FOCUS | XXX

Company Update | XX XXXXX 2013

FOCUS | Media
Sector Update | 02 March 2017

Mandiri Sekuritas Analyst TV-Guide Feb17: Will Share Shift Continue?

Ferdy Wan All four of Sinemarts shows prompted an increase on SCMAs prime time share to
+6221 5296 9572 30% (+580bps MoM), while MNCN declined to 38% (-360bps MoM), VIVA dipped
ferdy.wan@mandirisek.co.id -60bps MoM to 18%, and Trans Group fell to 11% (-180bps MoM). This month, MD
Adrian Joezer Entertainment will premiere new soap opera titles on Trans TV, adding a new color
+6221 5296 9415 to the competition. Will the share shift continue?
adrian.joezer@mandirisek.co.id
New shows powered SCMA's share gain. -290bps MoM decline to 33%, as both RCTI
SCMA gained audience share the most on and MNCTV recorded losses of -150bps
Sector : Media prime time, posting a staggering +580bps and -160bps MoM despite a small gain by
MoM to 30% due to massive gain on SCTV Global TV of +20bps MoM.
(+460bps MoM) followed by Indosiar
OVERWEIGHT (+120bps MoM). Led by Anak Langit, the A tad decline on VIVA. VIVAs prime time
decreased the smallest (-60bps MoM) to
four new prime time shows produced by
Sinemart have propelled SCTVs audience 18% last month, mostly due to ANTVs loss
Stocks Recommendation share last month despite premiering only of -50bps MoM. However, strong
from Feb 20th, 2017. Worth to note, for the performance by ANTVs Indian series on
Target
Ticker Recom Price (Rp) first few days, SCTV was running without non prime time, namely Geet, Anandhi,
conventional commercial break, but was and Archana Mencari Cinta has helped
MNCN IJ Buy 2,600 stall all time performance of ANTV last
SCMA IJ Buy 3,500 helped by its built-in virtual advertising
technology Whisper Media. Meanwhile, month, bringing VIVAs share to stand
we think share gain on Indosiar among relatively flat at 23%.
Source: Mandiri Sekuritas
other factors was helped by DAcademy Trans group geared up for new shows.
4 despite the recent incident between Despite posting -180bps MoM loss to 11%,
two juries that resulted in a temporary 2 led by TransTV (-170bps MoM), the group
day ban (Feb 27th-28th, 2017) on the show. on Mar 6th, 2017 will premiere new
On all time audience shares, SCMA also Sinetrans a word play for soap opera
posted +330bps MoM increase to 27%. produced by MD Entertainment namely
Both networks under the group posted Harapan Cinta, Bawang Merah Bawang
MoM gains; SCTV (+200bps), Indosiar Putih, and Malin Kundang on TransTV.
(+130bps). On all time, the group posted -60bps MoM
MNCN took slight backward steps. A decline to 13%; (Trans TV: -60bps, Trans7:
shift of production houses this year flat).
acquisition of Sinemart by SCMA and Will share shift continue? We think it is
partnership between MD Entertainment still too early to draw any conclusion out of
and Trans group has started to move the this as more competitions in the soap
dial. MNCN recorded -360bps MoM decline opera segment would come this month.
to 38% on prime time as both RCTI and On the same note, it is also still difficult to
MNCTV took backward steps of -200bps pinpoint who will be the grand champion
MoM and -220bps MoM while Global TV on prime time between SCTV and RCTI or
grew by +60bps. Dunia Terbalik may be Trans with its Sinetrans. Our top
produced by MNC Pictures has fairly pick on the sector is still SCMA and our
managed to keep its good ratings (>20% thesis for the stock comes from the deal
daily TV share) despite facing head-to- point of view which we believe is
head with SCTVs new show Orang-Orang accretive.
Kampung Duku. On all time, MNCN posted

