12.

95

August 29, 2018

Eros PLC (EROS US)

BUY
EROS NOW Forges On Share Price
12m Price Target
USD 12.95
USD 17.00 (+31%)
Previous Price Target USD 17.00

Slightly below but to catch up; maintain BUY Company Description

Consumer Discretionary

Eros International Plc provides integrated media and

1QFY19 adjusted EBITDA of USD19m formed 19% of our FY19E, slightly
entertainment services.
below estimate. It rose 21% YoY, from an increase in EROS NOW and TV
syndication revenue. We are not changing forecasts as 1Q is usually lean.
We also expect the next two quarters to be stronger, from: a) more
cinema releases during the festive season; b) a sustained rise in EROS Statistics
NOW’s paying subs to a company target of 16m; and c) an expanded slate 52w high/low (USD) 16.10/9.20
of movies. EROS trades at a blended EV / adjusted EBITDA of 10x for 3m avg turnover (USDm) 4.6
FY19E, 1SD below its 5-year mean. Our unchanged TP of USD17 is based Free float (%) 85.7
on 10x for its studio business and 20x for EROS NOW. Blended EV / Issued shares (m) 61
adjusted EBITDA of 13x is on par with its 5-year average. Maintain BUY. Market capitalisation USD786.0M
USD786M
Digital & TV catalogue supported revenue Major shareholders:
Capital Research & Management Co. (Globa 15.0%
Three-quarters of 1Q revenue came from high-margin TV syndication and Temasek Holdings Pte Ltd. (Investment Ma 11.3%
digital. TV syndication rose 7% YoY and digital 34% YoY. The latter was led Paradice Investment Management LLC 9.1%
by a jump in EROS NOW’s paying subs, to 10m from 8m as at end-FY18.
India

Price Performance
This tracked EROS’ end-FY19 target of 16m. The company is confident of
achieving its target, backed by: a) sharply higher 4G connections and 20.0 170

video consumption; b) planned launch of 20 original series in the next 6- 18.0 150

12 months; and c) increased ads of its OTT platform to get B2C subs. 16.0 130

Adjusted EBITDA margins of 32% sustainable 14.0 110

12.0 90
Adjusted EBITDA margins rose 587bps YoY to 32%, thanks to high-margin
10.0 70
EROS NOW and TV syndication revenue. We model 32% for FY19E, up
216bps YoY. This should be supported by: a) higher cinema revenue; b) 8.0 50

price hikes for satellite rights of its movies; and c) a potential doubling 6.0 30
Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18
of EROS NOW’s paying subs. EROS’ receivables also dropped USD17m QoQ
(-7% QoQ). An investment of USD47m by Reliance Industries for a 5% Eros PLC - (LHS, USD) Eros PLC / BSE SENSEX 30 Index - (RHS, %)

stake and conversion of its convertible instruments into equity worth -1M -3M -12M
USD40m augur well for its liquidity and balance sheet. Absolute (%) (2) 1 33
Positives far outweigh negatives Relative to index (%) (6) (8) 9
Source: FactSet
While EROS has been facing challenges of lesser film releases and high
receivable days, catalysts are expected from better earnings, Reliance’s
equity investment, an improved balance sheet and dismissals of past
class-action lawsuits.
FYE Mar (USD m) FY17A FY18A FY19E FY20E FY21E
Revenue 253 261 312 360 420
Adj. EBITDA 56 79 101 126 160
Core net profit 11 (10) 42 60 83
Core EPS (cts) 18.9 (14.6) 54.7 78.9 108.4
Core EPS growth (%) (17.7) nm nm 44.1 37.5
Net DPS (cts) 0.0 0.0 0.0 0.0 0.0
Core P/E (x) 75.8 nm 22.8 15.9 11.5
P/BV (x) 1.1 0.9 1.0 1.0 0.9
Net dividend yield (%) 0.0 0.0 0.0 0.0 0.0
ROAE (%) 1.5 (1.2) 4.5 6.1 8.2
ROAA (%) 0.9 (0.7) 2.9 4.1 5.4
EV/EBITDA (x) 20.6 52.3 14.2 11.2 8.9
Net gearing (%) (incl perps) 19.5 20.0 6.4 5.8 5.7
Consensus Adj. EBITDA - - 101 129 157
MKE vs. Consensus (%) - - 0.0 (2.6) 2.0
Jigar Shah Vikram Ramalingam
jigar@maybank-ke.co.in vikram@maybank-ke.co.in
(91) 22 6623 2632 (91) 22 6623 2609

THIS REPORT HAS BEEN PREPARED BY KIM ENG SECURITIES INDIA PVT LTD
SEE PAGE 12 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS
Eros PLC

Fig 1: 1QFY19 results: high-margin digital revenue bumped up adjusted EBITDA and margins
1Q as a % Actual vs.
Income statement (USDm) 1QFY19 4QFY18 1QFY18 YoY (%) QoQ (%)
of FY19E MKE (%)
Revenue 60.2 71.9 60.8 (1) (16) 19 (6)
Cost of sales (36.6) (34.1) (35.0) 5 7
Gross profit 24 38 26 (9) (38)
Administrative cost (13.2) (16.6) (14.2) (7) (20)
Operating profit 10 21 12 (11) (51)
Financing costs (4.9) (5.4) (5.8) (15) (9) 29
Finance income 2.6 0.4 0.4 494 566
Other gain / (loss) (14.7) (29.0) (1.5) 864 (49)
Profit before tax (7) (13) 5 (238) (48) (10)
Income tax expense (2.9) (4.2) (3.0) (4) (31)
Profit for the period (9.5) (17.0) 1.8 (628) (44) (23) (403)

Key Financial Metrics

Operating margin (%) 36 49 41 -444bps -1260bps
Net Profit margin (%) 44 56 45 -110bps -205bps

Adjusted EBITDA (in USDm) 19.2 24.1 15.8 21 (20) 19 (5)

Adjusted EBITDA margin (%) 32 33 26 587bps -162bps

Revenue break up (USDm)

