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Broadcasting synergy to deliver sustainable and scalable revenue growth. Looking ahead, FILM’s management aims to more than double NETV’s audience share to c.5% by releasing high-quality content via FTA and broadcasting several FILM’s blockbusters such as KKN di Desa Penari, Sewu Dino, and Ipar Adalah Maut. This synergy, combined with upcoming potential block-busters such as D4nur: The Last Chapter, Ivanna 2, and Janur Ireng—each likely to attract 2mn+ viewers on the back of their strong initial sequels—supports our view that FILM’s revenues are on target to reach IDR 877bn in 2026F, before further improving to IDR 1,294bn in 2027F.
Rights issue leads to debt-free status and potential partnership with SBS. Following the company’s successful 2Q25 rights issue, FILM will use IDR 791.8bn rights proceeds to fully repay its long-term bank loan of IDR 661.8bn. During the rights issue, SBS Co Ltd (South Korea’s second-largest broadcaster) exercised 413.8mn shares, translating to 3.8% stake in FILM. We believe this strategic partnership will benefit NETV’s operating performance by way of knowledge transfer.
2Q25 earnings hiccup on elevated NETV costs despite strong film revenues. In 2Q25, FILM posted strong revenue of IDR 182.0bn (+48.6% QoQ), driven by cinema income of IDR 109.9bn (+416.9% QoQ; 60.4% of 2Q25 top line), largely thanks to 'Pabrik Gula' (4.7mn viewers), FILM’s top-selling movie of the quarter. On the cost side, FILM booked elevated 2Q25 opex of IDR 86.0bn (+2.6% QoQ, +154.8% YoY), mainly due to NETV-related expenses. At the bottom line, FILM reported 2Q25 IDR -32.4bn net loss (1Q25: IDR -9.1bn; 2Q24: IDR 72.6bn), primarily due to one-off tax-related provision of IDR -37bn which we do not expect to recur going forward.
BUY with DCF-based TP of IDR 7,000 TP (+94% upside) on earnings turnaround. We like FILM’s sustainable and scalable growth helped by current strategic acquisition of MDTV (NETV) allowing for further IP value monetization of blockbuster titles ahead. This and expected near-term earnings turnaround as discussed above have us retaining our positive view on FILM with DCF-based TP of IDR 7,000, implying +94% upside. BUY.
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