SECTOR UPDATE

MEDIA
SEA Games push analog channels
ratings to better ground in June

14 July 2015
Sector: Media Neutral

Valuations and recommendations

SEA Games bolstered analog ratings in June

0.60

ROE
Div
(%) dyield (%)
FY15Y FY15
40.7
4.1
5.4
3.5
19.9
3.9
9.2
0.7
(0.3)
0.0
32.8
2.5
22.8
1.0
(3.8)
0.0
9.5
0.9
15.1
1.8

0.614
0.608

0.556 0.576
0.536

0.50
0.350
0.306 0.298 0.314
0.283

0.40
0.202

0.194

Of all the new digital licensees, LOCA Channel led the MoM TV ratings
growth in June (0.019, up 73% MoM)followed by BECs SD Channel
(0.162, up 60% MoM), GMM25 Channel (0.057, up 30% MoM), BECs
Family Channel (0.080, up 29% MoM) and New TV (up 28% MoM).
Other digital-only operators under our coverage that posted MoM rises
were RS (0.350, up 11% MoM) and MONO (0.284, up 12% MoM).
Ratings of WORK and ONE Channel slipped only marginallyWORK
(0.608, down 1% MoM) and ONE Channel (0.194, down 1% MoM).
Despite the SEA Games live broadcasts in June, the overall ratings of
digital channels remained solid and some channels whose content
targets the mass market were negligibly affected.
Regained ratings of WORK and ONE Channel in July
BEC has been showing reruns of Korean and Chinese series and
super-prime Thai soap operas on its SD Channel, while its Family
Channel has aired new cartoon content from Boomerang. It would take
at least six months to prove that the ratings rises at BECs digital
channels are sustainable. We expect WORKs digital rating to rise in
July with the migration of Ching Roi Ching Lan from BEC to its digital
channel (more-or-less the same rating and ad rateBt300k/minas
when it was broadcast on BECs analog channel). GMM25 Channels
rating has jumped since the launch of teenage soap operas series in
the May-June period. We expect new soap operas and series to boost
ratings of ONE and GMM25 Channels in July.
See disclaimer at the end of report

Prasit Sujiravorakul
Securities Fundamental Investment Analyst
prasit@bualuang.co.th
+66 2 618 1342

Jun-15

Jan-15

Dec-14

Oct-14

Nov-14

Sep-14

Jun-14

0.119

Apr-15

0.10 0.169
0.031
-

0.2250.195
0.178

May-15

0.128

Mar-15

0.20

Feb-15

0.30

Apr-14

BECs SD and GRAMMYs GMM25 channels led peers in June

2-yr
PER EPS CAGR PBV
(x) FY14-16 (x)
FY15
(%)
FY15
22.4 (10.7)
9.3
21.6
(7.7)
1.2
22.1
+15.2
4.3
68.6 +177.6
5.1
n.m.
n.m.
2.9
35.1
+1.5
7.6
51.8
+43.6
7.7
n.m.
+86.0
2.5
66.3
(4.3)
6.0
41.1
37.7
5.2

Channel 8 (RS)
Workpoint TV (WORK)
GMM channel (GRAMMY SD)
ONE (GRAMMY HD)
MONO29 (MONO)

0.70

May-14

The ratings (for ages 4+ nationwide) of all analog channels except

Channel 7 and TPBS rose MoM in JuneBEC (2.151, up 9% MoM),
Channel 5 (0.167, up 34% MoM), MCOT (0.295, up 25% MoM) and
NBT (0.090, up 91% MoM). This was due to the SEA Games live
broadcasts, which ran 5-16 June via the TV pool networks six analog
channels. The lost share of super-prime Thai soap operas explained
the ratings drop for Channel 7 (2.604, down 2% MoM). We think that
the SEA Games, as a one-time event, bolstered analog channels June
ratings, and that these should normalize from July.

