SCMA - 9M24 missed: record market share, cautious outlook

SCMA - 9M24 missed: record market share, cautious outlook Surya Citra Media (SCMA)’s revenue growth lifted its NPM to 12.98% in 3Q24, driving net profit to IDR236 bn (+183.3% qoq) and IDR509 bn (+115.3% yoy) for 9M24, though results fell short of expectations. SCMA’s 3Q24 market share reached a high of 36.2%, leading over MNC Group and TransTV, driven by exclusive sports broadcasts. Audience share may ease in 4Q24 as flagship events conclude, though viewer interest remains strong in select shows. Vidio’s potential IPO could serve as a catalyst. However, ad budgets and subscriptions face tech-driven risks, with our HOLD rating at TP IDR156 and a 16.5x P/E 24F. Coverage transfer is underway. (Source : Company, KBVS Research)