Theatrical 14.9 23.2 23.6 (37) (36) 14
Television & Others 18.7 27.2 17.4 7 (31) 18
Digital and ancillary 26.6 21.5 19.8 34 24 26

Revenue break down (%)

Theatrical 25 32 39
Television & Others 31 38 29
Digital and ancillary 44 30 33
Source: Company, Maybank Kim Eng

Theatrical revenue decreased YoY due to its film mix. EROS released 14
films in 1QFY19: one medium-budget and 13 small. In 1QFY18, it released
five: one high-budget, one medium and three small. High-budget films
tend to have higher ticket sales. It intends to focus on small-budget films
to develop its own intellectual property and films with content rather
than high-budget stars, which come with higher risks. TV syndication
revenue rose mainly due to price hikes for satellite rights of its movies:
new and catalogue - more than 1-year-old in its library. A jump in its
digital revenue came predominantly from higher subscribers to its OTT
platform, EROS NOW. The latter had 10m paying subs as at Jun 2018, up
from 8m in March. EROS has guided for 16m by Mar 2019.

Another positive is Reliance’s (RIL IN, NR, CMP: INR1,325) completion of

its acquisition of a 5% equity stake in EROS at USD15 / share for USD47mon
6 Aug 2018. Pro-forma net debt as of 30 Jun, including this USD47m, was
USD140m, down from USD189m as at 31 Mar 2018. This implied a net
gearing of 14%.

August 29, 2018 2

Eros PLC

Fig 2: EROS NOW’s sales and expenses. It now has 10m paying subs, on
track for its target of 16m by end-FY19.

Sales and expenses of EROS NOW FY17 FY18 FY19E FY20EFY21E

User base in m 50 100 120 140 150
Paying subs in India in m 1.8 7.5 15.0 23.0 30.0
Paying subs in overseas in m 0.3 0.4 1.0 1.5 2.0
Total paying subs in m 2.1 7.9 16.0 24.5 32.0
Annual ARPU (USD annual) 4 4 4 4 5
Annual ARPU Overseas (USD annual) 30 25 28 30 32
Total sales in USD m 13 28 62 99 139
Total cost in USD m 6 9 15 26 44
EBITDA in USD m 7 19 46 73 95
EBITDA Margin (%) 54 68 75 74 68

Sensitivity (change in subs by 1m pa)

Total paying subs in m 2.1 7.9 15.0 23.5 31.0
(% change from base case) (6) (4) (3)
Total sales in USD m 13 28 55 91 128
(% change from base case) (11) (8) (8)
EBITDA in USD m 7 19 40 65 84
(% change from base case) (13) (11) (12)
Source: Company, Maybank Kim Eng

Other EROS NOW updates are:

1) It plans to launch a stable of feature films, made-for-digital originals

and over 20 original episodic programmes, all of which would be exclusive
to its paying subscribers. Three original series, Side Hero, Flip and Smoke,
are scheduled for launch in the next few weeks. Originals would feature
popular directors / actors such as Rohan Sippy, Kunal Roy Kapoor, Rajat
Kapoor, Siddharth Anand and Pavan Kriplani.

2) It has formed a partnership with InMobi, a leading global digital

marketing platform. For the first time, advertisers can directly monetise
on EROS NOW’s video platform. Such ads shall be non-intrusive, so as not
to jeopardise users’ experience.

Started in FY15-16, EROS NOW now has 10m paying subs. It should
continue to add subscribers, aided by a surge in 4G telco penetration to
an estimated 30% by 2021 from 8% in 2016, going by a 2017 FICCI KPMG
report. Of India’s 4G mobile Internet traffic, 49% goes into video. This is
expected to rise to 75% by 2021. EROS NOW is enabled on all leading
telcos’ 4G platforms. We believe this should allow it to capture the rise in
video demand. Reliance Jio, owned by RIL and India’s largest 4G telco,
has already signed on 210m subs. As one of Reliance Jio’s biggest video
service provider platforms, EROS NOW should not find it difficult to
double its subscribers, in our view. Other telcos such as Bharti-Airtel
(BHARTI IN, SELL, CMP:INR378, TP: INR320), and Vodafone (VOD LN, NR)
are also building up their ARPUs through 4G and content. This could
provide further upside for EROS NOW’s paying subs.

August 29, 2018 3

Eros PLC

Fig 3: Eros NOW’s subscriber base (million): Growth in sync Fig 4: 4G subs in India (million) and penetration (%)
with the increasing penetration of 4G subs in India

Source: Company, industry reports

Fig 5: Apps downloaded in India leapt 65% in 4Q2016 after Fig 6: Mobile Internet usage in India in 2017
Jio’s launch. Entertainment-related ones increased the most,
by 120%

Source: Company, Maybank Kim Eng

August 29, 2018 4

Eros PLC

Valuation
We value EROS using separate EV/EBITDA multiples for its studio and EROS
NOW digital businesses. This is because its digital business has grown
significantly and continues to scale up.

EROS trades at 10x FY19E blended EV / adjusted EBITDA against its 5-year
average of 13x. We value its studio business at 10x to arrive at USD6 /
share. Our valuation for EROS NOW works out to USD11 / share, based on
20x, a 50% discount to Netflix. Using SOTP, our TP for FY19E is USD17,
implying a blended EV / EBITDA of 13x, its 5-year average.

