bearish
2Q Follow-Up - Asahi Broadcasting Group Holdings Corporation (9405 JP)
SUMMARY
- 1H headline numbers were net sales +1.6% YoY, operating expenses +4.8% YoY, with OP turning to loss from ¥293mn → (¥992mn).
- As can be seen from the table on P2, net sales increased by ¥675mn, mainly driven by the ¥1,961mn (+24.6% YoY) increase in priority Content business (revival of events, etc. post COVID-19) offsetting the ¥917mn (-3.5% YoY) decline in Broadcasting due to the harsh environment for TV spot advertising revenues and the ¥275mn (-18.7% YoY) decline in At-home shopping due to special demand associated with COVID-19 subsiding, as well as delays in rolling out new e-commerce initiatives.
- ABC TV’s strategic deployment of programming expenses (¥8,278mn, +5.3% YoY) to strengthen Content-related business also weighed on profits.
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