[%ZFCA%]
Research by HLIB
SELL – TP RM0.31

"Adex outlook remains murky”

Media Prima recorded 4Q24 core PATAMI of RM8.4m (4.4x QoQ; Apr-Jun 2023: - 52%), bringing FY24 core PATAMI to RM20.6m. This came in above ours and consensus full year forecasts at 147% and 114%, respectively. Revenue registered a decline, on the back of the soft adex following the boycott sentiment. Management shared its sombre outlook as the advertising market remain susceptible to the economic and geopolitical uncertainties, alongside digital competition. Maintain SELL with an unchanged TP of RM0.31 based on 0.5x P/B of FY25 BVPS of RM0.62. We believe that subsequent quarters’ earnings would continue to be uncertain given the multiple challenges ahead 

 Analyst:
Syifaa’ Mahsuri Ismail
[%EcdT%]

$KLSE-MEDIA
Research by HLIB
SELL – TP RM0.31

"Adex outlook remains murky”

Media Prima recorded 4Q24 core PATAMI of RM8.4m (4.4x QoQ; Apr-Jun 2023: - 52%), bringing FY24 core PATAMI to RM20.6m. This came in above ours and consensus full year forecasts at 147% and 114%, respectively. Revenue registered a decline, on the back of the soft adex following the boycott sentiment. Management shared its sombre outlook as the advertising market remain susceptible to the economic and geopolitical uncertainties, alongside digital competition. Maintain SELL with an unchanged TP of RM0.31 based on 0.5x P/B of FY25 BVPS of RM0.62. We believe that subsequent quarters’ earnings would continue to be uncertain given the multiple challenges ahead 

 Analyst:
Syifaa’ Mahsuri Ismail
syifaa@hlib.hongleong.com.my