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Selasa, 25 Januari 2011

CLSA Indo : MNCN, breaking news

As a follow up on yesterday media report, industrious Jessica Irene published a note on MNC (MNCN IJ). This is the largest and most liquid media stock in Indonesia, market leader in free to air TV. Jessica is forecasting MNCN ROE to double from 8.1% in 2009 to 16.7% in 2011 as the company continues to deliver. Conviction BUY. TP Rp1,100 is 38% upside to yesterday close.

The key here is that their three TV channels are already operating at 85-89% utilization rate. And tight capacity means that rate card appreciation will accelerate here on. MNCN is leveraged to rate card appreciation.

Valuation is still reasonable at 11x 11CL PER, a 31% discount against regional peers. 
Posted by Saham Pilihan at 11.00

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