MNCN - FY24 above: Fully integrated media powerhouse

MNCN - FY24 above: Fully integrated media powerhouse Media Nusantara Citra (MNCN) booked 4Q24 revenue of IDR2 tn (+22.6% qoq, +14.5% yoy), bringing FY24 to IDR8 tn (+2.2% yoy), slightly below our estimate (97.9%) but above consensus (104.8%). Growth was driven by flagship shows Indonesian Idol & MasterChef Indonesia, lifting audience share to 36.1% in 4Q24 and 36.6% in FY24. Revenue diversification continued, with FTA’s contribution dropping to 39.9% in 2024 (from 52.4% in 2023), while Content (22.2% of FY24 revenue, +37.9% yoy) and Subscription (9%, +43.5% yoy) gained traction. The digital ecosystem expanded via RCTI+ (70.5M MAU) & Vision+ (36M MAU, 3.3M subs), reinforcing MNCN’s multi-platform presence. GPM fell to 40.3% in 4Q24 (46% FY24) due to higher content costs, though G&A declined (-2.8% yoy) alongside D&A (-4.5% yoy). Net profit reached IDR155 bn in 4Q24 (+41.9% qoq, -4.3% yoy), totaling IDR1.1 tn in FY24 (+3.9% yoy), below our forecast (85.2%) but in line with consensus (106.5%). BUY, TP IDR415/sh (4.7x P/E FY25). Awaiting further updates from the press release as we transition coverage. (Source : Company, KBVS Research)