In today’s briefing:
- PT Surya Citra Media Tbk (SCMA IJ) – Undervalued in Digital
- Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
- Indonesia’s KoinWorks Raises $108m from MDI, East Ventures
PT Surya Citra Media Tbk (SCMA IJ) – Undervalued in Digital
- PT Surya Citra Media Tbk (SCMA IJ) looks undervalued despite its increasing digital credentials through Vidio.com which continue to increase paying subscribers and MAUs
- Advertising spend continues to see a strong recovery, even through PT Surya Citra Media Tbk (SCMA IJ) has lost some audience share to Media Nusantara Citra (MNCN IJ).
- The company has a significant local content pipeline for 2022, especially for Vidio.com and valuations look attractive versus history plus there is now a market value for Vidio.com.
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets were closed on Monday on account of Martin Luther King Jr. Day. US 10Y Treasury yields rose 14bp to 1.85% over increased expectations of a Fed rate hike in March. European markets closed higher on Monday with the DAX, CAC and FTSE up 0.3%, 0.8% and 0.9% respectively. Brazil’s Bovespa closed 0.5% lower. In the Middle East, UAE’s ADX was 0.15% lower while Saudi TASI was up 0.46%. Asian markets have opened broadly higher – Shanghai, STI and Nikkei are up 0.9%, 0.2% and 0.4% while HSI is down 0.1%. US IG and HY CDS spreads were unchanged, EU Main CDS spreads were 0.5bp wider and Crossover CDS spreads were 1.7bp wider. Asia ex-Japan CDS spreads widened 3.9bp.
Indonesia’s KoinWorks Raises $108m from MDI, East Ventures
- For KoinWorks, an Indonesian digital lending company, the Covid-19 period has been a pivotal moment that has enabled it to surge forward in the right direction
- KoinWorks’ main borrower are small and medium enterprises (SMEs) who have digital footprints, such as those who own online shops on Tokopedia and Shopee
- Amid the pandemic, the company reached US$15 million in loan disbursements per month, and logged positive cash flow
Before it’s here, it’s on Smartkarma