Fig 7: Peer comparisons

Company M.Cap P/E (x) EV/EBITDA (x) ROE (%) P/BV (x)
Rating TP
(USD m) FY19F FY20F FY19F FY20F FY19F FY20F FY19F FY20F
US Studios
EROS PLC (EROS US) BUY USD 17 759 23 16 10 8 4 6 1 0
Lionsgate (LGF US) NR NR 4,832 21 18 6 9 6 9 2 2
Disney (DIS US) NR NR 166,467 16 15 11 10 25 22 4 3
Fox (FOX US) NR NR 83,210 21 19 13 11 19 18 4 3
Average 20 17 10 10

Digital streaming players

Netflix (NFLX US) NR NR 156,251 115 72 79 55 27 30 30 22
Amazon (AMZN US) NR NR 929,337 71 52 29 22 22 23 22 16
Balaji Telefilms (BLJT IN) NR NR 165 37 33 16 13 3 3 NA NA
Average 74 52 41 30
Source: Bloomberg, Maybank Kim Eng, adjusted EBITDA in case of EROS

1-year forward EV / adjusted EBITDA

Source: Bloomberg, Maybank Kim Eng

August 29, 2018 5

Eros PLC

Film pipeline for FY19/20E

Tentative Status
Movie Language Star cast/Director
release
2QFY19
Happy Phir Bhaag Jayegi Hindi Sonakshi Sinha, Abhay Deol, Jimmy Shergill (Mudassar Aziz / Colour2QFY19 Co-production
Yellow Productions)
Manmarziyaan Hindi Abhishek Bachchan, Vicky Kaushal, Tapsee Pannu (Anurag Kashyap 2QFY19 Co-production
/ Colour Yellow Productions)
Helicopter Eela (Overseas) Hindi Kajol, Riddhi Sen, Tota Roy Chowdhury (Pradeep Sarkar) 2QFY19 In-House
Tumbbad Hindi Sohum Shah, Harish Khanna (Colour Yellow Productions/ A Little 3QFY19 Co-production
Town Productions)
Namaste England Hindi Arjun Kapoor, Parineeti Chopra (Vipul Amrutlal Shah) 3QFY19 In-House
(Overseas)
Boyz II Marathi (Everest Entertainment) FY19 Co-production
Haathi Mere Saathi Hindi/Tamil/Telugu Rana Dugabatti (Prabhu Soloman) FY19 In-House
Ticket to Bollywood Hindi Amyra Dastoor, Diganth Manchale / (Eros) FY19 In-House

Hindi Saif Ali Khan, Zoya and others (Navdeep Singh / ColourYellow FY19 Co-production
Kaptan
Productions)

Mumbai Pune Mumbai 3 Marathi Swapnil Joshi, Mukta Barve FY19 Co-production

Nervazhi Tamil Nayanthara (Bharath Krishna) FY19 Co-production

Guru Tegh Bahadur Punjabi (Harry Baweja) FY19 In-House

Kaamiyab Hindi Drishyam Films FY19 Co-production

Hindi Gautam Ghulati, Tarun Khanna, Nyra Banerjee, Ruhi Singh, FY19 In-House
Cobra
Director - Munesh Rawal

Untitled Malayalam Ravi Vasudevan FY19 In-House

Annum Pennum Malayalam Rajish Parameshwaran FY19 In-House

Untitled Malayalam Vijith Nambiar FY19 In-House
Untitled Hindi (Homi Adajania / Maddock Films) FY19 Co-production
Jaita Hindi Harman Baweja (Harry Baweja) FY19 In-House
Ankhen 2 Hindi Amitabh Bachchan & Others FY19 In-House
Shubh Mangal Savdhan - 2 Hindi (Colour Yellow Productions) FY20 Co-production
Panda (Indo-China) Hindi (Kabir Khan) FY20 In-House
Tannu Weds Manu 3 Hindi Anand L Rai FY20 In-House
Roam Rom Mein Hindi Nawazuddin Siddiqui & others (Tanishtha Chatterjee / Rising Star FY20 Co-production
Entertainment)
Chandamama Door Ke Hindi Sushant Singh Rajput, Nawazuddin Siddiqui (Sanjay Puran Singh) FY20 In-House
Pitch White Hindi (Vipul Shah) FY20 In-House
Untitled Hindi (Rahul Dholakia / Next Gen Films) FY20 Co-production
Heer Hindi (Colour Yellow Productions) FY20 Co-production
Fake Hindi (Raj & DK) FY20 In-House
Re-Union Hindi (Sujoy Ghosh) FY20 In-House
Hera Pheri -3 Hindi Suniel Shetty and others FY20 In-House
Phobia 2 Hindi (Next Gen Films - Pawan Kriplani) FY20 In-House
2 Guns Hindi (Krishna Jagarlamudi) FY20 In-House
R. Rajkumar 2 Hindi (PrabhuDeva / Next Gen Films) FY20 Co-production
Khalifey Hindi Sanjay Dutt, SaifAli Khan, Arshad Warsi (Prakash Jha) FY20 In-House
Make in India Hindi (Next Gen Films) FY20 Co-production
Jugaadu Hindi Harman Baweja FY20 In-House
1234 (Part 2) Hindi SunielShetty, Paresh Rawal (Ashwni Dhir) FY20 In-House

Source: Company, Maybank Kim Eng

August 29, 2018 6

Eros PLC

Film releases based on budget… … and on language

Source: Company, Maybank Kim Eng

August 29, 2018 7

Eros PLC

Value Proposition Price Drivers

 Top global studio for Indian movies. Eros US distributes the Historical share price trend
most Indian movies annually, with a library of over +10k 40.0 350
1 2
movies and a presence across all monetization platforms. 35.0 300
3
 The Indian film industry is at an inflection point with 30.0 250
strong growth trends across theatre, television and digital 4
25.0 200
business streams. We forecast revenues to expand 5
20.0 150
41%/18% in FY18/19E after -4% in FY18E.
15.0 100
 Competitive entry barriers favouring Eros are its deep
10.0 50
presence across Hindi and regional language movies, and
global distribution, including China. 5.0 0
Aug-13 Aug-14 Aug-15 Aug-16 Aug-17
 Management’s top priority is to create a robust digital
platform and 100%-owned content. Eros PLC - (LHS, USD) Eros PLC / MSCI AC Asia ex JP - (RHS, %)

Number of movies produced Source: Company, Maybank Kim Eng, Factset

70
60 6 1. Aug/Sep 15, the stock spiked to USD35 on speculation of
50 a monetization of its digital property EROS NOW.
16 2
4 2. Stock crashed in Oct 2015 due to anonymous allegations
40 5
3
10 19 24 on social media about accounting practices and high
30 17 receivables.
1
20 41 4 3. The stock has recovered slightly since the mid-Nov
30 25 allegations, owing to stable 9MFY16 earnings and
10 19 21 23
anticipation of the release of a positive internal review
0
by Skadden.
FY16 FY17 FY18 FY19F FY20F FY21F
High budget Medium budget Low budget films 4. Mild recovery in stock price as the US District court
Source: Company, Maybank Kim Eng dismisses class action lawsuit that was originally filed in
Nov 2015 against EROS
5. Feb 18, RIL announces that it plans to purchase 5% stake
in EROS for USD47m.

