KUALA LUMPUR (Feb 24): RHB Research Institute said Media Prima’s 4QFY11 core net profit of RM75 million (up 13.5% on-year; +40.8% on-quarter) was above expectations.
It said on Friday the variance was improved margins due to an unexpected surge in adex demand during November and December, while content costs were contained.
“Given the improving adex outlook amid receding risk of a double-dip global recession, we upgrade Media Prima from underperform to Market Perform.
Fair value raised from RM2.10 to RM2.75 based on 14x (previously 12x) FY12 EPS of 19.7 sen,” said RHB Research.
It said on Friday the variance was improved margins due to an unexpected surge in adex demand during November and December, while content costs were contained.
“Given the improving adex outlook amid receding risk of a double-dip global recession, we upgrade Media Prima from underperform to Market Perform.
Fair value raised from RM2.10 to RM2.75 based on 14x (previously 12x) FY12 EPS of 19.7 sen,” said RHB Research.