Jul-14

Nielsens June figures revealed that although the ratings of most analog
channels bounced strongly MoM from SEA Games live broadcasts, those
of most digital TV channels remained intact or saw a negligible impact from
ad migration to the analog channels. In June, ratings of GMM25, RS and
MONO rose MoM while those of WORK and ONE Channel dropped
marginally MoM. We treat the bounce of analog ratings in June as a onetime event and expect those of digital channels to pick up their pace in July,
underpinned by new content. We expect ratings of WORKs and
GRAMMYs two digital channels to regain strength in July. WORK and RS
are our best picks for the 6-9 month investment horizon while GRAMMY is
the best pick for the more-than-12-month investment horizon.

Target
price
Rec.
(Bt)
BEC
SELL 33.00
MCOT
SELL 10.50
MAJOR
BUY 36.00
WORK
BUY 50.50
GRAMMY BUY 22.40
VGI
HOLD 5.20
PLANB
BUY
6.10
MONO
BUY
4.25
RS
BUY 16.00
Simple avg

Aug-14

Investment thesis

Figure 1: TV ratings (4+ nationwide)

TV Rating (4+ nationwide)
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 % MoM
Channel 3
Channel 3 - analog (+HD starting Nov)

2.586 2.666

2.660

2.576

2.342 2.207

Channel 3 - HD (during June-Oct 2014)