Please see important disclosure at the back of this report Page 1 of 5

FOCUS | Media
Sector Update | 02 March 2017

FIGURE 1. ALL-TIME AUDIENCE SHARES PER GROUP

40.0

35.0

30.0

25.0

20.0

15.0

10.0

SCMA MNCN Trans VIVA

Source: Nielsen

FIGURE 2. PRIME TIME AUDIENCE SHARES PER GROUP

50.0
45.0
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0

SCMA MNCN VIVA Trans

Source: Nielsen

FIGURE 3. NON-PRIME TIME AUDIENCE SHARES PER GROUP

40.0

35.0

30.0

25.0

20.0

15.0

10.0

SCMA MNCN VIVA Trans

Source: Nielsen

Please see important disclosure at the back of this report Page 2 of 5

FOCUS | Media
Sector Update | 02 March 2017

FIGURE 4. ALL-TIME AUDIENCE SHARES PER NETWORK

All-time Audience Shares February 22.0

2017 20.0
METRO TVRI1 18.0 SCTV
TVONE
2.2% 1.2% RCTI
3.7% 16.0
IVM
14.0
RCTI TRANS
17.8% 12.0
ANTV TPI/MNCTV

19.4% TPI/MNCT 10.0 ANTV

V 8.0 TRANS7
9.6%
6.0 TVONE
TRANS7 GTV
4.0 GTV
7.1% 5.2%
SCTV 2.0 METRO
IVM 14.6% TVRI1
TRANS 12.7% 0.0
6.3%

Source: Nielsen
.

FIGURE 5. PRIME TIME AUDIENCE SHARES PER NETWORK

Primetime Audience Shares 35.0

February 2017
TVONE METRO TVRI1 30.0 SCTV
3.4% 2.1% 1.1%
RCTI
25.0
IVM
ANTV RCTI TRANS
24.9% 20.0
14.2% TPI/MNCTV
TRANS7 15.0 ANTV
5.9% TRANS7
TPI/MNCT
TRANS V 10.0 TVONE
5.2% IVM 7.9% GTV
13.7% SCTV GTV 5.0 METRO
16.0% 5.2% TVRI1
0.0
Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17
`
Source: Nielsen

FIGURE 6. NON-PRIME TIME AUDIENCE SHARES PER NETWORK

Non-Primetime Audience Shares
24.0
February 2017
TVRI1 22.0
TVONE METRO
3.9% 2.2% 1.2% 20.0 SCTV

18.0 RCTI
RCTI
16.0 IVM
14.1%
TPI/MNCT 14.0 TRANS
ANTV V
12.0 TPI/MNCTV
22.2% 10.5%
10.0 ANTV
GTV TRANS7
8.0
5.2%
6.0 TVONE
SCTV
13.9% 4.0 GTV
TRANS7
IVM METRO
7.7% 2.0
12.2%
TRANS 0.0 TVRI1
6.9%

Source: Nielsen

Please see important disclosure at the back of this report Page 3 of 5

FOCUS | Media
Sector Update | 02 March 2017

FIGURE 7. SELECTED DATES TOP 10 PROGRAM RATINGS

Date 20-Feb Date 21-Feb
No Program Network TVR Share No Program Network TVR Share
1 Anak Langit SCTV 8.0 33.6% 1 Anak Langit SCTV 7.9 33.2%
2 Orang - Orang Kampung Duku SCTV 6.6 26.4% 2 Dunia Terbalik RCTI 7.2 28.7%
3 Dunia Terbalik RCTI 5.5 22.0% 3 Orang - Orang Kampung Duku SCTV 5.5 20.5%
4 Anak Sekolahan SCTV 5.3 28.9% 4 Anak Sekolahan SCTV 5.1 28.3%
5 Berkah Cinta SCTV 4.6 26.8% 5 Berkah Cinta SCTV 4.8 23.5%
6 Geet ANTV 3.9 24.8% 6 Geet ANTV 4.4 28.9%
7 Anandhi ANTV 3.4 24.2% 7 Cinta Dari Surga RCTI 4.1 16.0%
8 Cinta dari Surga RCTI 3.0 13.6% 8 Anandhi ANTV 3.7 23.7%
9 Tukang Ojek Pengkolan RCTI 2.9 15.9% 9 Mohabbatein ANTV 3.1 11.8%
10 Archana Mencari Cnta ANTV 2.7 17.9% 10 Shiva ANTV 3.0 22.5%

