Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

Research from SooChow CSSD Capital Markets (Asia)

SooChow CSSD Capital Markets (Asia)

Equity Bottom-Up

<div><div><div><div><ul><li>1Q22 saw robust performances: Revenue was -7.4% YoY to IDR3,044bn in 1Q22, largely driven by -67% YoY decline in digital products &amp; services (on the flip side, this segment saw 2pp expansion in GPM).</li></ul><div><div><div><div><ul><li>Streamlining top-line estimates: We revised down our revenue estimates slightly by -0.5%/-2%/-4% to IDR15,044bn/IDR17,198bn/IDR19,135bn in FY22E/23E/24E, due to downward revisions for digital products and cloud advertising segments, offset by upward revisions for SaaS, Clean Energy, and the additional revenue streams from latest partnerships (E-wholesale, Audio Visual, and Content &amp; Entertainment).</li></ul><div><div><div><div><ul><li>Improving PATMI margins from FY22-24E: Our PATMI margin estimates have mostly remained the same and on upward trends at 0.3%/0.5%/0.7% (prior: 0.3%/0.4%/0.7%) in FY22E/23E/24E, respectively, as MCAS leverages on its dist.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div>

1Q22 saw robust performances: Revenue was -7.4% YoY to IDR3,044bn in 1Q22, largely driven by -67% YoY decline in digital products &amp; services (on the flip side, this segment saw 2pp expansion in GPM).Streamlining top-line estimates: We revised down our revenue estimates slightly by -0.5%/-2%/-4% to IDR15,044bn/IDR17,198bn/IDR19,135bn in FY22E/23E/24E, due to downward revisions for digital products and cloud advertising segments, offset by upward revisions for SaaS, Clean Energy, and the additional revenue streams from latest partnerships (E-wholesale, Audio Visual, and Content &amp; Entertainment).Improving PATMI margins from FY22-24E: Our PATMI margin estimates have mostly remained the same and on upward trends at 0.3%/0.5%/0.7% (prior: 0.3%/0.4%/0.7%) in FY22E/23E/24E, respectively, as MCAS leverages on its dist.

PT M Cash Integrasi Tbk - New Partnerships Bearing Fruits

M Cash Integrasi PT

PT M Cash Integrasi Tbk - New Partnerships Bearing Fruits