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Admissions set to recover and reach pre-pandemic levels by 2027F. We are of the view that the Indonesian cinema sector’s prolonged slump has started to reverse in 2Q25, driven by releases of several American blockbusters following the resolution of the Hollywood strikes, paving the way for CNMA’s admissions to jump 12.6% YoY to 28.6mn (a record breaking).
Solid growth: strong branding, regional expansion & flagging competition. The Indonesian cinema industry is well-position to experience solid growth, as current screen penetration in the country remains lower versus regional peers, averaging 143,000 people per screen (compared to c.118,000 in other regions).
BUY on robust balance sheet, attractive dividends & 54% potential upside. We initiate our CNMA coverage with a BUY and DCF-based target price of IDR 200, reflecting almost 60% potential upside.
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
