Company Update

25 Januari 2023

MSIN IJ - MNC Sekuritas Equity Report January 25, 2023

Paving the Highway of Digital Footprint

Key Takeaways
• In 9M22, MSIN IJ booked a staggering rise in revenue of IDR2.91 tn (+121% YoY), supported by content, IP & talent segment with IDR1.83 tn (+23% YoY).
• EBITDA stood at IDR759.42 bn, or a rise by 141% YoY, thus increasing its margin by 200 bps.
• Net profit was booked at IDR388.22 bn (+83% YoY), implying a slight fall of the net margin of 13% (vs 9M21: 16%).
• MSIN plans to conduct a right issue by issuing 1.26 bn shares with exercise price of IDR4,900/share and ratio of 10:1, thus totalling to IDR5.61 tn, with cum date on January 31, 2023.
• Through the proceed from the rights, IDR3.38 tn will be used for repayment of promissory notes to MNCN and IPTV amidst MSIN's acquisition of PT MNC Digital Indonesia (MDI), PT MNC Portal Indonesia (MPI), and PT MNC OTT Network (OTT).
• MSIN is affiliated with the company, so we do not offer any recommendation related to company prospects. Recommendation: NOT RATED.

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