mirae Asset Sekuritas Indonesia Research
Figure 4. SCMA’s all-time audience share vs. revenue
Figure 5. RCTI vs SCTV: Prime-time audience share
(IDRbn)
SCMA all time audience share (R)
SCMA's revenue (L)
(%)
1,300
30
1,250
29
% 35
SCTV
RCTI
30
±3-month lagging effect
25
1,200
28
1,150
27
20
1,100
26
15
1,050
25
1,000
24
950
23
900 Jan-15
22
23.4
17.8
10
5
0 Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Source: Nielsen, Company data, Mirae Asset Sekuritas Indonesia Research
Mirae Asset Sekuritas Indonesia Research
Source: Nielsen, Mirae Asset Sekuritas Indonesia Research
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Surya Citra Media
Figure 6. Example of advertisement through Whisper Media
Source: Mirae Asset Sekuritas Indonesia Research
Margin improvement still likely in 2Q17 Terlepas dari penurunan pangsa pemirsa baru-baru ini, kami memperkirakan marjin laba kotor SCMA akan membaik pada 2Q17 karena: 1)tambahan pendapatan dari program sahur selama Ramadan, 2) efek lagging dari naiknya pangsa pemirsa SCTV pada akhir 1Q17, dan 3) Biaya pemrograman yang tidak naik signifikan karena tidak adanya Torabika-Soccer. SCMA masih top pick sektor media kami. Target price kami IDR3,290, dan kami mempertahankan Trading Buy rating.
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Surya Citra Media
Figure 7. SCTV’s quarterly GPM
Figure 8. IVM’s quarterly GPM 90%
80%
Ramadhan
Ramadhan
70%
D'Academy Asia and Ramadhan D'Academy Asia and Ramadhan
80%
Ramadhan
Torabika cost 70%
60% 52%
50%
53%
60%
50% 50%
40% 40%
30%
30%
20%
20%
10%
10%
0%
0%
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
Source: Company data, Mirae Asset Sekuritas Indonesia Research
Source: Company data, Mirae Asset Sekuritas Indonesia Research
Figure 9. SCMA’s blended quarterly GPM
Figure 10. GPM projection
70%
4Q16
1Q17
Gross margin
65%
65%
3Q16
64% 59.4%
60%
63%
55.3% 55%
62%
50%
61%
45%
60%
40%
59% 58%
35%
2014
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Source: Company data, Mirae Asset Sekuritas Indonesia Research
2015
2016
2017 F
2018 F
Source: Company data, Mirae Asset Sekuritas Indonesia Research
Table 1. Current sinetron schedule (during Sahur)
()
Time
(RCTI) Sinetron title
(MNCTV) Sinetron title
(ANTV) Sinetron title
(SCTV) Sinetron title
04.15 04.30
Dunia Terbalik Ngaji pagi + Adzan subuh
04.00 04.30
Demi Masa Lintas Pagi
02.30 05.00
Sahurnya Pesbukers Topik Pagi
03.00 04.00
04.45
Dunia Terbalik
05.00
Cartoon
05.15
Lensa Olahraga
04.30
Mutiara Hati Quraish Shihab
06.30 07.00
Seputar Indonesia Pagi Go Spot
06.00 07.00
Cartoon Cartoon
05.30 06.00
Cartoon Cartoon
04.45 05.15
3 Semprul Mengejar Surga 5 Liputan 6 Pagi
08.00
Cartoon
06.30 07.00
Sinema pagi SCTV musik: Inbox
09.00
Halo Selebriti
Para Pencari Tuhan jilid 11 3 Semprul Mengejar Surga 5
Source: Internet, Mirae Asset Sekuritas Indonesia Research
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Surya Citra Media
Table 2. Current sinetron schedule (during prime-time) Time
(RCTI) Sinetron title
16.30
Awas Banyak Copet
()
(MNCTV) Sinetron title
(ANTV) Sinetron title
(SCTV) Sinetron title
16.30
Pesbukers Ramadhan
17.00 17.40
Tuhan Beri Kami Cinta Mengetuk Pintu Hati
Kultum Bersama Syekh Ali Jaber 17.30 Tukang Ojek Pengkolan 18.00
Rangkaian Berbuka 19.30 Buka Puasa bareng Upin &Ipin 20.15
Lonceng Cinta Mohabbatein
18.00 18.30
Tuhan Beri Kami Cinta Anak Langit
19.45
Dunia Terbalik 19.00
Mia Ikan Mas 21.00
Nadin
20.30
Boy
22.00
Hati Yang Memilih 20.00
Sambalado 22.15
Jodoh Pengantar Jenazah
22.00
Berkah Cinta
17.30 18.00
Source: Internet, Mirae Asset Sekuritas Indonesia Research
Figure 11. Prime-time audience share as of April 2017 % 35
SCTV MNCTV GTV
RCTI ANTV METRO
IVM TRANS7
TRANS TVONE
Figure 12. All-time audience share as of April 2017 % 25
30
SCTV
20
RCTI 25
IVM TRANS
15 20
MNCTV ANTV
15
10
TRANS7
TVONE
10
GTV
5
METRO
5
TVRI1 0
0
Source: Nielsen, company data, Mirae Asset Sekuritas Indonesia Research
Source: Nielsen, company data, Mirae Asset Sekuritas Indonesia Research
Figure 13. SCMA’s forward P/E band (x)
40
+2 Std Dev 35
+1 Std Dev 30
Avg PER 25 -1 Std Dev
20 -2 Std Dev
