FOCUS | Media Sector Update | 9 May 2016

FOCUS | XXX FOCUSCompany Update | | XXMedia XXXXX 2013 Sector Update | 9 May 2016

Mandiri Sekuritas Analyst TV Guide-Apr 16: Back at it!

Kevin Halim MNCN recorded the strongest all-time audience share growth of 150bps MoM due +6221 5296 9418 to stronger performance from MNCTV and RCTI in Apr’16. SCMA’s all-time audience [email protected] share continues to decline, as Indosiar’s primetime share has been eaten by MNCTV Rizky Hidayat and ANTV. +6221 5296 9415 [email protected] MNCN leading the all-time share growth. MoM), as we suspect ANTV’s Super Family MNCN recorded the strongest all-time share 100 has eaten some of D’Academy’s share. th Sector : Media growth of 150bps MoM in Apr’16, and Meanwhile on the 4 place, Trans recorded hence maintained its no.1 position for all- a 10.9% (+60bps MoM) primetime share. time share of 37.3% (the highest in the last 2 years). SCMA maintained its second Strong month for MNCN’s non- NEUTRAL position, however it continued to record a primetime. MNCN recorded a non- declining all time share to 24.7% (-120bps primetime share of 32.6% (+180bps MoM), Stocks Recommendation MoM). VIVA’s all time share also declined by as three of its networks recorded positive 90bps MoM to 19%, as there is a non primetime growth in Apr’16. RCTI Target normalizing effect from their Anniversary posted the strongest growth of non- Ticker Recom Price (Rp) Shows in Mar’16. Meanwhile Trans' share primetime share of 90bps MoM to 14%, as SCMA Neutral 3,000 improved by 80bps MoM, as they are taking Tukang Ojek Pengkolan continues to MNCN Neutral 2,200 back the share loss in Mar’16 from VIVA. perform. SCMA maintained a relatively flat non-primetime share of 24.9% (-20bps Source: Mandiri Sekuritas MNCN remains superior in primetime. MoM), with both SCTV and Indosiar being MNCN recorded the strongest MoM growth able to hold their shares. VIVA however has of 150bps in primetime share to 45.9%, recorded the biggest decline of 210bps maintaining its no.1 share as a Group. MoM to 21% in non-primetime share, due to MNCTV has been the growth catalyst for the ANTV’s non-primetime performance, which Group in Apr’16, as the network recorded a also saw a 210bps decline to 17.1%. We 150bps MoM growth in primetime share to believe, the steep decline in ANTV’s share 9.2%. We believe, the strong performance was due to stronger performance from from MNCTV have been driven by its drama MNCN’s and Trans’ networks in Apr’16 that series, 7 Manusia Harimau New Generation. were successful in eating up ANTV’s share. RCTI continues to be the leading network in In addition, Trans was able to improve its primetime with 30.6% share (-30bps MoM), non-primetime audience share by 70bps while Global TV's primetime performance is MoM, to 17.8%. improving to 6.1% (+30bps MoM). Indonesian Soccer League (ISL) to help SCMA's primetime share still on a decline. SCMA's share going forward. We believe SCMA recorded the steepest primetime SCMA’s audience share performance could share decline of 310bps MoM to 24.2% be supported by the introduction of ISL to (lowest in the last 2 years). Indosiar alone both SCTV and Indosiar, as proven by its TV recorded a 270bps MoM decline, as Rating that managed to get into the Top 5 D’Academy's performance has not been as TV Rating during the first airing of a match strong as it used to be; while SCTV's share between Persipura and Persija. decreased to a new low of 8.7% (-40bps). VIVA came third with 15.4% share (+80bps

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FIGURE 1. ALL-TIME AUDIENCE SHARES All-time Audience Shares April 2016 22.0 TVRI1 TVONE METRO 20.0 1.3% 3.6% 2.2% 18.0 SCTV RCTI 16.0 IVM RCTI 14.0 19.9% TRANS ANTV 12.0 TPI/MNCTV 15.4% 10.0 ANTV 8.0 TRANS7 TRANS7 TPI/MNCTV 6.0 TVONE 9.0% 11.4% 4.0 GTV

2.0 METRO GTV IVM SCTV 0.0 TVRI1 TRANS 6.0% 6.3% 13.6% 11.1%

Source: Nielsen

FIGURE 2. PRIMETIME AUDIENCE SHARES

34.0 Primetime Audience Shares April 2016 32.0 TVRI1 TVONE METRO 30.0 1.1% 28.0 3.0% 2.3% SCTV 26.0 RCTI 24.0 IVM ANTV 22.0 RCTI 20.0 TRANS 12.4% 30.6% TRANS7 18.0 TPI/MNCTV 7.1% 16.0 ANTV 14.0 TRANS7 TRANS 12.0 TVONE 3.8% 10.0 IVM 8.0 GTV 15.5% 6.0 METRO SCTV TPI/MNCTV 4.0 TVRI1 8.7% 9.2% 2.0 GTV 0.0 6.1%