Financial Metrics Swing Factors

 FCF is a key financial metric but remains a challenge due Upside
to high capex. EBITDA has improved consistently.
 In the near term, EROS US has to contain its hunger for  Enhanced movie pipeline, blockbuster box-office movie
aggressive expansion by limiting capex and slowing its TV performance.
syndication business, which comes with a long tail of  EROS NOW subs addition in excess to guidance.
receivables.  Any minority stake sale in EROS NOW to a marquee global
 Net debt/equity and net debt/EBITDA remain comfortable. investor would lead to significant improvement in
sentiment.
Revenue and adjusted EBITDA (USDm)
450 420
400 360
Downside
350 312
274  Delay in reducing receivable days.
300 253 261
 Delay in executing the film pipeline for FY19/20 and
250
below expectation growth in theatrical business.
200 160
150 126
101
100 71 79
56
50
-
FY16 FY17 FY18 FY19F FY20F FY21F
Revenue in USD m Adj EBITDA in USD m
Source: Company, Maybank Kim Eng

jigar@maybank-ke.co.in

August 29, 2018 8

Eros PLC

FYE 31 Mar FY17A FY18A FY19E FY20E FY21E

Key Metrics
P/E (reported) (x) 75.8 nm 23.7 16.4 11.9
Core P/E (x) 75.8 nm 23.7 16.4 11.9
P/BV (x) 1.1 0.9 1.0 1.0 1.0
P/NTA (x) (7.3) (5.4) (12.2) (8.0) (5.7)
Net dividend yield (%) 0.0 0.0 0.0 0.0 0.0
FCF yield (%) nm nm 7.7 1.4 1.3
EV/EBITDA (x) 20.6 52.3 14.7 11.5 9.1
EV/EBIT (x) 22.1 61.4 15.2 11.9 9.3
INCOME STATEMENT (USD m)
Revenue 253.0 261.3 311.8 359.7 420.2
Gross profit 43.0 83.1 112.5 140.1 177.1
EBITDA 42.5 20.2 82.6 107.7 141.7
Depreciation (1.1) (1.3) (1.3) (1.3) (1.4)
Amortisation (1.8) (1.7) (1.8) (2.0) (2.1)
EBIT 39.7 17.2 79.5 104.4 138.2
Net interest income /(exp) (17.2) (17.8) (15.3) (11.8) (10.9)
Associates & JV 0.0 0.0 0.0 0.0 0.0
Exceptionals 0.0 0.0 0.0 0.0 0.0
Other pretax income 0.0 0.0 0.0 0.0 0.0
Pretax profit 22.5 (0.6) 64.3 92.6 127.3
Income tax (11.0) (9.1) (22.5) (32.4) (44.5)
Minorities 0.0 0.0 0.0 0.0 0.0
Perpetual securities 0.0 0.0 0.0 0.0 0.0
Discontinued operations 0.0 0.0 0.0 0.0 0.0
Reported net profit 11.5 (9.7) 41.8 60.2 82.7
Core net profit 11.5 (9.7) 41.8 60.2 82.7
Preferred Dividends 0.0 0.0 0.0 0.0 0.0
BALANCE SHEET (USD m)
Cash & Short Term Investments 112.3 87.8 136.0 92.1 81.7
Accounts receivable 242.8 245.1 215.3 216.8 230.2
Inventory 0.2 0.4 0.4 0.5 0.6
Reinsurance assets 0.0 0.0 0.0 0.0 0.0
Property, Plant & Equip (net) 10.4 10.0 9.5 9.0 8.4
Intangible assets 923.0 1,017.8 1,045.2 1,117.6 1,203.0
Investment in Associates & JVs 0.0 0.0 0.0 0.0 0.0
Other assets 54.8 49.3 49.0 49.0 51.5
Total assets 1,343.4 1,410.3 1,455.5 1,484.9 1,575.4
ST interest bearing debt 189.0 143.4 99.7 78.7 97.7
Accounts payable 120.1 72.1 85.4 98.5 115.1
Insurance contract liabilities 0.0 0.0 0.0 0.0 0.0
LT interest bearing debt 95.2 145.6 107.5 81.8 55.2
Other liabilities 56.0 46.0 46.0 47.0 47.0
Total Liabilities 459.8 406.9 339.0 305.9 315.4
Shareholders Equity 804.5 875.7 964.4 993.3 1,029.4
Minority Interest 79.1 127.7 152.1 185.7 230.6
Total shareholder equity 883.5 1,003.4 1,116.5 1,179.0 1,260.0
Perpetual securities 0.0 0.0 0.0 0.0 0.0
Total liabilities and equity 1,343.4 1,410.3 1,455.5 1,484.9 1,575.4

CASH FLOW (USD m)

Pretax profit 22.5 (0.6) 64.3 92.6 127.3
Depreciation & amortisation 2.9 3.0 3.1 3.3 3.5
Adj net interest (income)/exp 17.2 17.8 15.3 11.8 10.9
Change in working capital (3.8) (50.3) 45.9 14.1 3.5
Cash taxes paid (11.0) (9.1) (22.5) (32.4) (44.5)
Other operating cash flow 139.3 121.5 125.0 135.7 152.5
Cash flow from operations 167.0 82.3 231.0 225.0 253.2
Capex (253.8) (156.4) (155.0) (210.8) (240.8)
Free cash flow (86.8) (74.1) 76.0 14.2 12.4
Dividends paid 0.0 0.0 0.0 0.0 0.0
Equity raised / (purchased) 43.9 57.8 78.3 0.0 0.0
Perpetual securities 0.0 0.0 0.0 0.0 0.0
Change in Debt (28.3) 4.8 (81.7) (46.7) (7.6)
Perpetual securities distribution 0.0 0.0 0.0 0.0 0.0
Other invest/financing cash flow 0.7 (13.0) (24.3) (11.4) (15.1)
Effect of exch rate changes 0.0 0.0 0.0 0.0 0.0
Net cash flow (70.5) (24.5) 48.3 (43.9) (10.4)

