CNMA - Primed for a Box Office Step-Up

KBVS Update
Tuesday, 30 June 2026

CNMA – Primed for a Box-Office Step-Up
(Initiate BUY: TP at IDR140)

■ CNMA booked 15.5 mn admissions in 1Q26 (+11.4% YoY), supported by early Eid holiday and we project FY26F admissions at 86.3 mn (vs 85.05 mn in FY25).

■ CNMA holds ~59% market share and plans 20 new screens in FY26F (1,408 in total), mainly in Tier 2 and 3 cities.

■ We forecast FY26F revenue of IDR6,344 bn (+8.2% YoY), EBITDA margin expansion to 33.4% (vs 31.0% in FY25), and net profit of IDR793 bn (+12.6% YoY).

■ We initiate BUY on CNMA with TP of IDR140/share (15.3x fwd P/E, -0.5SD below 2-yr average).

Regards,
Ashalia Fitri – KBVS Research Team