SCMA - FY24: Missed earnings

SCMA - FY24: Missed earnings Surya Citra Media (SCMA)’s FY24 revenue grew +8.4% yoy to IDR7.1 tn, in line with estimates, while ad-based revenue mix dropped to 70.8% as digital (mainly Vidio) surged +33.3% yoy to 19% of revenue. Content Production rose +101.1% yoy, though margin pressure persists amid shifting trends. FY24 net profit rose +77.8% yoy to IDR595 bn, driven by sports content momentum, yet missed estimates. Vidio’s IPO remains a key catalyst, with SCMA navigating a transition phase amid rising uncertainties. Last rating: SELL, TP IDR130. (Source : Company, Bloomberg, KBVS Research)