Thailand Company Guide Workpoint Entertainment PCL Version 5 | Bloomberg: WORK TB | Reuters: WORK.BK Refer to important disclosures at the end of this report DBS Group Research . Equity 26 Apr 2017 BUY (Upgrade from HOLD) The show must go on Last Traded Price ( 25 Apr 2017): Bt53.50 (SET : 1,562.27) Upgrade from HOLD to BUY with a higher TP of Bt62. WORK Price Target 12-mth: Bt62.00 (16% upside) (Prev Bt52.00) has been continuously climbing the rating ladder and is now Potential Catalyst: New hit programmes and improving margin ranked third in Thailand’s digital TV space. Its rating increased to Where we differ: Below consensus due to more conservative costs 1.55% in March 2017, from 1.33% in 2016 and 0.85% in Analyst 2015. WORK is well recognised by Thai viewers for its creativity Nantika WIANGPHOEM +66 26577836
[email protected] and content quality. Many of its programmes, especially variety shows, game shows and quiz shows, are very popular. The key What’s New concept of WORK’s programmes revolves around knowledge, 3Q17E core earnings expected to rise to Bt83m wit, fun and entertainment. With its strong position, we believe (+190% y-o-y); fully recover from 4Q16 loss that WORK will continue to gain higher ratings and maintain its third position. Regarding the newest information received from New hit programmes have enhanced overall the company, we have reflected the better-than-expected ratings and ad rates; revised earnings forecast to outlook in terms of the average ad rates in our forecast.