BINAARTHA SEKURITAS
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MARI

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Market Domination, BUY
​5th December 2017
Current price Rp1,195
Target price Rp1,500
Total market domination
  • After acquiring 4 radio stations in Jakarta MARI’s market share (excluding digital) grew to 46% in 3Q17 compared to 23% in 4Q16.
  • MARI is also in the middle of developing their own digital platform to support expansion in radio.
  • We maintain our target of revenue growth 2017-2018 with the additional growth from new acquired radio stations reflected from 2018.

Strong profit growth
  • Based on 9M17 result, We are adjusting our target for MARI’s net profit and EBITDA margin growth 2017-2018F to 35% and 51%.
  • Historically, MARI’s EBITDA margin growth has averaged more than 40% and net income margin growth more than 30%.
  • MARI doesn’t require high capex as equipment is durable and revenue can easily more than cover these operating​ expenses.
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Valuation: 25.5% upside, BUY
  • Due to the strong focus on radio expansion and digital platform expansion & resulting strong profit growth, we have a target price IDR. 1500
  • Puts the stock at a very reasonable 14.4x PER.
  • 25.5% potential upside, BUY.
Download the full report
PT. Binaartha Sekuritas

Setiabudi Atrium, Jl. HR Rasuna Said No.62, RT.18/RW.2, Karet Kuningan, Setia Budi, Jakarta Selatan, DKI Jakarta 12920
+62215206678 | email: kyc.online@binaartha.com

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