Date 22-Feb Date 23-Feb

No Program Network TVR Share No Program Network TVR Share
1 Anak Langit SCTV 8.2 33.3% 1 Anak Langit SCTV 7.9 28.8%
2 Orang - Orang Kampung Duku SCTV 5.1 19.0% 2 Dunia Terbalik RCTI 5.7 22.5%
3 Dunia Terbalik RCTI 5.0 22.9% 3 Orang - Orang Kampung Duku SCTV 5.1 19.7%
4 Anak Sekolahan SCTV 4.7 27.1% 4 Berkah Cinta SCTV 4.9 25.9%
5 Berkah Cinta SCTV 4.3 22.9% 5 Anak Sekolahan SCTV 4.5 24.2%
6 Geet ANTV 3.4 24.5% 6 Geet ANTV 3.8 21.6%
7 Cinta Dari Surga RCTI 3.4 12.4% 7 Anandhi ANTV 3.5 26.8%
8 Roman Picisan RCTI 3.2 12.4% 8 Gopi ANTV 3.1 22.3%
9 Anandhi ANTV 3.1 23.4% 9 Lonceng Cinta ANTV 2.7 11.7%
10 Shiva ANTV 2.7 28.0% 10 Tukang Ojek Pengkolan RCTI 2.6 14.3%

Date 25-Feb Date 26-Feb

No Program Network TVR Share No Program Network TVR Share
1 Dunia Terbalik RCTI 6.1 24.0% 1 Dunia Terbalik RCTI 5.7 22.6%
2 Berkah Cinta SCTV 4.8 23.1% 2 Anak Langit SCTV 4.5 19.4%
3 Anak Langit SCTV 4.3 18.8% 3 Orang - Orang Kampung Duku SCTV 4.1 15.7%
4 Shiva Belajr Seru Bsm Sari ANTV 4.1 30.0% 4 Berkah Cinta SCTV 3.9 20.2%
5 Orang - Orang Kampung Duku SCTV 4.0 15.1% 5 Geet ANTV 3.6 17.2%
6 Geet ANTV 3.8 17.8% 6 Tukang Ojek Pengkolan RCTI 3.3 16.1%
7 Anandhi ANTV 3.4 25.1% 7 Doraemon RCTI 3.2 23.7%
8 Mohabbatein ANTV 3.3 12.7% 8 Mohabbatein ANTV 3.1 12.0%
9 Kuis Geet Bsm Kapsida ANTV 3.2 19.2% 9 Anandhi ANTV 3.1 22.1%
10 Roman Picisan RCTI 3.1 14.6% 10 Lonceng Cinta ANTV 3.0 20.4%
Source: Nielsen

Please see important disclosure at the back of this report Page 4 of 5

 Mandiri Sekuritas A subsidiary of PT Bank Mandiri (Persero) Tbk
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General: +62 21 526 3445, Fax : +62 21 527 5374 (Equity Sales)