Source: Nielsen

FIGURE 3. NON-PRIMETIME AUDIENCE SHARES Non-Primetime Audience Shares April 2016 22.0 TVRI1 20.0 TVONE METRO 1.4% 3.9% 2.2% 18.0 SCTV 16.0 RCTI RCTI IVM 14.0% 14.0 TRANS ANTV 12.0 TPI/MNCTV 17.1% 10.0 TPI/MNCTV ANTV 12.6% 8.0 TRANS7 TRANS7 6.0 TVONE 10.1% GTV 6.0% 4.0 GTV SCTV METRO 12.3% 2.0 IVM TVRI1 0.0 TRANS 12.6% 7.7%

Source: Nielsen

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FIGURE 4. SELECTED DATES’ TOP 10 PROGRAM RATINGS Date 1-Apr Date 2-Apr No Program Network TVR Share No Program Network TVR Share 1 Anak Jalanan RCTI 9.4 38.4% 1 Anak Jalanan RCTI 7.5 31.2% 2 Uttaran ANTV 4.3 26.2% 2 Uttaran ANTV 4.8 27.6% 3 Tukang Ojek Pengkolan RCTI 3.4 19.2% 3 Tukang Bubur Naik Haji RCTI 4.6 21.4% 4 D'Academy 3 INDOSIAR 3.3 17.1% 4 Anandhi ANTV 3.3 26.3% 5 The Voice Indonesia RCTI 2.9 17.4% 5 D'Academy 3 INDOSIAR 3.2 18.0% 6 Anandhi ANTV 2.4 18.2% 6 Veera ANTV 2.6 23.4% 7 Super Dede MNCTV 2.3 17.6% 7 Asisten Rumah Tangga RCTI 2.5 16.1% 8 Kaali dan Gauri ANTV 2.3 17.2% 8 Upin & Ipin MNCTV 2.3 16.8% 9 Adit & Sopo Jarwo MNCTV 2.2 11.5% 9 Super Family 100 ANTV 2.2 10.3% 10 On The Spot TRANS7 2.1 8.2% 10 FTV: Kambing Cantik SCTV 2.1 17.6%

Date 12-Apr Date 16-Apr No Program Network TVR Share No Program Network TVR Share 1 Anak Jalanan RCTI 7.9 32.6% 1 Anak Jalanan RCTI 7.2 32.7% 2 Uttaran ANTV 5.3 28.9% 2 Tukang Bubur Naik Haji RCTI 4.5 21.0% 3 Tukang Bubur Naik Haji RCTI 4.5 21.4% 3 Uttaran ANTV 4.5 27.2% 4 D'Academy Celebrity INDOSIAR 3.1 16.6% 4 Anandhi ANTV 2.7 21.7% 5 Anandhi ANTV 2.7 20.8% 5 7 Manusia Harimau NG MNCTV 2.6 11.6% 6 Tukang Ojek Pengkolan RCTI 2.7 15.6% 6 RCTI Music Festival RCTI 2.4 16.9% 7 Veera ANTV 2.6 21.2% 7 Upin & Ipin MNCTV 2.4 17.4% 8 Kaali dan Gauri ANTV 2.5 18.5% 8 Centini MNCTV 2.3 12.1% 9 Asisten Rumah Tangga RCTI 2.5 17.5% 9 Adit & Sopo Jarwo MNCTV 2.2 10.9% 10 7 Manusia Harimau NG MNCTV 2.4 10.0% 10 Super Family 100 ANTV 2.2 9.8%

Date 20-Apr Date 23-Apr No Program Network TVR Share No Program Network TVR Share 1 Anak Jalanan RCTI 8.5 34.8% 1 Anak Jalanan RCTI 7.7 34.2% 2 Tukang Bubur Naik Haji RCTI 4.7 20.8% 2 Tukang Bubur Naik Haji RCTI 4.9 23.9% 3 Uttaran ANTV 4.2 24.4% 3 Tukang Ojek Pengkolan RCTI 4.4 22.2% 4 Tukang Ojek Pengkolan RCTI 3.1 17.4% 4 Uttaran ANTV 4.0 22.8% 5 D'Academy Celebrity INDOSIAR 2.7 13.7% 5 Asisten Rumah Tangga RCTI 2.9 18.5% 6 Asisten Rumah Tangga RCTI 2.6 19.0% 6 Konser Terbaik D'AcademyINDOSIAR 2.4 13.1% 7 Ashoka ANTV 2.6 12.2% 7 Upin & Ipin MNCTV 2.4 17.9% 8 Super Dede (RR) MNCTV 2.3 18.6% 8 Anandhi ANTV 2.3 19.0% 9 On The Spot TRANS7 2.2 8.9% 9Mega Sinema: Kejarlah JodRCTI 2.3 15.5% 10 Upin & Ipin MNCTV 2.2 18.6% 10 Super Family 100 ANTV 2.2 19.9%