2.350 2.540 2.730 2.688

0.032

0.033

0.038

0.080 0.020

2.062 1.939 1.854 1.877

1.851 1.816

1.981

2.151

Channel 3 - 3Family

0.024

0.016

0.020

Channel 3 - 3SD

0.015

0.015

0.018

8.58%

0.023 0.019

0.020 0.025 0.034 0.035

0.034 0.043

0.062

0.080 29.03%

0.019 0.020

0.019 0.023 0.023 0.038

0.050 0.072

0.101

0.162 60.40%

Channel 5 - public

0.400 0.390 0.360 0.334

0.316 0.470

0.315

0.284

0.338 0.303

0.283 0.236 0.157 0.132

0.125 0.127

0.125

0.167 33.60%

Channel 7 - analog+HD

3.040 3.270 3.240 2.762

3.061 3.003

3.320

3.394

3.246 3.462

3.340 3.186 2.750 2.902

2.960 2.889

2.652

2.604

0.500 0.520 0.570 0.505

0.449 0.488

0.456

0.461

0.529 0.430

0.381 0.345 0.289 0.239

0.225 0.207

0.236

0.295 25.00%

0.020

0.008

0.009

0.008 0.006

0.007 0.011 0.010 0.007

0.015 0.025

0.033

0.035

-1.81%

Channel 9
Channel 9 - analog+HD
Channel 9 - MCOT Family SD

6.06%

NBT - public

0.150 0.160 0.120 0.128

0.122 0.111

0.100

0.101

0.230 0.138

0.075 0.069 0.062 0.065

0.059 0.053

0.047

0.090 91.49%

TPBS - public

0.270 0.270 0.210 0.215

0.237 0.249

0.219

0.219

0.237 0.219

0.182 0.162 0.139 0.115

0.123 0.123

0.121

0.113

RS's Channel 8 - digital

0.169

0.163 0.461

0.321

0.288

0.240 0.248

0.243 0.239 0.275 0.283

0.306 0.298

0.314

0.350 11.46%

WORK's Workpoint TV - digital

0.202

0.189 0.226

0.256

0.301

0.342 0.333

0.364 0.375 0.530 0.536

0.556 0.576

0.614

0.608

-0.98%

GRAMMY's ONE - digital

0.031

0.040 0.038

0.044

0.026

0.026 0.044

0.058 0.092 0.128 0.119

0.178 0.225

0.195

0.194

-0.51%

0.003

0.009

0.022

0.019 0.011

0.019 0.023 0.029 0.027

0.039 0.034

0.044

0.057 29.55%

-6.61%

Others

GRAMMY's GMM channel - digital

MONO's MONO 29 - digital

0.021 0.043

0.065

0.096

0.113 0.114

0.112 0.129 0.232 0.225

0.240 0.256

0.253

0.284 12.25%

AMARIN TV - digital

0.006

0.009

0.013

0.012 0.014

0.022 0.020 0.027 0.032

0.041 0.042

0.045

0.053 17.78%

Now TV - digital

0.008

0.008

0.006

0.008 0.008

0.007 0.008 0.010 0.011

0.013 0.015

0.020

0.020

0.074 0.081

0.071

0.083

0.086 0.074

0.074 0.070 0.087 0.133

0.146 0.102

0.129

0.147 13.95%

0.015 0.016

0.020

0.024

0.028 0.022

0.020 0.025 0.032 0.062

0.066 0.063

0.061

0.068 11.48%

0.071

0.067

0.084

0.088 0.079

0.060 0.056 0.061 0.079

0.079 0.082

0.083

Thairath TV - digital
PPTV - digital

0.012

True4U - digital

0.00%

0.082

-1.20%

Nation TV - digital

0.031

0.059 0.071

0.060

0.044

0.046 0.037

0.035 0.038 0.042 0.043

0.044 0.050

0.051

0.048

-5.88%

Spring News - digital

0.014

0.029 0.026

0.016

0.017

0.019 0.017

0.016 0.018 0.020 0.020

0.026 0.030

0.037

0.039

5.41%

TNN24 - digital

0.035

0.051 0.047

0.041

0.038

0.036 0.028

0.029 0.034 0.041 0.040

0.046 0.046

0.048

0.051

6.25%

0.009

0.011 0.008

0.008 0.010 0.010 0.010

0.012 0.014

0.015

0.015

0.00%

0.053

0.023

0.022 0.020

0.026 0.031 0.040 0.040

0.043 0.039

0.040

0.051 27.50%

0.032 0.021

0.024

0.027

0.032 0.029

0.033 0.033 0.050 0.057

0.042 0.044

0.046

0.050

8.70%

0.005 0.013

0.009

0.010

0.008 0.007

0.008 0.011 0.015 0.015

0.019 0.023

0.024

0.023

-4.17%

0.010 0.010

0.007

0.008

0.007 0.007

0.006 0.008 0.009 0.012

0.011 0.012

0.011

0.019 72.73%

Voice TV - digital
NEW TV - digital
THAI TV - digital

0.018

BRIGHT TV - digital
LOCA - digital

0.007

Source: The Nielsen Company

Media - 2

Figure 2: TV audience share (including analog and digital TV channels)

Audience share breakdown
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15
Total existing analog
Total digital (excl. Ch3, 5, 7, 9, NBT and TPBS
Total free TV

100.0% 100.0% 100.0% 92.7% 90.8% 85.8% 86.5% 86.0% 85.1% 85.9% 84.8%
0.0%

0.0%

0.0%

7.3%

9.2% 14.2% 13.6% 14.1% 14.9% 14.2% 15.2%

83.1% 76.5% 75.6% 74.1% 73.3% 72.5% 72.6%

16.9% 23.6% 24.4% 25.9% 26.7% 27.5% 27.4%

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Audience share
(including analog and digital channels)

Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 % MoM

Channel 3 - analog (+HD starting Nov)

35.07% 35.53% 37.73% 37.58% 34.68% 32.45% 32.37% 31.26% 28.57% 27.85% 27.46% 26.87% 26.64% 26.25% 25.19% 24.85% 26.81% 27.39% 0.58%

Channel 3 - 3Family

0.30% 0.19% 0.24% 0.28% 0.23% 0.26%

0.35% 0.48% 0.49% 0.46% 0.58% 0.84% 1.02% 0.18%

Channel 3 - 3SD

0.19% 0.18% 0.21% 0.23% 0.26% 0.26%

0.32% 0.34% 0.53% 0.68% 0.99% 1.37% 2.07% 0.70%

Total audience share for Channel 3

Channel 5 - public
Channel 7 - analog+HD
Channel 9 - analog+HD
Channel 9 - MCOT Family SD
Total audience share for Channel 9