August 29, 2018 9

Eros PLC

FYE 31 Mar FY17A FY18A FY19E FY20E FY21E

Key Ratios
Growth ratios (%)
Revenue growth (7.8) 3.3 19.4 15.3 16.8
EBITDA growth 17.2 (52.6) 309.3 30.3 31.5
EBIT growth 16.6 (56.6) 362.4 31.3 32.4
Pretax growth (13.5) nm nm 44.1 37.5
Reported net profit growth (13.8) nm nm 44.1 37.5
Core net profit growth (13.8) nm nm 44.1 37.5

Profitability ratios (%)

EBITDA margin 16.8 7.7 26.5 29.9 33.7
EBIT margin 15.7 6.6 25.5 29.0 32.9
Pretax profit margin 8.9 nm 20.6 25.7 30.3
Payout ratio 0.0 0.0 0.0 0.0 0.0

DuPont analysis
Net profit margin (%) 4.5 nm 13.4 16.7 19.7
Revenue/Assets (x) 0.2 0.2 0.2 0.2 0.3
Assets/Equity (x) 1.7 1.6 1.5 1.5 1.5
ROAE (%) 1.5 (1.2) 4.5 6.1 8.2
ROAA (%) 0.9 (0.7) 2.9 4.1 5.4

Liquidity & Efficiency

Cash conversion cycle 146.2 139.1 121.9 63.9 31.8
Days receivable outstanding 306.7 336.1 265.7 216.2 191.5
Days inventory outstanding 0.4 0.6 0.7 0.8 0.8
Days payables outstanding 161.0 197.6 144.5 153.1 160.5
Dividend cover (x) nm nm nm nm nm
Current ratio (x) 1.1 1.5 1.9 1.7 1.4

Leverage & Expense Analysis

Asset/Liability (x) 2.9 3.5 4.3 4.9 5.0
Net gearing (%) (incl perps) 19.5 20.0 6.4 5.8 5.7
Net gearing (%) (excl. perps) 19.5 20.0 6.4 5.8 5.7
Net interest cover (x) 2.3 1.0 5.2 8.8 12.7
Debt/EBITDA (x) 6.7 14.3 2.5 1.5 1.1
Capex/revenue (%) 100.3 59.9 49.7 58.6 57.3
Net debt/ (net cash) 171.9 201.2 71.2 68.4 71.2
Source: Company; Maybank

