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.

1HFY2021 Results Announcement

Est 15 Nov 2020

FY2020 Annual Report

Download presentation slides

Download FACTSHEET

Recent Developments

14 Nov 20

mm2 Asia Reports EBITDA of S$6.2 million for First Half FY2021; Remains cautious but positive of Group’s Business Outlook
15 Oct 20

Financial Statements and Related Announcement::Profit Guidance
2 Oct 20

General Announcement::Minutes of Annual General Meeting held on 17 September 2020
17 Sep 20

Results of AGM of mm2 Asia Ltd. held on 17 Sep 2020
16 Sep 20

Response to SGX queries
1 Sep 20

Annual Report FY2020
1 Sep 20

Appendix to the Notice of AGM: The Proposed Renewal of the Share Purchase Mandate
1 Sep 20

Sustainability Report FY2020
1 Sep 20

Material Adjustments Between Audited Financial Statements and Unaudited Financial Statements for FY2020
24 June 20

Cathay CineHome Movies On-Demand
18 June 20

INCORPORATION OF A NEW SUBSIDIARY
31 May 20

mm2 Asia reports FY2020 EBITDA S$98.3 million and net profit S$6.6 million despite challenging environment
24 Mar 20

Voluntary update regarding the impact of the Novel Coronavirus outbreak on the Group
19 Feb 20

Cessation of quarterly reporting

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)

In The News

Research

mm2 ASIA CONSENSUS

Consensus Rating

3.00
BUY:HOLD:SELL

0:1:0
Consensus TP

0.130

Brokerages	Report	Analysts	Recommendation	TP
DBS	Download File	Ling Lee Keng	FULLY VALUED	0.130

Archive

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)

Stock Information

Price	0.171
Market Cap (SGDm)	198.8
YE	31/3/2021
Earnings Release Date (Est)	15 Nov 20
52 wk high/low	0.31/ 0.103
YTD % change	-43.9%
Free Float %	33.4%
Insiders Holding	61.6%

Key financial highlights

Key Highlights	2018	2019	2020
Revenue (SGDm)	192	266	236
Net Profit (SGDm)	22	19	3.5
P/E	8.9	10.4	56.8
P/B	1.1	0.9	0.9
Return on Equity	14.2%	10.8%	2.4%
Net D/E	13.1%	76.7%	83.4%

(Based on price at S$0.171)

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