[%QDyL%]
Research by TA
SELL– TP RM0.46

"Cost Control and Efficiency Drive Margin Breakthrough”
Corresponding to our revision in our net profit forecast and the improved operational efficiency, our TP for Media Prima has been revised higher to RM0.46 (previously RM0.40) based on P/BV of 0.7x (previously 0.6x) CY25F BV with an ESG Premium of 3%. However, we maintain our Sell recommendation on the stock as its risk-reward potential remains unfavourable. We view stronger-than-expected adex and stable top-line margins as a key rerating catalyst for the stock. 

Analyst:
Lee Yun Leon 
[%wiQX%]

$KLSE-MEDIA
Research by TA
SELL– TP RM0.46

"Cost Control and Efficiency Drive Margin Breakthrough”
Corresponding to our revision in our net profit forecast and the improved operational efficiency, our TP for Media Prima has been revised higher to RM0.46 (previously RM0.40) based on P/BV of 0.7x (previously 0.6x) CY25F BV with an ESG Premium of 3%. However, we maintain our Sell recommendation on the stock as its risk-reward potential remains unfavourable. We view stronger-than-expected adex and stable top-line margins as a key rerating catalyst for the stock. 

Analyst:
Lee Yun Leon 
yllee@ta.com.my