35.07% 35.53% 37.73% 37.58% 34.68% 32.94% 32.74% 31.71% 29.08% 28.34% 27.98% 27.54% 27.46% 27.27% 26.33% 26.42% 29.02% 30.48% 1.46%
5.90% 5.45% 5.04% 4.67% 4.24% 5.72% 3.83% 3.45% 4.13% 3.83% 3.77%

3.27% 2.26% 1.84% 1.70% 1.74% 1.69% 2.12% 0.43%

45.32% 45.70% 44.80% 38.62% 41.05% 36.55% 40.38% 41.20% 39.60% 43.68% 44.49% 44.15% 39.53% 40.57% 40.29% 39.54% 35.90% 33.17% -2.73%
7.42% 7.21% 7.83% 7.06% 6.02% 5.94% 5.54% 5.60% 6.46% 5.42% 5.07%

4.78% 4.16% 3.34% 3.06% 2.84% 3.20% 3.76% 0.56%

0.25% 0.09% 0.11% 0.10% 0.08% 0.10%

0.15% 0.15% 0.10% 0.21% 0.34% 0.44% 0.45% 0.01%

7.42% 7.21% 7.83% 7.06% 6.02% 6.19% 5.63% 5.71% 6.56% 5.50% 5.17%

4.93% 4.31% 3.44% 3.27% 3.18% 3.64% 4.21% 0.57%

NBT - public

2.26% 2.28% 1.73% 1.79% 1.64% 1.35% 1.21% 1.22% 2.81% 1.74% 1.00%

0.95% 0.89% 0.91% 0.80% 0.72% 0.63% 1.15% 0.52%

TPBS - public

4.04% 3.84% 2.87% 3.01% 3.18% 3.03% 2.66% 2.66% 2.89% 2.76% 2.42%

2.25% 2.00% 1.61% 1.68% 1.69% 1.63% 1.43% -0.20%

RS's Channel 8 - digital

2.37% 2.19% 5.61% 3.91% 3.50% 2.92% 3.12% 3.23%

3.31% 3.96% 3.96% 4.16% 4.08% 4.25% 4.45% 0.20%

Workpoint TV - digital

2.82% 2.53% 2.75% 3.11% 3.65% 4.17% 4.21% 4.85%

5.20% 7.62% 7.49% 7.58% 7.88% 8.32% 7.75% -0.57%

GMM channel - digital

0.03% 0.11% 0.26% 0.23% 0.14% 0.26%

0.31% 0.42% 0.38% 0.53% 0.46% 0.59% 0.72% 0.13%

AMARIN TV - digital

0.07% 0.11% 0.15% 0.15% 0.18% 0.29%

0.28% 0.39% 0.44% 0.56% 0.58% 0.61% 0.67% 0.06%

Others

Now TV - digital
Thairath TV - digital

0.09% 0.10% 0.07% 0.10% 0.10% 0.09%

0.12% 0.15% 0.15% 0.17% 0.21% 0.28% 0.25% -0.03%

0.99% 0.98% 0.86% 1.01% 1.05% 0.93% 0.99%

0.96% 1.25% 1.86% 1.98% 1.40% 1.75% 1.87% 0.12%

ONE - digital

0.43% 0.53% 0.47% 0.54% 0.32% 0.31% 0.55% 0.77%

1.28% 1.84% 1.66% 2.42% 3.07% 2.64% 2.47% -0.17%

PPTV - digital

0.16% 0.20% 0.19% 0.25% 0.29% 0.35% 0.28% 0.26%

0.34% 0.46% 0.86% 0.90% 0.86% 0.83% 0.86% 0.03%

0.86% 0.82% 1.02% 1.07% 0.99% 0.80%

0.78% 0.88% 1.10% 1.07% 1.12% 1.12% 1.05% -0.07%

True4U - digital
Nation TV - digital

0.44% 0.79% 0.86% 0.73% 0.54% 0.56% 0.47% 0.47%

0.53% 0.60% 0.60% 0.60% 0.68% 0.70% 0.61% -0.09%

Spring News - digital

0.20% 0.39% 0.31% 0.20% 0.21% 0.24% 0.21% 0.21%

