Initiating Coverage Singapore 17 September 2019 Consumer Discretionary | Media & Entertainment UnUsUaL (UNU SP) Buy Shares On Sale Now! While Stocks Last!; BUY Target Price (Return) SGD0.42 (+50%) Price: SGD(+18%)0.28 Market Cap: USD206m 0.09m/0.06m Avg Daily Turnover (SGD/USD) Initiate with a BUY with SGD0.42 TP, 50% upside. UnUsUaL is an Asian Analysts concert promotion and event production leader. It has grown since listing into an entity with FY19 earnings of SGD13.2m (CAGR: +53%). Given more Jarick Seet entertainment opportunities ahead, this should help grow a conservative +65 6232 3891 FY20F-22F NPAT CAGR of 20%. Its share price has also corrected
[email protected] significantly to a reasonable valuation. Consequently, we initiate coverage on a rare local firm that can still deliver high growth over the next 2-3 years. Lee Cai Ling Scalable and resilient business model – branching globally. UnUsUaL +65 6232 3892 has a scalable business model. It can leverage on strong relationships with
[email protected] various artistes, and is able to host concerts in various venues globally, especially China. Top artistes can easily tour 40-60 cities in 1-2 years, and Share Performance (%) UnUsUaL has tested and proven the success of this concept, having brought YTD 1m 3m 6m 12m Chinese singer GEM to San Francisco for sold-out concerts in March and Absolute (20.5) (4.9) (3.3) (1.7) (34.1) Singaporean artiste JJ Lin for sold-out shows in Sydney and Melbourne. Relative (23.0) 1.4 (0.9) 1.6 (31.1) Expansion into family entertainment shows.