Dr. Andrew Stotz, CFA

A. Stotz Investment Research

Equity Bottom-Up

<ul>
<li>Low correlation with Western stock markets relative to companies across Asia, low core profit valuation relative to companies across its sector, and relatively strong analyst recommendation relative to companies in Indonesia</li>
<li>MNCN’s TV stations have increased their audience share via blockbuster shows and new integrated studio facilities could provide more local content, which means better margins</li>
<li>Government tax and energy price cuts should boost consumer purchasing power, in turn attracting…</li>
</ul>

Indonesia

PT Media Nusantara Citra Tbk is the largest integrated media company in Southeast Asia. The Company has 3 main businesses 1) 4 free-to-air TV stations with a dominant audience share of 40% 2) The largest content production house producing up to 20,000 hours annually while managing the largest talent agency with almost 400 talents 3) Digital businesses: the largest social media presence in Indonesia through Youtube (100 million subscribers), Facebook and TikTok. 3 online portals, okezone.com, sindonews.com and inews.id with more than 24 million unique visitors daily. RCTI+, the largest entertainment super app in Indonesia with AVOD business model.

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