MNCN - 9M24 missed: better margins, awaited 4Q24 rebound

MNCN - 9M24 missed: better margins, awaited 4Q24 rebound Media Nusantara Citra (MNCN)’s 3Q24 net income fell to IDR109 bn (-59% qoq), totaling IDR918 bn for 9M24, missing expectations. Margins improved, with NPM at 15.38% (+99 bps yoy). Operating profit grew by 4.3% yoy due to lower costs. Audience share dipped in 3Q24 but held a 36.9% lead in 9M24. We expect a 4Q24 boost with major shows airing. Digital diversification challenges persist, with FTA and digital ad revenues down QoQ. Our BUY rating stands at TP IDR415/share (4.7x P/E FY24) as we transition coverage. (Source : Company, KBVS Research)