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Philippine Rating Services Corporation (Philratings)

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Philippine Rating Services Corporation (Philratings) RATING NEWS January 6, 2014 The Pioneer Domestic Credit Rating Agency Proposed P10.0 Billion Bond Issuance of ABS-CBN Corporation Rated PRS Aaa The proposed bond issuance of ABS-CBN Corporation (ABS) was assigned an issue credit rating of PRS Aaa by Philippine Rating Services Corporation (PhilRatings). The issuance is a total of P10 billion in fixed-rate bonds with 7-year and 10-year tenors. The proceeds will be used to fund the company’s capital expenditure program and for general working capital. Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong. PRS Aaa is the highest rating assigned by PhilRatings. The rating was assigned given the following key considerations: (1) the company consistently produces hit and compelling programs and develops and retains its popular talent pool which enables it to maintain a strong position in terms of nationwide ratings, (2) substantial experience and track record of management and key officers who keep up with new trends to remain relevant to the mass market, (3) adequate profitability performance, albeit with some volatility in terms of margins and growth rates, and (4) good record of sustaining ample coverage for interest and principal payments. PhilRatings’ ratings are based on available information and projections at the time that the rating review was performed. PhilRatings shall continuously monitor developments relating to ABS and may change the ratings at any time, should circumstances warrant a change. ABS was incorporated in 1946 and its common shares have been listed on the Philippine Stock Exchange (PSE) since 1992. ABS is mainly in the business of television and radio broadcasting and cable and direct-to-home (DTH) television distribution. The company also has operations in the following related businesses: movie production, audio recording and distribution, video/audio post production and film distribution. It is also into internet and mobile services, merchandising and publishing. ABS also caters to overseas Filipinos (OF) through The Filipino Channel (TFC) which was launched in 1994. As of end 2012, TFC reaches over 2.4 million viewers in 40 countries over four continents. Some known and well-established brands under the company include: ABS-CBN Channel 2, SKYcable, Destiny Cable, TFC, Star Cinema and Star Records. For the period January to September 2013, the Top 20 most popular free television programs in the Philippines came from ABS, according to the Kantar Media Audience Measurement (Kantar) survey. These include the following shows: Juan dela Cruz, Ina Kapatid Anak, and MMK Ang Tahanan Mo. ABS has also been producing blockbuster hits through Star Cinema including Sisterakas, the highest grossing Filipino movie locally of all time, beating Praybeyt Benjamin which is also from Star Cinema. Page 1 of 2 The company produces its own music and has been developing musical talent since 1994. It also hosts talent shows to be able to discover new actors and singers. Some of the talents it discovered and developed include: Erik Santos, Yeng Constantino, Bugoy Drilon, Jovit Baldivino, and Mitoy. The company also sells original soundtracks of ABS television shows. In terms of television and movie talent pool, ABS is likewise perceived to have better known and more popular talents onboard. It has also been able to more successfully build newcomers into well-known and popular talents (e.g. Kim Chiu, Daniel Padilla, Richard Yap) compared to other networks. As attested by the popularity of its programs, management is well-attuned to the needs of the mass market. It is also constantly in contact with the market through surveys and focus group discussions (FGDs). Management also keeps pace with new trends in technology and media such as mobile through its recent network sharing agreement with Globe Telecom, Inc. (Globe) and invests significantly to capture such opportunities and gain first-mover advantage in new markets such as in Digital Terrestrial Television (DTT). The company has been able to increase its revenue base from 2008 to 2012 with a compound annual growth rate (CAGR) of 9.7%. The growth drivers for revenues included the significant market leadership of ABS in terms of nationwide audience ratings which drove demand for its commercial spots. Its subscriber base for cable services also steadily increased. Also, during election years such as the 2010 national elections, the company experiences a boost in its revenues from political advertisements. Despite the increase in revenues, margin performance has been decreasing since 2011 due to the higher growth rate in terms of expenses. The situation appears to have improved in the first nine months of 2013 but it remains to be seen if this can be sustained. The company, however, has maintained a good coverage ratio for debt servicing in the historical period 2008-2012. It has also been relatively conservatively capitalized in the historical period 2008 to 2012, with an average debt to equity ratio at 0.60x and average debt to total assets at 0.27x. In terms of margin and bottom line performance, ABS and leading competitor, GMA Network, Inc. (GMA) would be in relatively close competition with each other for market dominance in the industry. ABS, however, appears to have the advantage of having a more diverse revenue base compared to GMA. While GMA sources the bulk of its revenues from airtime/advertising, ABS continues to add more sources of revenues, including cable subscriptions and other online and mobile media. This, however, has an impact on the overall margin performance of ABS compared to GMA. In the long-run though, it may serve to give ABS the edge in terms of growth in revenues and protection from volatility and concentration risk since revenues and cash flows come from multiple sources. Page 2 of 2 .
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