[%APhP%]
Research by Public
Neutral – TP RM0.45

"Supported By Lower Cost”

Despite a weaker revenue, Media Prima (MPR) posted a sequential growth in 4QFY24 normalised net profit to RM32.8m (3QFY24: RM2.5m) due to its cost-cutting effort which helped to reduce total operating cost. Due to the change in financial year end, YoY numbers were not disclosed. For full-year FY24, results came in below our estimate at 79% but beat consensus estimate at 159%. The lower-than-expected earnings was largely due to weaker advertising revenue. We slash our FY25-26F earnings forecasts by 26% to factor in lower advertising revenue for its traditional media platforms. TP is maintained at RM0.45 (based on an unchanged multiple of 0.7x PBR) as we rollover our valuation year to FY26F. Maintain Neutral on MPR.

Analyst:
Eltricia Foong
[%IKUa%]

$KLSE-MEDIA
Research by Public
Neutral – TP RM0.45

"Supported By Lower Cost”

Despite a weaker revenue, Media Prima (MPR) posted a sequential growth in 4QFY24 normalised net profit to RM32.8m (3QFY24: RM2.5m) due to its cost-cutting effort which helped to reduce total operating cost. Due to the change in financial year end, YoY numbers were not disclosed. For full-year FY24, results came in below our estimate at 79% but beat consensus estimate at 159%. The lower-than-expected earnings was largely due to weaker advertising revenue. We slash our FY25-26F earnings forecasts by 26% to factor in lower advertising revenue for its traditional media platforms. TP is maintained at RM0.45 (based on an unchanged multiple of 0.7x PBR) as we rollover our valuation year to FY26F. Maintain Neutral on MPR.

Analyst:
Eltricia Foong
eltriciafoong@publicinvestbank.com.my