August 29, 2018 10

Eros PLC

Research Offices
REGIONAL MALAYSIA HONG KONG / CHINA THAILAND
Sadiq CURRIMBHOY WONG Chew Hann, CA Head of Research Mitchell KIM Head of Research Maria LAPIZ Head of Institutional Research
Regional Head, Research & Economics (603) 2297 8686 wchewh@maybank-ib.com (852) 2268 0634 mitchellkim@kimeng.com.hk Dir (66) 2257 0250 | (66) 2658 6300 ext 1399
(65) 6231 5836 • Strategy • Internet & Telcos Maria.L@maybank-ke.co.th
sadiq@maybank-ke.com.sg • Strategy • Consumer • Materials • Services
Desmond CH’NG, ACA Christopher WONG Amornrat CHEEVAVICHAWALKUL
WONG Chew Hann, CA (603) 2297 8680 (852) 2268 0652 (66) 2658 6300 ext 1393
Regional Head of Institutional Research desmond.chng@maybank-ib.com christopherwong@kimeng.com.hk Amornrat.C@maybank-ke.co.th
(603) 2297 8686 • Banking & Finance • HK & China Properties • Oil & Gas
wchewh@maybank-ib.com Tanawat RUENBANTERNG
LIAW Thong Jung Jacqueline KO, CFA
(603) 2297 8688 tjliaw@maybank-ib.com (852) 2268 0633 jacquelineko@kimeng.com.hk (66) 2658 6300 ext 1394
ONG Seng Yeow
• Oil & Gas Services- Regional • Consumer Staples & Durables Tanawat.R@maybank-ke.co.th
Regional Head of Retail Research • Banks & Diversified Financials
(65) 6231 5839 ONG Chee Ting, CA Ricky NG, CFA Ornmongkol TANTITANATORN
ongsengyeow@maybank-ke.com.sg (603) 2297 8678 ct.ong@maybank-ib.com (852) 2268 0689 rickyng@kimeng.com.hk (66) 2658 6300 ext 1395
• Plantations - Regional • Regional Renewables
ornmongkol.t@maybank-ke.co.th
TAN Sin Mui • HK & China Properties • Power & Utilities • Infrastructure
Director of Research Mohshin AZIZ
(65) 6231 5849 Stefan CHANG, CFA Surachai PRAMUALCHAROENKIT
(603) 2297 8692 mohshin.aziz@maybank-ib.com
(852) 2268 0675 stefanchang@kimeng.com.hk Head of Retail Research
sinmui@kimeng.com.hk • Aviation - Regional • Petrochem
• Technology – Regional (66) 2658 5000 ext 1470
Surachai.p@maybank-ke.co.th
ECONOMICS YIN Shao Yang, CPA Tony REN, CFA • Auto • Conmat • Contractor • Steel
(603) 2297 8916 samuel.y@maybank-ib.com (852) 2268 0640 tonyren@kimeng.com.hk
Suhaimi ILIAS • Gaming – Regional • Media Ekachai TARAPORNTIP Deputy Head
• Healthcare & Pharmaceutical
Chief Economist 66) 2658 5000 ext 1530
Malaysia | Philippines | China TAN Chi Wei, CFA Wendy LI Ekachai.t@maybank-ke.co.th
(603) 2297 8682 (603) 2297 8690 chiwei.t@maybank-ib.com (852) 2268 0647 wendyli@kimeng.com.hk Sutthichai KUMWORACHAI Deputy Head
suhaimi_ilias@maybank-ib.com • Power • Telcos • Consumer & Auto (66) 2658 5000 ext 1400
sutthichai.k@maybank-ke.co.th
CHUA Hak Bin WONG Wei Sum, CFA INDIA • Energy • Petrochem
Regional Thematic Macroeconomist (603) 2297 8679 weisum@maybank-ib.com
Suttatip PEERASUB
(65) 6231 5830 • Property Jigar SHAH Head of Research (66) 2658 5000 ext 1430
chuahb@maybank-ke.com.sg (91) 22 6623 2632 jigar@maybank-ke.co.in suttatip.p@maybank-ke.co.th
LEE Yen Ling • Media • Commerce
• Strategy • Oil & Gas • Automobile • Cement
LEE Ju Ye (603) 2297 8691 lee.yl@maybank-ib.com
Singapore • Building Materials • Glove • Ports • Shipping Termporn TANTIVIVAT
Vishal MODI (66) 2658 5000 ext 1520
(65) 6231 5844
leejuye@maybank-ke.com.sg Ivan YAP (91) 22 6623 2607 vishal@maybank-ke.co.in termporn.t@maybank-ke.co.th
(603) 2297 8612 ivan.yap@maybank-ib.com • Banking & Financials • Property
Dr Zamros DZULKAFLI • Automotive • Semiconductor • Technology Jaroonpan WATTANAWONG
(603) 2082 6818 Neerav DALAL (66) 2658 5000 ext 1404
zamros.d@maybank-ib.com Kevin WONG (91) 22 6623 2606 neerav@maybank-ke.co.in jaroonpan.w@maybank-ke.co.th
(603) 2082 6824 kevin.wong@maybank-ib.com • Software Technology • Telcos • Transportation • Small cap
Ramesh LANKANATHAN • REITs • Consumer Discretionary
Sorrabhol VIRAMETEEKUL
(603) 2297 8685 Vishal PERIWAL
ramesh@maybank-ib.com LIEW Wei Han Head of Digital Research
(91) 22 6623 2605 vishalperiwa@maybank- (66) 2658 5000 ext 1550
(603) 2297 8676 weihan.l@maybank-ib.com ke.co.in sorrabhol.V@maybank-ke.co.th
FX • Consumer Staples • Infrastructure • Food, Transportation
Saktiandi SUPAAT Adrian WONG Wijit ARAYAPISIT
Head, FX Research INDONESIA (66) 2658 5000 ext 1450
(603) 2297 8675 adrian.wkj@maybank-ib.com
(65) 6320 1379 • Constructions • Healthcare Isnaputra ISKANDAR Head of Research wijit.a@maybank-ke.co.th
saktiandi@maybank.com.sg (62) 21 8066 8680 • Strategist
Jade TAM isnaputra.iskandar@maybank-ke.co.id
Christopher WONG VIETNAM
(603) 2297 8687 jade.tam@maybank-ib.com • Strategy • Metals & Mining • Cement
(65) 6320 1347
wongkl@maybank.com.sg • Media • Building Materials Rahmi MARINA LE Hong Lien, ACCA
(62) 21 8066 8689 Head of Institutional Research
Leslie TANG Mohd Hafiz Hassan rahmi.marina@maybank-ke.co.id (84 28) 44 555 888 x 8181
(603) 2082 6819 mohdhafiz.ha@maybank-ib.com
(65) 6320 1378 • Banking & Finance lien.le@maybank-kimeng.com.vn
leslietang@maybank.com.sg • Small & Mid Caps • Strategy • Consumer • Diversified
Aurellia SETIABUDI
TEE Sze Chiah Head of Retail Research (62) 21 8066 8691
Fiona LIM THAI Quang Trung, CFA,
(603) 2082 6858 szechiah.t@maybank-ib.com aurellia.setiabudi@maybank-ke.co.id
(65) 6320 1374 Deputy Head, Institutional Research
• Property
fionalim@maybank.com.sg (84 28) 44 555 888 x 8180
Nik Ihsan Raja Abdullah, MSTA, CFTe
Janni ASMAN trung.thai@maybank-kimeng.com.vn
(603) 2297 8694
STRATEGY nikmohdihsan.ra@maybank-ib.com
(62) 21 8066 8687 • Real Estate • Construction • Materials
janni.asman@maybank-ke.co.id
Sadiq CURRIMBHOY • Cigarette • Healthcare • Retail LE Nguyen Nhat Chuyen
Global Strategist SINGAPORE (84 28) 44 555 888 x 8082
(65) 6231 5836 Neel SINHA Head of Research PHILIPPINES chuyen.le@maybank-kimeng.com.vn
sadiq@maybank-ke.com.sg (65) 6231 5838 neelsinha@maybank-ke.com.sg • Oil & Gas
Minda OLONAN Head of Research
• Strategy • Industrials
Willie CHAN (63) 2 849 8840 NGUYEN Thi Ngan Tuyen,
• SMID Caps – Regional
Hong Kong / Regional minda_olonan@maybank-atrke.com Head of Retail Research
(852) 2268 0631 CHUA Su Tye • Strategy (84 28) 44 555 888 x 8081
williechan@kimeng.com.hk (65) 6231 5842 chuasutye@maybank-ke.com.sg Katherine TAN tuyen.nguyen@maybank-kimeng.com.vn
• REITs (63) 2 849 8843 • Food & Beverage • Oil&Gas • Banking
FIXED INCOME kat_tan@maybank-atrke.com
Derrick HENG, CFA TRUONG Quang Binh,
• Banks • Conglomerates • Ports
Winson Phoon, ACA (65) 6231 5843 derrickheng@maybank-ke.com.sg Deputy Head, Retail Research
(65) 6231 5831 • Property • REITs (Office) Luis HILADO (84 28) 44 555 888 x 8087
winsonphoon@maybank-ke.com.sg (65) 6231 5848 luishilado@maybank-ke.com.sg binh.truong@maybank-kimeng.com.vn
Luis HILADO • Telcos • Rubber Plantation • Tyres & Tubes • Oil & Gas
Se Tho Mun Yi (65) 6231 5848 luishilado@maybank-ke.com.sg
(603) 2074 7606 • Telcos Romel LIBO-ON TRINH Thi Ngoc Diep
munyi.st@maybank-ib.com (63) 2 849 8844 (84 28) 44 555 888 x 8208
LAI Gene Lih romel_libo-on@maybank-atrke.com diep.trinh@maybank-kimeng.com.vn
(65) 6231 5832 laigenelih@maybank-ke.com.sg • Property • Technology • Utilities • Construction
• Technology
Kayzer Llanda NGUYEN Thi Sony Tra Mi
(63) 2 849 8838 (84 28) 44 555 888 x 8084
Kayzer_Llanda@maybank-atrke.com mi.nguyen@maybank-kimeng.com.vn
• Utilities • Port Operation • Pharmaceutical
• Food & Beverage

