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

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

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

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

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

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

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<p><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> released a strong set of 1H2021 results with overall revenues up by +23% YoY to IDR4,863,1bn, driven by advertising revenue growth of +27% YoY. Free-to-Air Television advertising revenues grew by +16% YoY to IDR4,595.1bn, whilst digital advertising revenues grew by +117% YoY to IDR889.2bn.</p>
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<p>There was also a strong performance from e-commerce players such as <a href="https://www.smartkarma.com/entities/lazada-group" target="_blank" data-smartkarma-citation="entities:26148:1" rel="noopener">Lazada Group</a>, Shopee (<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a>, <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek</a> &amp; <a href="https://www.smartkarma.com/entities/tokopedia-pt" target="_blank" data-smartkarma-citation="entities:24239:1" rel="noopener">Tokopedia</a>, and BliBli.com, which block-booked primetime slots for entertainment variety shows and promotional events. <a href="https://www.smartkarma.com/entities/media-nusantara-citra-tbk-pt" target="_blank" data-smartkarma-citation="entities:6881:1" rel="noopener"></a>Content is King</p>
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<p><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> continues to see strong performance from its prime-time blocking programs, which are predominantly for e-commerce companies but also players such as Telkomsel. </p>
<p><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> continues to see explosive growth from its digital adverting efforts, which saw revenues rise +117% in 1H2021.</p>
<p>Management is also very excited about the prospects for the company's RCTI+ super app, which had 39.8m MAUs at the end of 1H2021 versus 9.5m a year ago, and already hit 50m MAUs in August, with expectations of 60-70m by year-end.</p>
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<p>Management is optimistic that 2H2021 can see even stronger growth and the lack of European Cup costs should see better margins at the same time. <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> looks very attractive from a valuation perspective trading on 5.3x FY21E PER and 4.4x FY22E PER versus a 5-year average of 9.3x forward PER.</p>
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Media Nusantara Citra (MNCN IJ) released a strong set of 1H2021 results with overall revenues up by +23% YoY to IDR4,863,1bn, driven by advertising revenue growth of +27% YoY. Free-to-Air Television advertising revenues grew by +16% YoY to IDR4,595.1bn, whilst digital advertising revenues grew by +117% YoY to IDR889.2bn.

There was also a strong performance from e-commerce players such as Lazada Group, Shopee (Sea Ltd (SE US), Gojek &amp; Tokopedia, and BliBli.com, which block-booked primetime slots for entertainment variety shows and promotional events. Content is King

Media Nusantara Citra (MNCN IJ) continues to see strong performance from its prime-time blocking programs, which are predominantly for e-commerce companies but also players such as Telkomsel. 
Media Nusantara Citra (MNCN IJ) continues to see explosive growth from its digital adverting efforts, which saw revenues rise +117% in 1H2021.
Management is also very excited about the prospects for the company's RCTI+ super app, which had 39.8m MAUs at the end of 1H2021 versus 9.5m a year ago, and already hit 50m MAUs in August, with expectations of 60-70m by year-end.




Management is optimistic that 2H2021 can see even stronger growth and the lack of European Cup costs should see better margins at the same time. Media Nusantara Citra (MNCN IJ) looks very attractive from a valuation perspective trading on 5.3x FY21E PER and 4.4x FY22E PER versus a 5-year average of 9.3x forward PER.










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