0.25% 0.29% 0.28% 0.36% 0.41% 0.50% 0.49% -0.01%

TNN24 - digital

0.50% 0.68% 0.57% 0.50% 0.47% 0.44% 0.36% 0.38%

0.47% 0.59% 0.56% 0.62% 0.63% 0.65% 0.65% 0.00%

Voice TV - digital

0.12% 0.10% 0.09% 0.10%

0.16% 0.14% 0.14% 0.16% 0.19% 0.20% 0.19% -0.01%

NEW TV - digital

0.64% 0.28% 0.27% 0.26% 0.35%

0.43% 0.58% 0.56% 0.58% 0.53% 0.54% 0.65% 0.11%

THAI TV - digital

0.26% 0.43% 0.25% 0.29% 0.33% 0.39% 0.37% 0.44%

0.46% 0.72% 0.80% 0.57% 0.60% 0.62% 0.63% 0.01%

BRIGHT TV - digital
LOCA - digital
MONO 29 - digital
Total audience share for others

0.06% 0.16% 0.11% 0.12% 0.10% 0.09% 0.10%

0.16% 0.21% 0.20% 0.26% 0.32% 0.33% 0.29% -0.04%

0.10% 0.13% 0.12% 0.09% 0.10% 0.09% 0.09% 0.09%

0.11% 0.14% 0.17% 0.14% 0.17% 0.15% 0.24% 0.09%

0.28% 0.53% 0.79% 1.17% 1.38% 1.44% 1.49%

1.79% 3.33% 3.15% 3.26% 3.51% 3.42% 3.62% 0.20%

7.28% 9.20% 13.85% 13.16% 13.61% 13.92% 13.88% 15.17% 16.94% 23.57% 24.36% 25.92% 26.70% 27.50% 27.46%

Source: The Nielsen Company

Media - 3

Figure 3: TV ad spend share (including analog and digital TV channels)

Ad spend market share
(including analog and digital channels)

Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 % MoM

Channel 3 - HD+analog (+HD starting Nov) 33.10% 33.20% 32.11% 31.38% 30.31% 28.94% 29.16% 28.98% 24.68% 24.25% 23.35% 23.17% 22.70% 21.84% 20.89% 21.22% 20.79% 20.49% -0.30%
Channel 3 - 3Family

0.46% 0.60% 0.78% 1.09% 1.15% 1.13% 0.86% 0.99% 0.80% 0.57% 0.48% 0.54% 0.54% 0.00%

Channel 3 - 3SD

0.64% 0.76% 0.94% 1.27% 1.21% 1.11% 0.87% 1.05% 1.40% 1.26% 1.28% 1.26% 1.11% -0.15%

Total ad spend share for Channel 3

33.10% 33.20% 32.11% 31.38% 30.31% 30.04% 30.52% 30.70% 27.04% 26.61% 25.59% 24.90% 24.74% 24.04% 22.72% 22.98% 22.59% 22.14% -0.45%

Channel 5 - public

18.94% 17.24% 16.19% 15.85% 15.42% 16.24% 14.22% 12.63% 10.71% 10.64% 10.71% 10.49% 9.72% 8.45% 7.34% 6.84% 6.40% 6.50% 0.10%

Channel 7 - analog+HD

28.14% 30.33% 30.84% 27.84% 28.13% 29.25% 27.94% 27.28% 23.40% 22.13% 23.28% 21.57% 19.98% 21.44% 22.46% 22.25% 21.48% 20.52% -0.96%

Channel 9 - analog+HD

17.05% 17.34% 19.02% 18.38% 17.89% 14.93% 13.48% 13.09% 11.88% 10.53% 10.44% 9.18% 8.32% 7.88% 10.13% 9.03% 8.95% 9.49% 0.54%