Date 26-Apr Date 29-Apr No Program Network TVR Share No Program Network TVR Share 1 Anak Jalanan RCTI 7.0 30.6% 1 Anak Jalanan RCTI 7.4 30.8% 2 Tukang Bubur Naik Haji RCTI 4.2 20.3% 2 Uttaran ANTV 4.2 23.7% 3 Uttaran ANTV 3.8 22.4% 3 Tukang Ojek Pengkolan RCTI 4.1 21.0% 4 Tukang Ojek Pengkolan RCTI 3.4 18.9% 4 Top 3, D'Academy 3 INDOSIAR 3.3 17.5% 5 Anandhi ANTV 2.5 20.8% 5 ISL: Persipura vs Persija SCTV 3.1 13.2% 6 D'Academy Celebrity INDOSIAR 2.4 13.1% 6 Anandhi ANTV 2.8 23.3% 7 Upin & Ipin MNCTV 2.4 20.0% 7 Upin & Ipin MNCTV 2.6 19.9% 8 Super Family 100 ANTV 2.2 9.4% 8 Veera ANTV 2.6 20.3% 9 Surga Yang Ke 2 SCTV 2.2 9.2% 9 Pada Zaman Dahulu MNCTV 2.5 28.2% 10 Kaali dan Gauri ANTV 2.2 17.2% 10 Adit & Sopo Jarwo MNCTV 2.5 11.7%

Source: Nielsen

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RESEARCH

John Rachmat Head of Equity Research, Strategy [email protected] +6221 5296 9542 Tjandra Lienandjaja Banking [email protected] +6221 5296 9617 Liliana S Bambang Property, Building Material [email protected] +6221 5296 9465 Ariyanto Kurniawan Telecom, Coal, Metal, Automotive [email protected] +6221 5296 9682 Matthew Wibowo Retail, Textile, Hospital [email protected] +6221 5296 9549 Rizky Hidayat Property, Industrial, Media [email protected] +6221 5296 9415 Bob Setiadi Construction, Toll Road [email protected] +6221 5296 9543 Francis Lim Health Care, Hospital [email protected] +6221 5296 9522 Yudha Gautama Mining, Plantation [email protected] +62 21 5296 9623 Kevin Halim Property, Industrial, Media [email protected] +62 21 5296 9418 Leo Putera Rinaldy Economist [email protected] +6221 5296 9406 Wisnu Trihatmojo Research Assistant [email protected] +6221 5296 9544 Priscilla Thany Research Assistant [email protected] +62 21 5296 9569 Ferdy Wan Research Assistant [email protected] +62 21 5296 9572 Giovanni Dustin Research Assistant [email protected] +62 21 5296 9488

INSTITUTIONAL SALES Lokman Lie Co-Head Institutional Equities [email protected] +6221 527 5375 Silva Halim Co-Head Institutional Equities [email protected] +6221 527 5375 Aditya Sastrawinata Institutional Sales [email protected] +6221 527 5375 Andrew Handaya Institutional Sales [email protected] +6221 527 5375 Cindy Amelia P. Kalangie Institutional Sales [email protected] +6221 527 5375 Feliciana Ramonda Institutional Sales [email protected] +6221 527 5375 Karmia Tandjung-Nasution Institutional Sales [email protected] +6221 527 5375 Mirna Santikara Salim Institutional Sales [email protected] +6221 527 5375 Oos Rosadi Institutional Sales [email protected] +6221 527 5375 Vera Ongyono Institutional Sales [email protected] +6221 527 5375 Zahra Aldila Niode Institutional Sales [email protected] +6221 527 5375 Kusnadi Widjaja Equity Dealing [email protected] +6221 527 5375 Edwin Pradana Setiadi Equity Dealing [email protected] +6221 527 5375 Jane Theodoven Sukardi Equity Dealing [email protected] +6221 527 5375 Michael Taarea Equity Dealing [email protected] +6221 527 5375

RETAIL SALES Andreas M. Gunawidjaja Head Retail Equities [email protected] +6221 526 9693 Boy Triyono Plaza Mandiri [email protected] +6221 526 5678 A. A. Damargumilang Pondok Indah Office Tower [email protected] +6221 2912 4005 Herianto Pondok Indah Prioritas [email protected] +6221 7591 8400 Yohanes Triyanto Kelapa Gading [email protected] +6221 45845355 Hendra Riady Mangga Dua [email protected] +6221 6230 2333 Indra Mas'ari Bandung indra.mas’[email protected] +6222 426 5088 Yogiswara P. Yogyakarta [email protected] +62274 560 596 Widodo Solo [email protected] +62271 788 9290 Linawati Surabaya [email protected] +6231 535 7218 Bambang Suwanto Malang [email protected] +62341 336 440 Ruwie Medan [email protected] +6261 8050 1825 Aidil Idham Palembang [email protected] +62711 319 900 Yuri Ariadi Pontianak [email protected] +62561 582 293

INVESTMENT RATINGS: Indicators of expected total return (price appreciation plus dividend yield) within the 12-month period from the date of the last published report, are: Buy (10% or higher), Neutral (-10% to10%) and Sell (-10% or lower).

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