(SCMA IJ / SCMA.JK, NEUTRAL - Maintained, Rp500 - Tgt. Rp480, Media)
SCM's 1Q09 results were in line with consensus and our expectations. EBITDA margins were maintained at 23% despite rising competition among free-to-air TV stations. The company implemented a profit-sharing scheme with some of its programme suppliers, to manage risks. SCM continues to focus on local soap operas during prime time, sustaining its rating among the top three. We maintain our forecasts and target price of Rp480, based on DCF valuation (WACC 16.5%). Maintain Neutral, in line with our sector rating. The media sector is one of the most vulnerable to lower GDP growth, we believe.
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