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

PT Surya Citra Media Tbk (SCMA IJ) - Looking Forward to a Digital Fuelled Future

The Week That Was in ASEAN@Smartkarma - Indonesia's Rich Media, Mitratel, and Malaysian Banks

Banking Sector: Steady Growth And Compelling Valuation

PT Surya Citra Media Tbk (SCMA IJ) - Tencent Buying IFlix a Sign?

PT Surya Citra Media Tbk (SCMA IJ) - Let the Games Begin

PT Surya Citra Media Tbk (SCMA IJ) - Playing Catch Up WIth a Digital Twist

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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

PT Surya Citra Media Tbk / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/surya-citra-media-pt-tbk" target="_blank" data-smartkarma-citation="entities:14739:1" rel="noopener">PT Surya Citra Media Tbk (SCMA IJ)</a> released results last week, which were striking in how well the company coped with months of not being able to produce new content due to COVID-19 restrictions. This year should see a recovery in its FTA TV advertising revenues but an increasingly positive impact from its digital business.
The company managed to maintain its number 1 &amp; 2  position in terms of audience share in 2020, despite playing re-runs, demonstrating the strength of its drama content.
Competitor <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> surged ahead with the success of its drama series Iketan Cinta, which dented <a href="https://www.smartkarma.com/entities/surya-citra-media-pt-tbk" target="_blank" data-smartkarma-citation="entities:14739:1" rel="noopener">PT Surya Citra Media Tbk (SCMA IJ)</a> year-end rankings but it has started to regain share in 1Q2021. 
<a href="https://www.smartkarma.com/entities/surya-citra-media-pt-tbk" target="_blank" data-smartkarma-citation="entities:14739:1" rel="noopener">PT Surya Citra Media Tbk (SCMA IJ</a> plans to produce 300 hours of high-quality drama content in 2021 versus 110 hours in 2020, which should help to secure audience share along with more sponsored events such as concerts. 
Vidio.com continues to gain ground in terms of paying subscribers and already ranks as the number three player in terms of paying subs in Indonesia. 
The company is ahead of the curve in terms of progress in the move from analog to digital, with parallel broadcasts already being trialed.
<a href="https://www.smartkarma.com/entities/surya-citra-media-pt-tbk" target="_blank" data-smartkarma-citation="entities:14739:1" rel="noopener">PT Surya Citra Media Tbk (SCMA IJ)</a> trades on 19.0x FY21E and 15.7x FY22E PER, versus its 5-year average of 18.6x forward PER, making it look relatively attractive.

PT Surya Citra Media Tbk (SCMA IJ) released results last week, which were striking in how well the company coped with months of not being able to produce new content due to COVID-19 restrictions. This year should see a recovery in its FTA TV advertising revenues but an increasingly positive impact from its digital business.
The company managed to maintain its number 1 &amp; 2  position in terms of audience share in 2020, despite playing re-runs, demonstrating the strength of its drama content.
Competitor Media Nusantara Citra (MNCN IJ) surged ahead with the success of its drama series Iketan Cinta, which dented PT Surya Citra Media Tbk (SCMA IJ) year-end rankings but it has started to regain share in 1Q2021. 
PT Surya Citra Media Tbk (SCMA IJ plans to produce 300 hours of high-quality drama content in 2021 versus 110 hours in 2020, which should help to secure audience share along with more sponsored events such as concerts. 
Vidio.com continues to gain ground in terms of paying subscribers and already ranks as the number three player in terms of paying subs in Indonesia. 
The company is ahead of the curve in terms of progress in the move from analog to digital, with parallel broadcasts already being trialed.
PT Surya Citra Media Tbk (SCMA IJ) trades on 19.0x FY21E and 15.7x FY22E PER, versus its 5-year average of 18.6x forward PER, making it look relatively attractive.

PT Surya Citra Media Tbk (SCMA IJ) - From Analog to Digital