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In Jan 2016, Media Nusantara managed to maintain its solid performance – its prime time audience share improved 6% MoM to 46.5%, driven by a strong showing from its three TV stations. Meanwhile, Trans Corp was the top gainer in prime time audience share in Jan 2016 (+26%) due to its recently-aired programme, Improvisasi Selebriti..

We upgrade Media Nusantara to BUY (from Neutral) with an IDR2,150 TP (from IDR1,850, 31% upside) on the back of an expected recovery in the local economy in 1H16 an anticipated rate card improvement and lessened discount, given RCTI’s strong audience share. We believe the stock’s valuations are attractive enough, given potential FY16/FY17 earnings growth.

Media Nusantara was the top gainer in prime time audience share in Dec 2015 (+8% MoM), driven by a good performance of its RCTI station (+14% MoM) which could further lead to a potential improvement in rate card. Surya Citra’s audience share in prime time grew by 2% MoM mostly due to the performance of.

Media Nusantara was the top gainer in prime time audience share in Nov 2015 (+18% MoM), driven by its RCTI station (+33% MoM). Surya Citra’s audience share in prime time declined by 4% in November, but it has been able to maintain its first position in non-prime time audience share, thanks to Indosiar TV station.

Trans Corp, according to Nielsen data, was the top gainer in all time audience shares in September (+4% MoM to 17.1%) due to its Trans7 station, which managed to improve the group’s performance. Surya Citra’s audience share rose 2% MoM to 29.2%, supported by Indosiar’s new TV and sports shows like Bintang Pantura, Piala Presiden.

While the growth of Indonesia’s media industry has slowed down to 9% (from a 21% mean in 2010-2014), media is still the most effective tool to promote consumer products, due to its long-term prospects. We believe ad spending may improve when the economy recovers. We initiate coverage on the sector with a NEUTRAL rating and.

We reinitiate coverage on Media Nusantara Citra with a NEUTRAL call and DCF-derived TP of IDR2,100 (8% upside, 18.6x/16.0x FY15F/FY16F P/Es). Ad revenue is particularly challenging in FY15 amid economic headwinds, but we estimate that the newly-acquired I-News TV could grow at a 60% CAGR over FY15-18. We expect the group’s revenue to grow 3%/11.1%.

Surya Citra Media (SCMA IJ, NR) will distribute IDR51 per share of final dividend. Combined with interim dividend of IDR15 per share, SCMA total dividend is equivalent to 75.4% from FY13 net income or IDR66/share (~2% yield using yesterday’s closing.

One of Indonesia’s leading TV stations SCMA has an extensive broadcasting network and is well-known for its prime time mini-series. The Indonesian TV broadcast industry looks promising in view of the increasing income per capita of its population. Advertising rates may grow by 15-20% next year and with over 17k islands and a geographical width.

BUY, TP Rp3,900 Our Buy recommendation is based on SCMA’s i) strong position in Indonesia’s television network, ii) promising earnings growth, iii) improving profitability, iv) high dividend yield, and v) strong cash position. Our target price of Rp3,900 is premised on 14.9-13.0x FY11-12f PE. The share’s price catalysts include: i) a special dividend, and ii).