ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

Equity Bottom-Up

PT Surya Citra Media Tbk / Equity Bottom-Up

<ul><li><a href="https://www.smartkarma.com/entities/14739" target="_blank" data-smartkarma-citation="entities:14739:1">Surya Citra Media Pt Tbk (SCMA IJ)</a> guides for strong 2017 (10% growth at top line, 20-25% at EBITDA).</li><li>Digital TV migration is a longer term risk at this point in time.</li><li>Our comparative analysis reveals that SCMA is better than rival <a href="https://www.smartkarma.com/entities/6881" target="_blank" data-smartkarma-citation="entities:6881:1">Media Nusantara Citra Tbk Pt (MNCN IJ)</a> in terms of fundamentals and corporate governance.</li><li>Valuation is getting ahead of fundamentals though: Sell/Take profit SCMA.</li></ul>

Surya Citra Media Pt Tbk (SCMA IJ) guides for strong 2017 (10% growth at top line, 20-25% at EBITDA).Digital TV migration is a longer term risk at this point in time.Our comparative analysis reveals that SCMA is better than rival Media Nusantara Citra Tbk Pt (MNCN IJ) in terms of fundamentals and corporate governance.Valuation is getting ahead of fundamentals though: Sell/Take profit SCMA.

Surya Citra Media: Valuation Getting Ahead of Fundamentals Despite Rosier Outlook