ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits, as well as political, economic and sector commentary. A former racing skier, who enjoys ultra-marathons and surfing in his spare time.

ASEAN Insight Provider

Media Nusantara Citra (MNCN IJ) - Increasingly Digital with Gaming to Boot

The Week That Was in ASEAN@Smartkarma - Indonesia Strategy, Bukalapak, and MNCN's Digital Edge

Media Nusantara Citra (MNCN IJ) - A Multi-Media Message

Media Nusantara Citra (MNCN IJ) - No Credit Given for Metamorphosis

Media Nusantara Citra (MNCN IJ) - Rich in Fresh Content for a Homebound Audience

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/media-nusantara-citra-tbk-pt" target="_blank" data-smartkarma-citation="entities:6881:1" rel="noopener">Media Nusantara Citra (MNCN IJ)</a> is having a strong finish to the year with its audience share shooting to record levels due to some very popular soap operas together with the resumption of shows such as Indonesia Idol and Masterchef. 
For 9M2020, <a href="https://www.smartkarma.com/entities/media-nusantara-citra-tbk-pt" target="_blank" data-smartkarma-citation="entities:6881:1" rel="noopener">Media Nusantara Citra (MNCN IJ)</a> saw an -8% decline in overall advertising revenue but a +34% increase in digital advertising and 3Q2020 saw a +50% YoY increase. Overall ad revenues expected to return to get back to near to pre-pandemic levels in 4Q2020.
The company now has multiple digital and social media channels to grow its digital advertising revenues including YouTube, <a href="https://www.smartkarma.com/entities/facebook-inc-a" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Facebook Inc A (FB US)</a>, TikTok, and its own highly successful RCTI+App. It now has a staggering total of 168m subscribers and followers across its various digital channels.
<a href="https://www.smartkarma.com/entities/media-nusantara-citra-tbk-pt" target="_blank" data-smartkarma-citation="entities:6881:1" rel="noopener">Media Nusantara Citra (MNCN IJ)</a> has successfully launched its eTV Mall, for which it has a 50-year patent which will prevent competitors from copying this model. 
We expect a strong recovery in earnings in 2020, with EPS expected to rebound by +19% and margin also expected to rebound, as costs stabilize. The company has also reduced debt so will go into 2021 with a stronger balance sheet. 
<a href="https://www.smartkarma.com/entities/media-nusantara-citra-tbk-pt" target="_blank" data-smartkarma-citation="entities:6881:1" rel="noopener">Media Nusantara Citra (MNCN IJ)</a> now trades on 6.75x FY21E PER versus its 3-year average forward PER of 8.1x. Its successful move into the digital sphere could also lead to a re-rating of the share closer to 10x, where it was trading pre-pandemic and remain positive on the company.

Media Nusantara Citra (MNCN IJ) is having a strong finish to the year with its audience share shooting to record levels due to some very popular soap operas together with the resumption of shows such as Indonesia Idol and Masterchef. 
For 9M2020, Media Nusantara Citra (MNCN IJ) saw an -8% decline in overall advertising revenue but a +34% increase in digital advertising and 3Q2020 saw a +50% YoY increase. Overall ad revenues expected to return to get back to near to pre-pandemic levels in 4Q2020.
The company now has multiple digital and social media channels to grow its digital advertising revenues including YouTube, Facebook Inc A (FB US), TikTok, and its own highly successful RCTI+App. It now has a staggering total of 168m subscribers and followers across its various digital channels.
Media Nusantara Citra (MNCN IJ) has successfully launched its eTV Mall, for which it has a 50-year patent which will prevent competitors from copying this model. 
We expect a strong recovery in earnings in 2020, with EPS expected to rebound by +19% and margin also expected to rebound, as costs stabilize. The company has also reduced debt so will go into 2021 with a stronger balance sheet. 
Media Nusantara Citra (MNCN IJ) now trades on 6.75x FY21E PER versus its 3-year average forward PER of 8.1x. Its successful move into the digital sphere could also lead to a re-rating of the share closer to 10x, where it was trading pre-pandemic and remain positive on the company.  

Media Nusantara Citra (MNCN IJ) - Harnessed to Digital Growth