NGUYEN Thanh Lam

(84 28) 44 555 888 x 8086
thanhlam.nguyen@maybank-kimeng.com.vn
• Technical Analysis

August 29, 2018 11

Eros PLC

APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES

DISCLAIMERS
This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation
of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Opinions
or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different
methodologies and are purely based on price and volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns
may be less than the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does
not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek
financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report.
The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad, its
subsidiary and affiliates (collectively, “MKE”) and consequently no representation is made as to the accuracy or completeness of this report by MKE and it should not be relied upon as such.
Accordingly, MKE and its officers, directors, associates, connected parties and/or employees (collectively, “Representatives” ) shall not be liable for any direct, indirect or consequential
losses or damages that may arise from the use or reliance of this report. Any information, opinions or recommendations contained herein ar e subject to change at any time, without prior
notice.
This report may contain forward looking statements which are often but not always identified by the use of words such as “anticipate”, “believe”, “estimate”, “intend”, “plan”, “expect”,
“forecast”, “predict” and “project” and statements that an event or result “may”, “will”, “can”, “should”, “could” or “might” occur or be achieved and other similar expressions. Such
forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to
differ materially from those expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims
any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of
unanticipated events.
MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, from time to time participate or
invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit business from such issuers, and/or have a position or holding, or
other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in
the material presented in this report. One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report to the extent
permitted by law.
This report is prepared for the use of MKE’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or
manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for the actions of third parties in this respect.
This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where
such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only under such circumstances as may be permitted by applicable law.
The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Without prejudice to the foregoing, the reader is to note that additional
disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report.
Malaysia
Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations
apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia Securities Berhad in the equity analysis.
Singapore
This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (“Maybank KERPL”) in Singapore has no
obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact Maybank KERPL in Singapore in respect of any matters arising
from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A of the Singapore
Securities and Futures Act), Maybank KERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law.
Thailand
Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of Maybank Kim Eng Securities (Thailand)
Public Company Limited. Maybank Kim Eng Securities (Thailand) Public Company Limited (“MBKET”) accepts no liability whatsoever for the actions of third parties in this respect.
Due to different characteristics, objectives and strategies of institutional and retail investors, the research reports of MBKET Institutional and Retail Research Department may differ in
either recommendation or target price, or both. MBKET Retail Research is intended for retail investors (http://kelive.maybank-ke.co.th) while Maybank Kim Eng Institutional Research is
intended only for institutional investors based outside Thailand only.
The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office of the Securities and
Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the
public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside
information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. MBKET does
not confirm nor certify the accuracy of such survey result.
The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by Thaipat Institute, is made in order to comply with the
policy and sustainable development plan for the listed companies of the Office of the Securities and Exchange Commission. Thaipat Institute made this assessment based on the information
received from the listed company, as stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report (Form 56-2),
or other relevant documents or reports of such listed company. The assessment result is therefore made from the perspective of Thaipat Institute that is a third party. It is not an assessment
of operation and is not based on any inside information. Since this assessment is only the assessment result as of the date appearing in the assessment result, it may be changed after that
date or when there is any change to the relevant information. Nevertheless, MBKET does not confirm, verify, or certify the accuracy and completeness of the assessment result.
US
This third-party research report is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended)
only by Maybank Kim Eng Securities USA Inc (“Maybank KESUSA”), a broker-dealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All
responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne by Maybank KESUSA. This report is not directed at you if MKE is prohibited or restricted by any
legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material
concerning investments to you under relevant legislation and regulations. All U.S. persons receiving and/or accessing this report and wishing to effect transactions in any security mentioned
within must do so with: Maybank Kim Eng Securities USA Inc. 400 Park Avenue, 11th Floor, New York, New York 10022, 1-(212) 688-8886 and not with, the issuer of this report.

August 29, 2018 12

Eros PLC

UK
This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regula ted, by the Financial Conduct Authority and is for
Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any
inclusion of a third party link is for the recipients convenience only, and that the firm does not take any responsibility for its comments or accuracy, and that access to such links is at the
individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own
independent tax advisers.
DISCLOSURES

Legal Entities Disclosures

Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938- H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of
Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This report is distributed in Singapore by Maybank KERPL (Co. Reg No 198700034E) which is
regulated by the Monetary Authority of Singapore. Indonesia: PT Maybank Kim Eng Securities (“PTMKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is
regulated by the Financial Services Authority (Indonesia). Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of
Finance and the Securities and Exchange Commission. Philippines: Maybank ATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities
and Exchange Commission. Vietnam: Maybank Kim Eng Securities Limited (License Number: 117/GP-UBCK) is licensed under the State Securities Commission of Vietnam. Hong Kong: KESHK
(Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (“KESI”) is a participant of the National Stock Exchange of
India Limited and the Bombay Stock Exchange and is regulated by Securities and Exchange Board of India (“SEBI”) (Reg. No. INZ000010538). KESI is also registered with SEBI as Category 1
Merchant Banker (Reg. No. INM 000011708) and as Research Analyst (Reg No: INH000000057) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID
27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Conduct Authority.