15 Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Source: Bloomberg, Mirae Asset Sekuritas Indonesia Research
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Profit & Loss
Balance sheet
Year end Dec 31 (IDRbn)
2015 2016 2017F 2018F
Revenue Broadcasting expenses
4,238 (1,526)
4,524 (1,782)
5,129 (1,890)
5,642 (2,079)
Gross Profit Opex Operating Profit Other income/(expenses) Profit before income tax
2,712
2,742
3,240
3,564
(711)
(751)
(851)
(936)
2,015
2,003
2,402
2,643
14
12
14
15
2,038
2,024
2,448
Income tax expenses
(513)
(510)
-
Minority interest Net profit EBITDA
Year end Dec 31 (IDRbn)
2015 2016F
2017F 2018F
Assets Cash and equivalents
686
455
1,121
1,578
2,696
Receivables Inventories Others Total current assets Fixed assets - net
1,412 533 213 2,843 962
1,534 689 275 2,952 967
1,582 648 268 3,619 1,096
1,740 712 295 4,325 1,240
(614)
(677)
Long term investments
-
-
-
1,522
1,511
1,831
2,017
2,135
2,133
2,551
2,806
24
26
26
26
736 1,722 4,566
777 1,868 4,821
839 2,060 5,679
874 2,238 6,563
Short-term bank loans and current maturities
150
207
219
241 379
Others Total non-current assets Total assets Liabilities and equity
Growth & margins
2015
2016F 2017F 2018F
Net Revenue
4.0%
10.0%
10.0%
10.0%
Trade payables
260
385
345
EBITDA
5.2%
8.8%
9.8%
10.0%
Others current liabilities
451
398
430
471
Net profit
4.4%
7.1%
12.4%
10.2%
Total current liabilities
860
990
994
1,092
Long term debt
207
0
0
1
Gross margin
64.0%
63.3%
63.2%
63.2%
Others
85
124
143
157
Operating margin
47.5%
47.0%
46.9%
46.9%
292
125
143
158
EBITDA margin
50.4%
49.8%
49.7%
49.7%
Total non-current liabilities Total liabilities
1,152
1,115
1,138
1,249
Profitability (%)
Minority interests Shareholders' equity
Cash Flow Year end Dec 31 (IDRbn) CF from operation
279
338
372
3,427
4,203
4,942
2015 2016F 2017F 2018F
Net profit Depreciation/amortization
1,522 12
1,511 117
1,831 74
2,017 80
Ratio analysis
Change in working capitals
(252)
(170)
(40)
(197)
Current ratio
Others
45
(97)
32
22
1,327
1,361
1,896
1,922
Net capex Others
(199) 9
(135) (29)
(218) (48)
(225) (33)
CF from investments
(190)
(263)
(266)
(258)
(95)
(149)
12
22
0
-
-
(1,214) (1,058)
(1,282)
CF from operation
267 3,146
CF from Investments
Year end Dec 31 Quick ratio Debt to equity Net debt to equity
2015 2016F 3.3
3.0
2017F 2018F 3.6
4.0
2.7
2.3
3.0
3.3
0.05
0.06
0.05
0.05
net cash
net cash
net cash
net cash
CF from financing activity Increase/(decrease) in debt Increase/(decrease) in equity Dividend payments Others CF from financing activity Net changes in cash
(4) (1,828) 225
43
81
52
(1,701)
(1,319)
(964)
(1,208)
(565)
(221)
666
456
2
(10)
-
-
686
455
1,121
1,578
Non cash adjustment Ending balance Source: Mirae Asset Sekuritas Research
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APPENDIX 1 Important Disclosures & Disclaimers Disclosures As of the publication date, PT. Mirae Asset Sekuritas Indonesia, and/or its affiliates do not have any special interest with the subject company and do not own 1% or more of the subject company's shares outstanding. Stock Ratings
Industry Ratings
Buy
Relative performance of 20% or greater
Overweight
Fundamentals are favorable or improving
Trading Buy
Relative performance of 10% or greater, but with volatility
Neutral
Fundamentals are steady without any material changes
Hold
Relative performance of -10% and 10%
Underweight
Fundamentals are unfavorable or worsening
Sell
Relative performance of -10%
* Our investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official ratings at Mirae Asset Sekuritas Indonesia, we may call a trading opportunity in case there is a technical or short-term material development. * The target price was determined by the research analyst through valuation methods discussed in this report, in part based on the analyst’s estimate of future earnings. The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions. Analyst Certification Opinions expressed in this publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. PT. Mirae Asset Sekuritas Indonesia (“Mirae Asset Daewoo”) policy prohibits its Analysts and members of their households from owning securities of any company in the Analyst’s area of coverage, and the Analysts do not serve as an officer, director or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in connection with this report. No part of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of Mirae Asset Daewoo, the Analysts receive compensation that is determined by overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietary trading and private client division. