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Public Investment Bank PUBLIC INVESTMENT BANK PublicInvest Research Company Update Tuesday, September 13, 2016 KDN PP17686/03/2013(032117) STAR MEDIA GROUP BERHAD Neutral DESCRIPTION Disposing Capital FM and Red FM Malaysia’s largest English print publication, evolving to Star’s two radio stations, namely Capital FM and Red FM have been on auto- become an integrated media powerhouse. play mode since the end of last year while waiting for management’s next course of action, amongst which were a revamp, restructure or outright disposal. As we 12-Month Target Price RM2.72 had earlier anticipated a probable disposal of the two non-profitable radio Current Price RM2.57 stations, Star announced last Friday that it had entered into conditional sale and Expected Return 5.8% purchase of shares agreement (SPA) with Astro’s wholly-owned subsidiary, Measat Broadcast Network Systems Sdn Bhd for the disposal of Capital FM Sdn Market Main Bhd (CFSB), which operates Capital FM and Red FM for RM42m cash. We are Sector Media positive on the disposal as it would enable the Group to focus on its profitable Bursa Code 6084 business segments with an additional c. RM5m kicker from annual cost savings Bloomberg Ticker STAR MK Shariah-compliant Yes if both stations are divested, which management had earlier guided. The cash proceeds from the disposal will be utilised for working capital purposes. We maintain our earnings estimates and maintain our Hold call with an unchanged SHARE PRICE CHART DCF-derived TP of RM2.72. Despite the challenging business landscape, we 2.80 continue to like Star based on its strong cash-pile and high dividend yield. 2.70 2.60 § Background of Capital FM Sdn Bhd (CFSB). CFSB which operates Capital FM and Red FM has a paid up capital of RM5m. Capital FM was 2.50 acquired for RM16.5m (80% interest for RM15m in 2011 and balance of 2.40 20% stake for RM1.5m in 2015). Star acquired Radio Rediffusion Sdn Bhd 2.30 which holds broadcasting licenses for Red FM and 988 FM in June 2003 for 2.20 RM23.6m. With the disposal of Capital FM and Red FM, Star is now left with 2.10 two radio stations, i.e. 988 FM (Chinese) and Suria FM (Malay). 988 FM has Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 been registering profits, while Suria FM is gaining traction and expected to breakeven in the near term, probably in 2017. 52 Week Range (RM) 2.27-2.70 3-Month Average Vol (‘000) 288.5 § Disposal of Red FM and Capital FM. The price tag for the disposal of two SHARE PRICE PERFORMANCE broadcasting stations is RM42m, subject to adjustments after taking into consideration the amount of the net working capital of CFSB as at the 1M 3M 6M Conditions Fulfilment Date (Adjusted Price). Nevertheless, the adjusted Absolute Returns -0.4 2.4 8.9 price is not expected to vary significantly. The completion of the disposal is Relative Returns -0.1 0.0 5.5 subject to relevant regulatory approvals and the fulfilment of the conditions precedent detailed in the SPA. KEY STOCK DATA § Rationale for the disposal. The disposal would enable the Group to focus on its businesses which are profitable. In addition, management had earlier Market Capitalisation (RM m) 1,896.5 guided that disposal of the two loss-making radio stations would generate No. of Shares (m) 738.0 cost savings of approximately RM5m per annum. As at 1HFY16, Star’s broadcasting business segment recorded a drop of 13.3% in its revenue, MAJOR SHAREHOLDERS from RM24.1 in 1HFY15 to RM20.9 in 1HFY16. The segment recorded loss before tax of RM2.3m in 1HFY16, compared to a profit before tax of % RM0.2m in 1HFY15. Malaysian Chinese Association 42.5 Skim Amanah Saham Bumiputera 9.9 § Utilisation of proceeds. The cash proceeds from the disposal amounting EPF 6.0 RM42m would raise the Group’s cash position by about 7% based on the Group’s cash balances of RM541m as at 30 June 2016. Nevertheless, one- off gain from the disposal could not be quantified at this juncture as Red FM was acquired together with 988 FM for RM23.6m in 2003.The cash proceeds shall be utilised mainly for working capital purposes. KEY FORECAST TABLE FYE Dec (RM m) 2014A 2015A 2016F 2017F 2018F CAGR Revenue 1,013.7 1,019.0 1,008.2 1,062.4 1,124.4 2.6% Pre-tax Profit 153.4 170.1 146.1 142.4 162.8 1.5% Net Profit 111.4 133.0 113.6 111.1 126.9 3.3% Core Net Profit 148.9 133.0 92.5 111.1 126.9 -3.9% Syarifah Hidayatul Akmal EPS (Sen) 15.1 18.0 15.4 15.0 17.2 3.3% T 603 2268 3000 P/E (x) 17.0 14.3 16.7 17.1 14.9 F 603 2268 3014 DPS (Sen) 18.0 18.0 18.0 18.0 18.0 E [email protected] Dividend Yield (%) 7.0 7.0 7.0 7.0 7.0 Source: Company, PublicInvest Research estimates 1 Important disclaimer is provided at the end of this report.