Disclosure of Interest
Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may
have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to
those companies.

Singapore: As of 29 August 2018, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.

Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore,
Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time have
interests and/or underwriting commitments in the securities mentioned in this report.

Hong Kong: As of 29 August 2018, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.

India: As of 29 August 2018, and at the end of the month immediately preceding the date of publication of the research report, KESI, authoring analyst or their associate / relative does not
hold any financial interest or any actual or beneficial ownership in any shares or having any conflict of interest in the subject companies except as otherwise disclosed in the research
report.
In the past twelve months KESI and authoring analyst or their associate did not receive any compensation or other benefits from the subject companies or third party in connection with the
research report on any account what so ever except as otherwise disclosed in the research report.
MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the
entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned
or a related investment and may receive compensation for the services provided from the companies covered in this report.

OTHERS
Analyst Certification of Independence
The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s
compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.
Reminder
Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and
assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and
forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a
structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.
No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

August 29, 2018 13

Eros PLC

Historical recommendations and target price: Eros PLC (EROS US)

28 Feb 22 Jan 23 Feb 9 Jul

Buy : $18.0 Buy : $15.1 Buy : $18.0 Buy : $17.0
18.0

16.0

14.0

12.0

10.0

8.0

6.0
Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18

Eros PLC

Definition of Ratings
Maybank Kim Eng Research uses the following rating system
BUY Return is expected to be above 10% in the next 12 months (excluding dividends)
HOLD Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends)
SELL Return is expected to be below -10% in the next 12 months (excluding dividends)

Applicability of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only
applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment
ratings as we do not actively follow developments in these companies.

August 29, 2018 14

Eros PLC

 Malaysia  Singapore  London  New York

Maybank Investment Bank Berhad Maybank Kim Eng Securities Pte Ltd Maybank Kim Eng Securities Maybank Kim Eng Securities USA
(A Participating Organisation of Maybank Kim Eng Research Pte Ltd (London) Ltd Inc
Bursa Malaysia Securities Berhad) 50 North Canal Road PNB House 400 Park Avenue, 11th Floor
33rd Floor, Menara Maybank, Singapore 059304 77 Queen Victoria Street New York, New York 10022,
100 Jalan Tun Perak, London EC4V 4AY, UK U.S.A.
50050 Kuala Lumpur Tel: (65) 6336 9090
Tel: (603) 2059 1888; Tel: (44) 20 7332 0221 Tel: (212) 688 8886
Fax: (603) 2078 4194 Fax: (44) 20 7332 0302 Fax: (212) 688 3500

Stockbroking Business:  Hong Kong  Indonesia  India

Level 8, Tower C, Dataran Maybank,
Kim Eng Securities (HK) Ltd PT Maybank Kim Eng Securities Kim Eng Securities India Pvt Ltd
No.1, Jalan Maarof 28/F, Lee Garden Three, Sentral Senayan III, 22nd Floor 2nd Floor, The International,
59000 Kuala Lumpur
1 Sunning Road, Causeway Bay, Jl. Asia Afrika No. 8 16, Maharishi Karve Road,
Tel: (603) 2297 8888
Hong Kong Gelora Bung Karno, Senayan Churchgate Station,
Fax: (603) 2282 5136
Jakarta 10270, Indonesia Mumbai City - 400 020, India
Tel: (852) 2268 0800
Fax: (852) 2877 0104 Tel: (62) 21 2557 1188 Tel: (91) 22 6623 2600
Fax: (62) 21 2557 1189 Fax: (91) 22 6623 2604

 Philippines  Thailand  Vietnam  Saudi Arabia

Maybank ATR Kim Eng Securities Inc.
17/F, Tower One & Exchange Plaza
Ayala Triangle, Ayala Avenue
Makati City, Philippines 1200
Tel: (63) 2 849 8888
Fax: (63) 2 848 5738
Maybank Kim Eng Securities
(Thailand) Public Company Limited
999/9 The Offices at Central World,
20th - 21st Floor,
Rama 1 Road Pathumwan,
Bangkok 10330, Thailand
Tel: (66) 2 658 6817 (sales)
Tel: (66) 2 658 6801 (research)
Maybank Kim Eng Securities Limited In association with
4A-15+16 Floor Vincom Center Dong Anfaal Capital
Khoi, 72 Le Thanh Ton St. District 1 Villa 47, Tujjar Jeddah
Ho Chi Minh City, Vietnam Prince Mohammed bin Abdulaziz
Street P.O. Box 126575
Tel : (84) 844 555 888 Jeddah 21352
Fax : (84) 8 38 271 030
Tel: (966) 2 6068686
Fax: (966) 26068787

 South Asia Sales Trading  North Asia Sales Trading

Kevin Foy Andrew Lee
Regional Head Sales Trading andrewlee@kimeng.com.hk
kevinfoy@maybank-ke.com.sg Tel: (852) 2268 0283
Tel: (65) 6636-3620 US Toll Free: 1 877 837 7635
US Toll Free: 1-866-406-7447

Malaysia Thailand
Joann Lim Tanasak Krishnasreni
joann.lim@maybank-ib.com Tanasak.K@maybank-ke.co.th
Tel: (603) 2717 5166 Tel: (66)2 658 6820

Indonesia London
Harianto Liong Mark Howe
harianto.liong@maybank-ke.co.id mhowe@maybank-ke.co.uk
Tel: (62) 21 2557 1177 Tel: (44) 207-332-0221

New York India

James Lynch Sanjay Makhija
jlynch@maybank-keusa.com sanjaymakhija@maybank-ke.co.in
Tel: (212) 688 8886 Tel: (91)-22-6623-2629

Vietnam Philippines
Patrick Mitchell Keith Roy
patrick.mitchell@maybank-kimeng.com.vn keith_roy@maybank-atrke.com
Tel: (84)-8-44-555-888 x8080 Tel: (63) 2 848-5288
www.maybank-ke.com | www.maybank-keresearch.com

August 29, 2018 15