RESEARCH
Tjandra Lienandjaja Deputy Head of Equity Research, Banking tjandra.lienandjaja@mandirisek.co.id +6221 5296 9617
Liliana S Bambang Property, Building Material liliana.bambang@mandirisek.co.id +6221 5296 9465
Adrian Joezer Consumer, Strategy adrian.joezer@mandirisek.co.id +6221 5296 9415
Ariyanto Kurniawan Telecom, Coal, Metal, Automotive ariyanto.kurniawan@mandirisek.co.id +6221 5296 9682
Bob Setiadi Construction, Toll Road bob.setiadi@mandirisek.co.id +6221 5296 9543
Francis Lim Quant, Health Care, Hospital francis.lim@mandirisek.co.id +6221 5296 9522
Yudha Gautama Mining, Plantation yudha.gautama@mandirisek.co.id +6221 5296 9623
Laura Taslim Retail laura.taslim@mandirisek.co.id +6221 5296 9450
Priscilla Thany Banking priscilla.thany@mandirisek.co.id +6221 5296 9569
Ferdy Wan Building Material, Industrial Est., Media ferdy.wan@mandirisek.co.id +6221 5296 9572
Lakshmi Rowter Research Assistant lakshmi.rowter@mandirisek.co.id +6221 5296 9549
Gerry Harlan Research Assistant gerry.harlan@mandirisek.co.id +6221 5296 9488
Audrey C. Hanzdima Research Assistant audrey.hanzdima@mandirisek.co.id +6221 5296 9434
Leo Putera Rinaldy Chief Economist leo.rinaldy@mandirisek.co.id +6221 5296 9406
Wisnu Trihatmojo Economist wisnu.trihatmojo@mandirisek.co.id +6221 5296 9544
Aziza Nabila Amani Research Assistant aziza.amani@mandirisek.co.id +6221 5296 9688

INSTITUTIONAL SALES
Lokman Lie Co-Head Institutional Equities lokman.lie@mandirisek.co.id +6221 527 5375
Silva Halim Co-Head Institutional Equities silva.halim@mandirisek.co.id +6221 527 5375
Aditya Sastrawinata Institutional Sales aditya.sastrawinata@mandirisek.co.id +6221 527 5375
Andrew Handaya Institutional Sales andrew.handaya@mandirisek.co.id +6221 527 5375
Cindy Amelia P. Kalangie Institutional Sales cindy.amelia@mandirisek.co.id +6221 527 5375
Feliciana Ramonda Institutional Sales feliciana.ramonda@mandirisek.co.id +6221 527 5375
Kevin Halim Institutional Sales kevin.halim@mandirisek.co.id +6221 527 5375
Mirna Santikara Salim Institutional Sales santikara.salim@mandirisek.co.id +6221 527 5375
Oos Rosadi Institutional Sales oos.rosadi@mandirisek.co.id +6221 527 5375
Zahra Aldila Niode Institutional Sales zahra.niode@mandirisek.co.id +6221 527 5375
Kusnadi Widjaja Equity Dealing kusnadi.widjaja@mandirisek.co.id +6221 527 5375
Edwin Pradana Setiadi Equity Dealing edwin.setiadi@mandirisek.co.id +6221 527 5375
Jane Theodoven Sukardi Equity Dealing jane.sukardi@mandirisek.co.id +6221 527 5375
Michael Taarea Equity Dealing michael.taarea@mandirisek.co.id +6221 527 5375

RETAIL SALES
Andreas M. Gunawidjaja Head Retail Equities andreas@mandirisek.co.id +6221 526 9693
Boy Triyono Plaza Mandiri boy.triyono@mandirisek.co.id +6221 526 5678
A. A. Damargumilang Pondok Indah Office Tower damar.gumilang@mandirisek.co.id +6221 2912 4005
Herianto Pondok Indah Prioritas herianto@mandirisek.co.id +6221 7591 8400
Hendra Riady Mangga Dua hendra.riady@mandirisek.co.id +6221 6230 2333
Indra Mas'ari Bandung indra.masari@mandirisek.co.id +6222 426 5088
Yogiswara P. Yogyakarta yogiswara.perdana@mandirisek.co.id +62274 560 596
Widodo Solo widodo@mandirisek.co.id +62271 788 9290
Linawati Surabaya Linawati@mandirisek.co.id +6231 535 7218
Bambang Suwanto Malang bambang.suwanto@mandirisek.co.id +62341 336 440
Ruwie Medan ruwie@mandirisek.co.id +6261 8050 1825
Aidil Idham Palembang aidil.idham@mandirisek.co.id +62711 319 900
Yuri Ariadi Pontianak yuri.ariadi@mandirisek.co.id +62561 582 293

INVESTMENT RATINGS: Indicators of expected total return (price appreciation plus dividend yield) within the 12-month period from the date of the last
published report, are: Buy (15% or higher), Neutral (-15% to15%) and Sell (-15% or lower).

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