FOCUS | XXX FOCUSCompany Update | | XXMedia XXXXX 2013 Sector Update | 03 February 2016

Mandiri Sekuritas Analyst TV Guide-Jan 16: Making a Comeback Rizky Hidayat +6221 5296 9415 In the start of 2016, VIVA showed a strong comeback in both primetime and non- [email protected] primetime, booking all-time share growth of 320bps MoM. Meanwhile, competition from MNCN and VIVA has pressured SCMA’s share, which fell by 490bps MoM.

VIVA showed the strongest all-time of children's programs. VIVA’s primetime Sector : Media audience share growth. MNCN holds the share grew by 120bps MoM to 11.6% highest all-time audience share in January mainly due to . with a figure of 37.1%, growing by 40bps MoM. Albeit scoring second place, SCMA’s VIVA won big in non-primetime. On the NEUTRAL share fell by 490bps MoM to 25.2%. VIVA’s non-primetime hours, VIVA was the big share, on the other hand, grew by 320bps winner with an audience share of 20.9%, Stocks Recommendation to 17.7%. Trans also showed positive share implying MoM growth of 430bps. ANTV growth of 100bps MoM in January to alone managed to grow its share by Target 15.6%. 340bps MoM. ANTV managed to score top Ticker Recom Price (Rp) place with an audience share of 16.6%, SCMA Neutral 3,000 Weaker dropped SCMA’s beating long-time winner, SCTV. For the MNCN Buy 2,200 primetime share. As Indosiar’s first time in years, a network other than “D’Academy Asia” ended, SCMA’s SCTV and RCTI managed to rank top place Source: Mandiri Sekuritas primetime audience share plummeted by in non-primetime audience share. The 700bps MoM to 25.1%. Indosiar alone fell strong accomplishment was due to the by 680bps MoM. We believe that the share Indian drama “Uttaran”, which aired in the will pick up again once the third season of afternoon. Meanwhile, TV One’s share also “D’Academy” starts in February. rose by 90bps MoM, which we suspect was due to events such as the terror attack in Children holiday helped most media in January. Trans’s share is group’s primetime shares. Other relatively flat with 10bps growth MoM to companies performed well on primetime. 17.4%. MNCN’s primetime share grew by 250bps MoM and represented almost half the SCMA’s non-primetime share was eaten market with 46.5% share. RCTI remained up by ANTV. SCMA’s share fell by 380bps strong with its primetime dramas as 4 of MoM in non-primetime to 25.3%. SCTV’s them were constantly on the top 10 share fell by 130bps MoM, while Indosiar’s program rating list. Meanwhile, both MNC fell by 250bps MoM. We believe that TV and Global TV were aided by their SCMA’s share was eaten by ANTV, as the children and animation programs. Trans’s latter’s new Indian drama appeals to infotainment and Hollywood movies SCTV’s audience. Meanwhile, MNCN’s helped the group grow its share by 250bps share fell by 90bps MoM to 32.0%. Both MoM to 12.2%, number 3 on the rank. We RCTI and MNC TV showed decline on suspect school holiday in the beginning of audience share growth in January. the year caused the increase in audience

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FIGURE 1. ALL-TIME AUDIENCE SHARES

All-time Audience Shares January 2016 20.0 METRO TVRI1 TVONE 18.0 2.7% 1.4% 3.9% SCTV 16.0 RCTI 14.0 RCTI IVM 19.1% ANTV 12.0 TRANS 13.8% 10.0 TPI/MNCTV ANTV TPI/MNCTV 8.0 TRANS7 8.7% 11.4% 6.0 TVONE

