mm2 Asia

About mm2 Asia

mm2 Asia is a leading producer of films and TV/online content in Asia. As a producer, mm2 provides services over the entire film-making process – from financing and production to marketing and distribution, and thus has diversified revenue streams. mm2 also owns entertainment company, UnUsUaL, and cinemas in Malaysia and Singapore.

1HFY2022 Results Announcement

Est 15 Nov 2021

FY2021 Annual Report

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Recent Developments

28 July 21

Response to SGX Queries::
28 July 21

Asset Acquisitions and Disposals::Proposed Sale of Cinema Business
21 July 21

REPL::Annual General Meeting::Voluntary
15 July 21

Response to SGX Queries::
15 July 21

Annual Reports and Related Documents::
15 July 21

Annual General Meeting::Voluntary
15 July 21

Financial Statements and Related Announcement::Auditor’s Comments of Accounts
13 July 21

General Announcement::Material Adjustments between Audited Financial Statements and Unaudited Financial Statements FY2021
13 July 21

Financial Statements and Related Announcement::Auditor’s Comments of Accounts
11 Jun 21

Disclosure of Interest/ Changes in Interest of Director/ Chief Executive Officer::Disclosure of Interest / Changes in Interest of Director / Chief Executive Officer
29 May 21

Financial Statements and Related Announcement::Full Yearly Results
29 Apr 21

Disclosure of Interest/ Changes in Interest of Substantial Shareholder(s)/ Unitholder(s)::Disclosure of Interest / Changes in Interest of Substantial Shareholder(s)/ Unitholder(s)
27 Apr 21

General Announcement::Use of Proceeds of Rights Issue
15 Apr 21

REPL::Rights::Voluntary
13 Apr 21

General Announcement::Results of Rights Issue
19Mar 21

Timetable for rights
15 Mar 21

REPL::Rights::Voluntary
15 Mar 21

REPL::Rights::Voluntary
15 Mar 21

REPL::Extraordinary/ Special General Meeting::Voluntary

Investment Merits

Integrated Entertainment Content Giant
Asia Content Powerhouse
Re-Inventing The Cinema Business
Proxy To Consumer Experiential Spending (via UnUsual Limited)
Proxy To The Rising Penetration Of Virtual Reality (via VividThree)
Core production business with sizeable pipeline to be delivered in the near term along with regional growth prospects
Recovery play on concert resumption, blockbuster screening in theatres

In The News

Research

mm2 ASIA CONSENSUS

Consensus Rating

4.00
BUY:HOLD:SELL

1:1:0
Consensus TP

0.081

Brokerages	Report	Analysts	Recommendation	TP
UOB Kayhian	Download File	Lucas. Teng/John Cheong	BUY	0.095
DBS	Download File	Ling Lee Keng	HOLD	0.067
Philip Capital	Download File	Paul Chew Vivian Ye	NON-RATED	NA

Archive

2021	31 May 21 – DBS: Turnaround hinges on deleveraging plans 27 Apr 21- UOB Kayhian: Singing to a Blockbuster Recovery 19 Feb 21 – DBS: Deleveraging initiatives in place 15 Feb 21 – Philip Capital: Rights issue to deleverage	7 June 21 – UOBKH- FY21: Rebound in core production & cinema; better days ahead 14 July 21 – DBS – News analysis: Auditor raised going concern issue
2020	16 Nov 20- DBS: No signs of a turnaround 1 Jun 20- DBS: Expect another year of weakness 1 Apr 20- CIMB: No show for now 25 Mar 20- DBS: Impact worsened by new measures
2019	3 Jun 19- CIMB: Look for organic growth in FY20F 3 Jun 19- Maybank: Road to Redemption 31 May 19- DBS: Upgrade to BUY as value emerges 25 Mar 19- Maybank: Needs to be “More than blue” 20 Feb 19- Maybank: 9MFY19 results 14 Feb 19- Nomura: 9MFY19 results 14 Feb 19- CIMB: 9MFY19 results 13 Feb 19 – DBS: 9MFY19 results	14 Aug 19- DBS: 1QFY20 results; Value emerging 19 Aug 19- Maybank: 1QFY20 results: Glass neither half empty nor full 8 Oct 19- CIMB: 1QFY20 results; Set for the bigger stage 15 Nov19- DBS: 2QFY20 results: Waiting for catalysts 18 Nov19- CIMB: 2QFY20 results: Still on track
2018	4 Jun 18 – Maybank: FY18 results 4 Jun 18 – CIMB: FY18 results 30 May 18- DBS: FY18 results 8 Feb 18-DBS: Growth intact	19 Nov 18- Maybank: 1H2019 results 19 Nov 18- CGS-CIMB: 1H2019 results 15 Nov 18 – DBS: 1H2019 results 19 Aug 18- Nomura: 1Q19 results 17 Aug 18- Maybank: 1Q19 results 15 Aug 18- CIMB: 1Q19 results 15 Aug 18- DBS: 1Q19 results 13 Sep 18 – Cimb conference
2017	14 Jun 17- DBS: Acquisition of GV cinema chain in Singapore 14 Jun 17 – CIMB: A Gold Class acquisition 26 May 17- DBS: An UnUsUaL boost 24 May 17- DBS: FY17 net earnings beat our expectations b y 13% 13 Apr 17 – DBS: An UnUsUal boost 11 Jan 17 – DBS: New group ceo appointed to boost management team	3 Nov 17- DBS: Next showing: Strong growth 3 Nov 17- CIMB: 1H18 results 2 Nov 17 – DBS: Cathay cinema acquisition 15 Aug 17- CIMB: Upgrade to add 14 Aug 17 – DBS: Growth path on track 24 Jul 17 – CIMB: Downgrade to HOLD 24 Jul 17- DBS: Approval for completion of GV acquisition not obtained 19 Jul 17 – DBS: Setting stage for sustainable growth
2016	12 Jun 16 – CIMB Downgrade to HOLD 9 May 16- CIMB FY16 results 24 Mar 16- DBS: Entry of starhub	15 Nov 16- DBS: Growth intact 9 Nov 16- DBS: Building recurring income 13 Sep 16- DBS: Growing presence in north asia 8 Nov 16- CIMB Upgrade to Add 24 Aug 16 – CIMB Upgrade to Add
Initiation	Nomura – Initiation (2018) Maybank – Initiation (2018) JP Morgan – Non-Rated (2018)	DBS – Initiation (2016) CIMB – Initiation (2016) UOB Kayhian- Initiation (2021)

Stock Information

Price	0.067
Market Cap (SGDm)	151.4
YE	31/3/2022

Key financial highlights

Key Highlights	2019	2020	2021
Revenue (SGDm)	266	236	75
Net Profit (SGDm)	19	3.3	(90.8)
Return on Equity	10.8%	2.3%	NA
Net D/E	76.7%	83.4%	145.5%

Risks

No long-term financing arrangements for productions. The commencement of each production is dependent on mm2’s ability to secure funding.

Unavailability of good scripts. Lack of good scripts for production may lead to less support from stakeholders.

Inability to predict the commercial success of movies produced. The commercial success of its productions is primarily determined by inherently unpredictable audience reactions.

High gearing