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Company Reports

06 November 2024

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SCMA: 3Q24 Results – SELL, SSI TP: IDR 110

SWOT Analysis of The Results (Below Ours and Cons.)

Strength

3Q24 bottom-line growth was driven by declined OpEx to IDR 425.7bn (-13.0% QoQ, +0.7% YoY), alongside improved TV revenue (69% of sales) of IDR 1,255bn (+14.0% QoQ, -9.4% YoY) and EBIT of IDR 199.9bn (+49% QoQ, -0.48% YoY)

Weakness

SCMA’s OTT (Over-The-Top) business-line (Vidio.com) posted 3Q24 net loss of IDR 154.8bn, mainly due to overbidding; GPM slipped -50 bps QoQ, attributed to higher program and amortization costs of IDR 1.1tn (+17.1% QoQ, -2.0% YoY)

Opportunity

SCMA’s new studios facilities are expected to bolster its content production capabilities, potentially attracting more ads; recent market underperformance may provide buying opportunities for investors

Threat

Stringent fiscal policy, elevated interest rate levels, and IDR depreciation, which all exert pressure on FMCG advertising budgets, combined with reduced consumer spending on subscription, are likely to weigh on earnings growth

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