Media Chinese International Limited

$MEDIAC / 5090 (MEDIA CHINESE INTERNATIONAL LIMITED)
Research Report by KENANGA

$MEDIAC / 5090 (MEDIA CHINESE INTERNATIONAL LIMITED) currently is at net cash position that worth more than its market cap… Any chance that it may announce special dividend? 🤔

$MEDIAC / 5090 (MEDIA CHINESE INTERNATIONAL LIMITED)
Research by Kenanga
Underperform - TP RM0.11

"Anchored by its Travel Business"

MEDIAC’s 1QFY25 results exceeded our expectations on the back of better-than-expected opex savings and lower depreciation. Although pretax profit at the travel segment more than tripled YoY, it was still insufficient to fully offset losses at the print and publishing segment. We narrowed our FY25F and FY26F losses to RM24.7m and RM22.3m, respectively, (from RM38.5m and RM35.9m), but maintain our TP of RM0.11 and UNDERPERFORM call.

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

Immediate Announcement on Shares Buy Back

Immediate Announcement on Shares Buy Back

Immediate Announcement on Shares Buy Back

Immediate Announcement on Shares Buy Back

Immediate Announcement on Shares Buy Back

Immediate Announcement on Shares Buy Back

Immediate Announcement on Shares Buy Back

Immediate Announcement on Shares Buy Back

Immediate Announcement on Shares Buy Back

$MEDIAC / 5090 (MEDIA CHINESE INTERNATIONAL LIMITED)
Research by Kenanga
Underperform - TP RM0.11

"Expanded Annual Losses"

MEDIAC’s 1FY24 results exceeded expectations on the back of traction in cost savings measures. However, FY24 core losses
expanded YoY on the back of weaker adex and demand for published materials. We kept our FY25F earnings unchanged, while introducing new FY26F numbers, and maintain our TP of RM0.11 and UNDERPERFORM call.

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

$MEDIAC / 5090 (MEDIA CHINESE INTERNATIONAL LIMITED)

$MEDIAC / 5090 (MEDIA CHINESE INTERNATIONAL LIMITED)
Research by Kenanga
Underperform – TP RM0.11

“Expanded Annual Losses"

MEDIAC’s 1FY24 results exceeded expectations on the back of traction in cost savings measures. However, FY24 core losses expanded YoY on the back of weaker adex and demand for published materials. We kept our FY25F earnings unchanged, while introducing new FY26F numbers, and maintain our TP of RM0.11 and UNDERPERFORM call.

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

Interim Dividend

Quarterly rpt on consolidated results for the financial period ended 31/03/2024

OTHERSMedia Chinese International Limited (the "Company")
- Press release on the unaudited results for the fourth quarter ended 31 March 2024

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONSMedia Chinese International Limited ("the Company")
- Proposed Disposal of Property

OTHERSMedia Chinese International Limited (the "Company", which together with its subsidiaries, referred to as the "Group")
- Profit Guidance for the year ended 31 March 2024

OTHERSNotification of Board Meeting
(Overseas Regulatory Announcement in compliance with Rule 13.43 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited)

MEDIA
$ASTRO / 6399 (ASTRO MALAYSIA HOLDINGS BERHAD) $MEDIA / 4502 (MEDIA PRIMA BERHAD) $MEDIAC / 5090 (MEDIA CHINESE INTERNATIONAL LIMITED) $STAR / 6084 (STAR MEDIA GROUP BERHAD)
Research by Kenanga
Underweight

“Unrelenting Assault by Digital Media”

We maintain our UNDERWEIGHT recommendation on the media sector due to: (i) sustained adex market share erosion for traditional media, (ii) prevailing cord cutting trends, and (iii) generative AI will likely widen digital media’s competitive edge. Furthermore, we are concerned that consumer sentiment and discretionary spending will be weighed by the looming luxury taxes and higher sales and service tax rate of 8% (from 6%). We do not have any stock picks for the sector.

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

PLANTATION
$ASTRO / 6399 (ASTRO MALAYSIA HOLDINGS BERHAD) $MEDIA / 4502 (MEDIA PRIMA BERHAD) $MEDIAC / 5090 (MEDIA CHINESE INTERNATIONAL LIMITED) $STAR / 6084 (STAR MEDIA GROUP BERHAD)
Research by Kenanga
Neutral

“The ESG-friendly side that is often overlooked”

11 March marks the 4th anniversary of COVID-19 pandemic. We pay tribute to the plantation sector that has contributed immensely during the pandemic. While not undermining the sacrifices by the front-liners and others in the fight against COVID-19, this sector has played its part in ensuring food security, job security, and health security not just for the nation but the world over. Despite rising cost challenges and falling output, the sector still made huge monetary contribution of >MYR23b over the past 4 years in various forms of direct and indirect taxes, and contributions.

Analyst(s):
Ong Chee Ting, CA
ct.ong@maybank-ib.com

MEDIA
$ASTRO / 6399 (ASTRO MALAYSIA HOLDINGS BERHAD) $MEDIA / 4502 (MEDIA PRIMA BERHAD) $MEDIAC / 5090 (MEDIA CHINESE INTERNATIONAL LIMITED) $STAR / 6084 (STAR MEDIA GROUP BERHAD)
Research by Kenanga
Underweight

“Adex Rout Weighs on 4QCY23 Results”

4QCY23 results came in mostly below our full year forecasts (3 out of 4) due to weak adex, lower subscription revenues, and high overheads. YoY weakness in 4QCY23 adex was prevalent for media companies under our coverage. Additionally, pay-TV subscription revenues sustained its quarterly rout amidst subscriber churn. We maintain our UNDERWEIGHT stance as we wait for traditional media players to adapt and compete effectively within the new landscape that is dominated by digital media. We do not have any stock picks for the sector.

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

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONSMedia Chinese International Limited ("the Company")
- Proposed Disposal of Property

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONSMedia Chinese International Limited ("the Company")
- Proposed Disposal of Property

Quarterly rpt on consolidated results for the financial period ended 31/12/2023

OTHERSMedia Chinese International Limited (the "Company")
- Press release on the unaudited results for the third quarter ended 31 December 2023

COMPANY FACE OFF: $ASTRO / 6399 (ASTRO MALAYSIA HOLDINGS BERHAD) VS $STAR / 6084 (STAR MEDIA GROUP BERHAD) VS $MEDIAC / 5090 (MEDIA CHINESE INTERNATIONAL LIMITED) VS $MEDIA / 4502 (MEDIA PRIMA BERHAD)

The News and Media sector in Malaysia constantly faces its fair share of struggles as cheaper and more convenient foreign options continue to compete for consumers’ attention leading to erosion of their market share and profitability. However, will our local players forever be shunned? Or can they somehow claw their way back into leaders in this industry as they had been in the past? Here is a face-off of 4 famous media companies in Malaysia serving various segments. Could there be any opportunities here?

Let us know in the comment section below!

OTHERSNotification of Board Meeting
(Overseas Regulatory Announcement in compliance with Rule 13.43 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited)