Research & Stock Picks

Company Reports

24 January 2025

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Media: Neutral with FILM as Top-Pick

Strength

The OTT segment’s average robust revenue growth (3Y CAGR: 35.2%) paves the way towards cushioning the downtrend in FTA revenues; lower interest rates ahaead should spell good news for advertising demand

 

Weakness

FTA revenue may continue to decline as advertisers increasingly favor OTT platforms for their advanced algorithms, enabling more efficient and targeted advertising

 

Opportunity

As Set Top Boxes are more affordable, now priced as low as IDR 100k (prev: IDR 200k–300k), Free-to-Air TV performance may improve, especially amid current weak purchasing power, causing improved sentiment in the sector

 

Threat

Weak purchasing power and IDR depreciation may reduce both consumer spending on subscriptions as well as FMCG’s advertising budgets, limiting media sector’s earnings growth, resulting in unexciting sector outlook

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