4.0 GTV

TRANS IVM SCTV GTV 2.0 METRO 6.9% 12.6% 12.6% 6.8% 0.0 TVRI1

Source: Nielsen

FIGURE 2. PRIMETIME AUDIENCE SHARES 34.0 Primetime Audience Shares January 2016 32.0 TVRI1 TVONE METRO 30.0 1.4% 3.1% 2.8% 28.0 26.0 SCTV 24.0 RCTI ANTV 22.0 IVM 8.5% RCTI TRANS7 30.6% 20.0 TRANS 18.0 7.5% TPI/MNCTV 16.0 TRANS ANTV 14.0 4.7% TRANS7 12.0 IVM 10.0 TVONE 14.2% 8.0 GTV SCTV TPI/MNCTV 6.0 METRO 10.9% 9.1% 4.0 TVRI1 GTV 2.0 6.8% 0.0

.Source: Nielsen

FIGURE 3. NON-PRIMETIME AUDIENCE SHARES Non-Primetime Audience Shares January 2016 20.0 TVRI1 METRO 18.0 TVONE 1.5% 2.7% SCTV 4.3% 16.0 RCTI RCTI 14.0 IVM 13.1% 12.0 TRANS ANTV 10.0 TPI/MNCTV 16.6% TPI/MNCTV ANTV 12.2% 8.0 TRANS7 TRANS7 GTV 6.0 TVONE 9.3% 6.7% 4.0 GTV SCTV 13.5% 2.0 METRO IVM TRANS 11.8% 0.0 TVRI1 8.1% Source: Nielsen

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FIGURE 4. SELECTED DATES’ TOP 10 PROGRAM RATINGS

Date 3-Jan Date 4-Jan No Program Network TVR Share No Program Network TVR Share 1 Anak Jalanan RCTI 7.1 32.9% 1 Anak Jalanan RCTI 8.2 36.5% 2 Tukang Bubur Naik Haji RCTI 4.6 20.0% 2 Tukang Bubur Naik Haji RCTI 5.5 22.7% 3 Uttaran ANTV 3.6 25.9% 3 Tukang Ojek Pengkolan RCTI 4.3 23.0%

4 Adit & Sopo Jarwo MNCTV 3.3 18.1% 4 Uttaran ANTV 3.7 27.9% 5 Upin & Ipin MNCTV 3.0 22.2% 5 Kau Seputih Melati RCTI 3.5 18.8% 6 Sasuke Ninja Warrior RCTI 2.6 18.1% 6 Upin & Ipin MNCTV 3.0 18.2% 7 Elif Season 2 SCTV 2.5 12.3% 7 Elif Season 2 SCTV 2.8 14.3%

8 Kau Seputih Melati RCTI 2.8 15.6% 8 Festival INDOSIAR 2.7 14.9% 9 Pangeran SCTV 2.5 11.0% 9 Preman Pensiun 3 RCTI 2.5 16.8% 10 D'Academy Asia INDOSIAR 2.5 16.5% 10 Adit & Sopo Jarwo MNCTV 2.5 12.9% Date 8-Jan Date 9-Jan No Program Network TVR Share No Program Network TVR Share 1 Anak Jalanan RCTI 9.1 40.9% 1 Anak Jalanan RCTI 7.7 37.1% 2 Tukang Bubur Naik Haji RCTI 5.9 26.0% 2 Tukang Bubur Naik Haji RCTI 4.7 20.6% 3 Uttaran ANTV 4.0 29.5% 3 Tukang Ojek Pengkolan RCTI 4.0 21.2% 4 Tukang Ojek Pengkolan RCTI 3.9 23.5% 4 Uttaran ANTV 3.7 28.4% 5 Kau Seputih Melati RCTI 3.6 19.0% 5 Kau Seputih Melati RCTI 3.4 18.4% 6 Ashoka ANTV 2.5 11.1% 6 Gangaa SCTV 2.7 19.0% 7 Adit & Sopo Jarwo MNCTV 2.4 12.0% 7 Adit & Sopo Jarwo MNCTV 2.5 13.9% 8 Upin & Ipin Sore MNCTV 2.3 15.2% 8 Upin & Ipin MNCTV 2.4 17.2% 9 Pesbukers ANTV 2.2 17.8% 9 Anak Menteng SCTV 2.3 10.8% 10 Upin & Ipin Siang MNCTV 2.2 17.2% 10 Siang SCTV 2.0 16.3%

