Media Prima Berhad

$MEDIA / 4502 (MEDIA PRIMA BERHAD)
Research Report by TA

$MEDIA / 4502 (MEDIA PRIMA BERHAD)
Research Report by PBIV

$MEDIA / 4502 (MEDIA PRIMA BERHAD)
Research Report by MAYBANK

$MEDIA / 4502 (MEDIA PRIMA BERHAD)
Research Report by KENANGA

$MEDIA / 4502 (MEDIA PRIMA BERHAD)
Research Report by HLIB

$MEDIA / 4502 (MEDIA PRIMA BERHAD)
Research by Maybank

KUALA LUMPUR: The phrase “Back to my colleagues in Sri Pentas” has become a familiar refrain for loyal viewers tuning in to live broadcasts from the News and Current Affairs Department of Media Prima Berhad’s (MPB) television network.

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KUALA LUMPUR: The popular annual entertainment awards show Anugerah Bintang Popular Berita Harian (ABPBH) is two days away, and organiser Media Prima Bhd (MPB) has unveiled the Top 5 nominees of each award category.

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SEPANG: Former Media Prima Bhd staff members expressed their gratitude to their ex-colleagues for sponsoring their umrah pilgrimage.

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SEPANG: A total of 127 staff and family members of Media Prima Bhd (MPB) will depart for Saudi Arabia to perform umrah today.

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SEPANG: A total of 127 staff and family members of Media Prima Bhd (MPB) will depart for Saudi Arabia to perform umrah today.

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Media Prima Bhd has stepped forward to clarify its shareholding structure, after acknowledging some misunderstandings had emerged from its Monday announcements on substantial-shareholder cessations.

KUALA LUMPUR: Aurora Mulia Sdn Bhd, which is fully-owned by Tan Sri Syed Mokhtar Al-Bukhary, is still the largest shareholder of integrated media group Media Prima Bhd.

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PETALING JAYA: Media Prima Bhd has stepped forward to clarify its shareholding structure, after acknowledging some misunderstandings had emerged from its Oct 7 announcements on substantial shareholder cessations.

$MEDIA / 4502 (MEDIA PRIMA BERHAD)
Research by RHB

KUALA LUMPUR: Aurora Mulia Sdn Bhd, a company linked to tycoon Tan Sri Syed Mokhtar Albukhary, has disposed of 353.81 million shares in Media Prima Bhd, ceasing to be a substantial shareholder in the company.

KUALA LUMPUR: Aurora Mulia Sdn Bhd, a company linked to tycoon Tan Sri Syed Mokhtar Albukhary, has disposed of 353.81 million shares in Media Prima Bhd, ceasing to be a substantial shareholder in the company.

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KUALA LUMPUR: Media Prima Berhad is committed to maintaining close cooperation with the police, especially in delivering important news and information related to public safety to the people.

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KUALA LUMPUR: More than 400 Media Prima Berhad staff were recently screened for diabetes by Columbia Asia.

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KUALA LUMPUR: The Media Prima Bhd (MPB) Badminton Club Sri Pentas successfully defended its MPB badminton championship title once again this year.

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KUALA LUMPUR: Media Prima Bhd is set to integrate artificial intelligence (AI) technology across its group of companies by the end of this year, according to its managing director, Rafiq Razali.

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KOTA KINABALU: Media Prima Bhd bagged five main prizes and nine merits at the 2024 Kinabalu Press Awards.

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KUALA LUMPUR: Earned wage access (EWA) provider Paywatch has teamed up with Media Prima Bhd to promote financial wellness within the company.

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$MEDIA / 4502 (MEDIA PRIMA BERHAD)
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

$MEDIA / 4502 (MEDIA PRIMA BERHAD)
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

$MEDIA / 4502 (MEDIA PRIMA BERHAD)
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

$MEDIA / 4502 (MEDIA PRIMA BERHAD)
Research by Kenanga
UNDERPERFORM– TP RM 0.32

" Executing 3-year Plan to Prop Topline”

MEDIA is partnering with local production houses to expand Tonton’s catalog. Meanwhile, progress to upgrade and digitalize Big Tree’s OOH advertising sites are ongoing. Moving forward, we believe adex may soften as major advertisers are affected by recent mass brand boycotts. Lastly, future cost cutting measures are expected to yield limited savings as MEDIA’s staff force has reached optimal state. We maintain our forecasts, TP of RM0.32 and UNDERPERFORM call.

Analyst:
Kylie Chan Sze Zan
kyliechan@kenanga.com.my

$MEDIA / 4502 (MEDIA PRIMA BERHAD)
Research by TA
SELL – TP RM0.40

" Hint at Adex Recovery, but Market Challenges and Competitive Pressures Persist”

Corresponding to our revision in our net profit forecast, our TP for Media Prima has been revised slightly higher to RM0.40 (previously RM0.36) based on P/BV of 0.6x CY24F BV with 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 as a key rerating catalyst for the stock.

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

JOHOR BARU: A Media Prima Bhd (MPB) advertising executive succumbed to her injuries at the Sultanah Aminah Hospital’s Intensive Care Unit today.

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JOHOR BARU: A Media Prima Bhd (MPB) advertising executive who suffered a miscarriage following a three-vehicle crash last night is reported to be in critical condition with severe injuries to her head.

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