(MNCN IJ / MNCN.JK, NEUTRAL - Maintained, Rp310 - Tgt. Rp295, Media)
While we believe the media sector's pulse will remain subdued this year, MNC is showing an improving relative performance that warrants an EPS ugrade. Singapore's MediaCorp which currently holds a 7% stake appears to be keen on upping its stake. Although it is positive, we think that the impact might not be significant as a majority stake is unlikely due to the 20% cap on foreign ownership. As a result of the EPS upgrade and adjustment of the WACC from 15.6% to 15.1%, we adjust our target price from Rp159 to Rp295. However, we maintain our NEUTRAL rating as most of the upside is already priced in.
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