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or Mirae Asset Daewoo except as otherwise stated herein. Disclaimers This report is published by Mirae Asset Daewoo, a broker-dealer registered in the Republic of Indonesia and a member of the Indonesia Stock Exchange. Information and opinions contained herein have been compiled in good faith and from sources believed to be reliable, but such information has not been independently verified and Mirae Asset Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information and opinions contained herein or of any translation into English from the Indonesian language. In case of an English translation of a report prepared in the Indonesian language, the original Indonesian language report may have been made available to investors in advance of this report. The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting principles and no person whose receipt or use of this report would violate any laws and regulations or subject Mirae Asset Daewoo and its affiliates to registration or licensing requirements in any jurisdiction shall receive or make any use hereof. This report is for general information purposes only and it is not and shall not be construed as an offer or a solicitation of an offer to effect transactions in any securities or other financial instruments. The report does not constitute investment advice to any person and such person shall not be treated as a client of Mirae Asset Daewoo by virtue of receiving this report. This report does not take into account the particular investment objectives, financial situations, or needs of individual clients. The report is not to be relied upon in substitution for the exercise of independent judgment. Information and opinions contained herein are as of the date hereof and are subject to change without notice. The price and value of the investments referred to in this report and the income from them may depreciate or appreciate, and investors may incur losses on investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. Mirae Asset Daewoo, its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising out of the use hereof. Mirae Asset Daewoo may have issued other reports that are inconsistent with, and reach different conclusions from, the opinions presented in this report. The reports may reflect different assumptions, views and analytical methods of the analysts who prepared them. Mirae Asset Daewoo may make investment decisions that are inconsistent with the opinions and views expressed in this research report. Mirae Asset Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case either as principals or agents. Mirae Asset Daewoo and its affiliates may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial services as are permitted under applicable laws and regulations. No part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Mirae Asset Daewoo.
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Beijing Representative Office
#406, Blue Sky Tower, Peace Avenue 17 1 Khoroo, Sukhbaatar District Ulaanbaatar 14240 Mongolia
2401B, 24th Floor, East Tower, Twin Towers B12 Jianguomenwai Avenue, Chaoyang District Beijing 100022 China
2401A, 24th Floor, East Tower, Twin Towers B12 Jianguomenwai Avenue, Chaoyang District Beijing 100022 China
Tel: 976-7011-0806
Tel: 86-10-6567-9699
Tel: 86-10-6567-9699 (ext. 3300)
Shanghai Representative Office
Ho Chi Minh Representative Office
38T31, 38F, Shanghai World Financial Center 100 Century Avenue, Pudong New Area Shanghai 200120 China
7F, Saigon Royal Building 91 Pasteur St. District 1, Ben Nghe Ward, Ho Chi Minh City Vietnam
Tel: 86-21-5013-6392
Tel: 84-8-3910-7715
Mirae Asset Sekuritas Indonesia Research
Tel: 44-20-7982-8000
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