Date 12-Jan Date 15-Jan

No Program Network TVR Share No Program Network TVR Share 1 Anak Jalanan RCTI 8.8 37.5% 1 Anak Jalanan RCTI 8.3 37.8% 2 Tukang Bubur Naik Haji RCTI 5.8 24.2% 2 Tukang Bubur Naik Haji RCTI 4.8 21.5% 3 Tukang Ojek Pengkolan RCTI 4.8 24.0% 3 Uttaran ANTV 3.8 27.1% 4 Uttaran ANTV 4.2 30.4% 4 Tukang Ojek Pengkolan RCTI 3.9 22.3% 5 Kau Seputih Melati RCTI 3.4 20.0% 5 Kau Seputih Melati RCTI 2.8 15.6% 6 Konser Raya 21 INDOSIAR 3.0 14.7% 6 Adit & Sopo Jarwo MNCTV 2.5 12.3% 7 Preman Pensiun 3 RCTI 2.9 19.3% 7 Preman Pensiun 3 RCTI 2.5 17.4% 8 Sahabat Pena MNCTV 2.7 16.0% 8Go-BMX MNCTV 2.4 9.3% 9 Adit & Sopo Jarwo MNCTV 2.7 12.5% 9 D'Academy Best of The Best INDOSIAR 2.3 13.2% 10 On The Spot TRANS7 2.4 9.3% 10 On The Spot TRANS7 2.3 8.8%

Date 20-Jan Date 28-Jan No Program Network TVR Share No Program Network TVR Share 1 Anak Jalanan RCTI 8.5 35.9% 1 Anak Jalanan RCTI 7.3 32.7% 2 Tukang Bubur Naik Haji RCTI 5.5 24.0% 2 Uttaran ANTV 5.0 33.5% 3 Tukang Ojek Pengkolan RCTI 4.6 22.9% 3 Tukang Ojek Pengkolan RCTI 3.8 19.2% 4 Uttaran ANTV 4.0 28.7% 4 Tukang Bubur Naik Haji RCTI 3.5 17.2% 5 Preman Pensiun 3 RCTI 3.4 20.5% 5 D'Academy 3 Konser INDOSIAR 3.3 19.7% 6 Kau Seputih Melati RCTI 3.2 19.0% 6 Preman Pensiun 3 RCTI 2.8 20.9% 7 Upin & Ipin Sore MNCTV 3.0 15.7% 7 Adit & Sopo Jarwo MNCTV 2.6 12.7% 8 Adit & Sopo Jarwo MNCTV 3.1 13.9% 8 Siapa Suruh Datang Jakarta SCTV 2.5 14.7% 9 D'Academy 3 Audisi INDOSIAR 2.9 13.7% 9 Veera ANTV 2.4 21.3% 10 Anak Menteng SCTV 2.8 12.6% 10 Kau Seputih Melati RCTI 2.4 15.0%

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 Mining [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 Aditya Sastrawinata Shipping, Construction [email protected] +6221 5296 9543 Leo Putera Rinaldy Economist [email protected] +6221 5296 9406 Wisnu Trihatmojo Research Assistant [email protected] +6221 5296 9544 Yudha Gautama Research Assistant [email protected] +62 21 5296 9623 Kevin Halim Research Assistant [email protected] +62 21 5296 9418 Priscilla Thany Research Assistant [email protected] +62 21 5296 9546

INSTITUTIONAL SALES

Lokman Lie Co-Head Institutional Equities [email protected] +6221 527 5375 Silva Halim Co-Head Institutional Equities [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 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 Yohan Setio, CFA 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 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 [email protected] +6261 8050 1825 Aidil Idham [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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