Channel 9 - MCOT Family SD

Total ad spend share for Channel 9

0.95% 0.54% 0.45% 0.59% 0.49% 0.72% 0.54% 0.33% 0.34% 0.41% 0.47% 0.37% -0.10%
17.05% 17.34% 19.02% 18.38% 17.89% 14.93% 14.43% 13.63% 12.33% 11.12% 10.93% 9.90% 8.86% 8.21% 10.47% 9.44% 9.42% 9.86% 0.44%

NBT - public

2.78% 1.89% 1.85% 2.08% 2.28% 2.16% 2.42% 2.16% 2.40% 2.20% 1.92% 1.68% 2.14% 1.88% 1.70% 1.63% 1.73% 2.08% 0.35%

TPBS - public

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Others
RS's Channel 8 - digital

1.69% 1.70% 1.52% 1.66% 1.69% 2.03% 2.09% 2.09% 1.78% 0.74% 0.88% 0.99% 0.89% 0.72% 0.81% 0.09%

Workpoint TV - digital

0.85% 0.92% 0.91% 0.86% 0.83% 3.56% 3.58% 3.46% 3.55% 10.67% 11.56% 10.69% 11.46% 11.81% 11.75% -0.06%

GMM channel - digital

AMARIN TV - digital
Now TV - digital
Thairath TV - digital
ONE - digital
PPTV - digital
True4U - digital
Nation TV - digital

0.91% 0.81% 0.71% 0.88% 0.97% 0.87% 1.30% 1.21% 1.28% 0.07%
1.96% 2.23% 1.74% 1.31% 1.80% 1.19% 1.44% 1.24% 1.28% 0.90% 1.14% 1.48% 1.37% -0.11%
1.34% 1.32% 1.81% 1.73% 1.56% 1.34% 1.41% 1.38% 1.35% -0.03%
1.41% 1.65% 1.54% 1.72% 3.08% 1.91% 2.18% 2.50% 2.95% 2.80% 3.00% 0.20%
0.23% 0.27% 0.18% 0.25% 0.24% 1.10% 1.11% 1.37% 1.73% 1.58% 1.63% 1.92% 1.70% 1.88% 2.14% 0.26%
1.15% 0.55% 0.58% 1.09% 1.66% 1.51% 2.13% 2.10% 1.96% 2.58% 2.95% 3.08% 0.13%
1.45% 0.72% 1.23% 1.81% 1.77% 1.62% 1.74% 2.43% 2.01% 2.16% 1.82% 1.83% 2.22% 2.48% 0.26%
0.83% 0.87% 0.85% 0.94% 2.23% 2.09% 2.01% 2.08% 2.14% 1.90% 1.44% 1.76% 1.54% 1.43% 1.46% 0.03%

Spring News - digital

0.51% 0.42% 0.34% 0.50% 0.45% 1.20% 1.25% 1.22% 1.31% 1.43% 1.23% 1.06% 1.15% 1.11% 1.05% -0.06%

TNN24 - digital

0.37% 0.34% 0.33% 0.27% 0.29% 1.45% 1.65% 1.47% 1.86% 1.61% 1.53% 1.18% 1.13% 1.40% 1.40% 0.00%

Voice TV - digital

0.65% 0.67% 1.13% 1.47% 1.62% 1.10% 1.19% 1.15% 1.29% 1.20% 1.23% 0.03%

NEW TV - digital

0.17% 0.21% 0.42% 0.52% 0.72% 0.48% 0.95% 1.15% 1.00% 1.09% 0.99% -0.10%

THAI TV - digital
BRIGHT TV - digital
LOCA - digital
MONO 29 - digital
Total ad spend share for others

