In today’s briefing:
- PT Surya Citra Media (SCMA IJ) – Primed for Reset in 2023
PT Surya Citra Media (SCMA IJ) – Primed for Reset in 2023
- PT Surya Citra Media Tbk (SCMA IJ) had an exciting 2022, with a ramp-up in new audience share-winning original content along with the boost from the Word Cup rights.
- Both SCTV and IVM gained significant audience share in 2022, and Vidio led the charge on OTT driven by killer content, finishing the year with 5m paying subscribers.
- Profitability was hit by a sharp rise in production costs and investment in Vidio but we expect significant improvement in 2023. Valuations are attractive with SCMA on 12x FY2023E PER.
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