| PUBLIC INVESTMENT BANK Page 1 of 3 PUBLIC INVESTMENT BANK BERHAD KEY FINANCIAL DATA INCOME STATEMENT DATA FYE Dec (RM m) 2014A 2015A 2016F 2017F 2018F Revenue 1,013.7 1,019.0 1,008.2 1,062.4 1,124.4 Operating Income 130.4 137.1 97.0 115.4 137.9 Pre-tax Profit 153.4 170.1 146.1 142.4 162.8 Income Tax -41.4 -39.5 -35.1 -34.2 -39.1 Effective Tax Rate (%) 27.0 23.2 24.0 24.0 24.0 Minorities -0.6 2.3 2.6 2.8 3.1 Net Profit 111.4 133.0 113.6 111.1 126.9 Core Net Profit 148.9 133.0 92.5 111.1 126.9 Growth Revenue -1% 1% -1% 5% 6% Pre-tax Profit -20% 11% -14% -3% 14% Net Profit -22% 19% -15% -2% 14% Core Net Profit 4% -11% -30% 20% 14% Source: Company, PublicInvest Research estimates BALANCE SHEET DATA FYE Dec (RM m) 2014A 2015A 2016F 2017F 2018F Property, Plant & Equipment 476.6 500.4 556.8 610.9 662.3 Cash and Cash Equivalents 621.4 632.9 393.2 323.8 172.7 Receivables, deposits and prepayment 175.7 243.1 241.8 254.8 269.7 Other Assets 396.6 345.7 339.9 331.6 323.7 Total Assets 1,670.3 1,722.1 1,531.7 1,521.1 1,428.4 Payables 154.4 180.1 179.2 188.8 199.8 Borrowings 269.3 272.9 103.0 101.6 0.5 Deferred tax 62.4 54.5 54.2 57.1 60.4 Other Liabilities 41.6 69.3 69.3 69.3 69.3 Total Liabilities 527.8 576.8 405.7 416.8 330.1 Shareholders’ Equity 1,142.5 1,145.3 1,126.0 1,104.3 1,098.3 Total Equity and Liabilities 1,670.3 1,722.1 1,531.7 1,521.1 1,428.4 Source: Company, PublicInvest Research estimates PER SHARE DATA & RATIOS FYE Dec 2014A 2015A 2016F 2017F 2018F Book Value Per Share 1.6 1.6 1.5 1.5 1.5 NTA Per Share 1.4 1.4 1.4 1.3 1.4 EPS (Sen) 15.1 18.0 15.4 15.0 17.2 DPS (Sen) 18.0 18.0 18.0 18.0 18.0 Payout Ratio (%) 119.2 99.9 116.9 119.6 104.7 ROA (%) 8.6 6.5 7.4 7.3 8.9 ROE (%) 12.5 9.7 10.1 10.1 11.6 Source: Company, PublicInvest Research estimates 2 Important disclaimer is provided at the end of this report.| PUBLIC INVESTMENT BANK Page 2 of 3 PUBLIC INVESTMENT BANK BERHAD RATING CLASSIFICATION STOCKS OUTPERFORM The stock return is expected to exceed a relevant benchmark’s total of 10% or higher over the next 12months. NEUTRAL The stock return is expected to be within +/- 10% of a relevant benchmark’s return over the next 12 months. UNDERPERFORM The stock return is expected to be below a relevant benchmark’s return by -10% over the next 12 months. TRADING BUY The stock return is expected to exceed a relevant benchmark’s return by 5% or higher over the next 3 months but the underlying fundamentals are not strong enough to warrant an Outperform call. TRADING SELL The stock return is expected to be below a relevant benchmark’s return by -5% or more over the next 3 months. NOT RATED The stock is not within regular research coverage. SECTOR OVERWEIGHT The sector is expected to outperform a relevant benchmark over the next 12 months. NEUTRAL The sector is expected to perform in line with a relevant benchmark over the next 12 months. UNDERWEIGHT The sector is expected to underperform a relevant benchmark over the next 12 months. DISCLAIMER This document has been prepared solely for information and private circulation only. It is for distribution under such circumstances as may be permitted by applicable law. The information contained herein is prepared from data and sources believed to be reliable at the time of issue of this document. The views/opinions expressed herein are subject to change without notice and solely reflects the personal views of the analyst(s) acting in his/her capacity as employee of Public Investment Bank Berhad (“PIVB”).
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