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)

Equity Bottom-Up

<div><div><div><div><p>1H21 saw continued surge in digital content contributions as revenue jumped 108% YoY. However, lockdowns could impact FY21E operations and we shave our FY21E OTT series delivery in half and adjust our FY21E estimates of revenue/PATMI lower by 32%/51%. Nonetheless, commitments from OTT players remain intact and we maintain OTT film/series order book of 20/15/11 and 30/33/36 in FY22E/23E/24E. Reiterate BUY.</p></div></div></div></div>

1H21 saw continued surge in digital content contributions as revenue jumped 108% YoY. However, lockdowns could impact FY21E operations and we shave our FY21E OTT series delivery in half and adjust our FY21E estimates of revenue/PATMI lower by 32%/51%. Nonetheless, commitments from OTT players remain intact and we maintain OTT film/series order book of 20/15/11 and 30/33/36 in FY22E/23E/24E. Reiterate BUY.

MD Pictures Tbk PT

SCCM | PT MD Pictures (FILM IJ)