1.69% 1.45% 1.08% 1.28% 1.43% 1.22% 1.40% 1.05% 1.07% 0.89% -0.18%
0.53% 1.23% 1.23% 1.19% 1.33% 1.54% 1.53% 1.42% 1.22% 1.01% 1.02% 1.04% 1.18% 0.14%
0.81% 0.58% 0.49% 0.66% 0.74% 0.58% 1.00% 0.78% 0.73% 0.79% 0.06%
1.84% 2.06% 2.34% 2.31% 1.55% 2.31% 2.59% 2.66% 2.83% 2.65% -0.18%
4.48% 5.97% 7.34% 10.32% 13.29% 23.15% 26.96% 27.57% 31.47% 34.55% 35.99% 35.29% 36.88% 38.35% 38.90%

Source: The Nielsen Company

Media - 4

Regional comparisons
Bloomberg

Abs-Cbn Corp
Gma Network Inc
Sun Tv Network Ltd
Zee Entertainment Enterprise
Television Broadcasts Ltd
Phoenix Satellite Television
Nippon Television Network
Tokyo Broadcasting System
Tv Asahi Corp
Beijing Gehua Catv Network-A
BEC World
GMM Grammy
Major Cineplex Group
MCOT
Plan B Media
RS
VGI Global Media
Workpoint Entertainment
Simple average

Price Market Cap

Code

(local curr.)

ABS PM
GMA7 PM
SUNTV IN
Z IN
511 HK
2008 HK
9404 JP
9401 JP
9409 JP
600037 CH
BEC TB
GRAMMY TB
MAJOR TB
MCOT TB
PLANB TB
RS TB
VGI TB
WORK TB

PHP61.0
PHP6.4
INR277.7
INR373.8
HKD42.5
HKD2.3
JPY2,201.0
JPY1,768.0
JPY1,930.0
CNY25.8
THB37.00
THB12.60
THB32.25
THB12.60
THB6.10
THB10.80
THB4.98
THB39.00

PER (x)

(US$
equivalent) 2015E 2016E
1,149
472
1,725
5,659
2,401
1,510
4,707
2,729
1,698
4,848
2,174
304
845
254
626
319
1,004
478

19.3
24.9
12.3
36.9
12.0
21.3
16.3
29.1
19.9
34.2
22.4
n.m.
22.1
21.6
53.2
66.3
35.1
73.6
30.6

13.5
16.3
10.4
28.8
11.5
16.7
14.8
26.5
18.6
24.9
21.0
24.3
19.9
20.2
37.3
31.2
24.7
64.7
23.6

EPS Growth (%)

2015E
15.6
-8.2
14.5
16.8
250.2
199.7
12.8
-23.3
-7.0
35.7
-25.3
n.m.
19.4
-20.5
44.3
-55.1
-27.4
576.8
59.9

PBV (x)

ROE (%)

Div Yield (%)

2016E 2015E 2016E 2015E 2016E 2015E 2016E

40.9
73.7
17.2
28.0
4.7
27.3
10.0
10.5
6.5
37.6
6.8
n.m.
11.2
7.3
42.7
112.1
41.9
13.9
28.9

1.9
n.a.
3.0
6.3
2.1
2.1
1.0
0.7
0.7
3.9
9.3
2.9
4.3
1.2
7.7
6.0
7.6
5.1
3.9

1.7
n.a.
2.7
5.5
2.0
1.9
0.9
0.7
0.7
3.4
8.6
2.6
4.1
1.1
6.9
5.5
4.6
4.5
3.4

9.7
15.1
25.1
20.0
18.3
10.5
5.9
2.4
3.3
11.7
40.7
-0.3
19.9
5.4
22.8
9.5
32.8
9.2
14.5

12.6
21.5
26.7
21.7
17.7
12.0
6.2
2.6
3.6
13.8
45.0
12.7
21.1
5.7
19.6
18.9
23.1
7.6
16.2

1.3
4.3
4.6
0.8
6.0
2.2
1.5
1.0
2.0
1.1
4.1
0.0
3.9
3.5
1.0
0.9
2.5
0.7
2.3

1.7
2.5
5.3
1.0
6.4
2.0
1.6
1.1
2.1
1.4
4.4
0.0
4.3
3.7
1.3
1.9
3.6
0.8
2.5

Media - 5

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Media - 6