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Media Nusantara Citra - Cap on commercials




Bahana Securities


04 Dec 2013





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Not an election play as witnessed in 2009; Single digit growth ahead On the back of the economic deceleration in 2014, MNCN, Indonesia’s largest multimedia company with main businesses in TV (42% market share through three main channels: RCTI, MNC TV and Global TV – exhibit 6), is likely to experience single-digit growth in 2014. Contrary to popular belief, TV stations do not benefit from election campaigns as was the case back in the 2009 general elections. Instead, we note that TV advertising revenues are perfectly correlated with GDP growth (exhibit 12). In 2009, TV stations, including MNCN, performed poorly booking an overall operating profit

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