Friday, May 3, 2013

Dyandra Media International seasonality kicks in 1Q13

Dyandra Media International: FY2012 in-line, but seasonality kicks in 1Q13 (DYAN, Rp385, Not rated)

In-line FY2012. Dyandra Media International (DYAN) reported FY2012 revenue of Rp624.2bn (69% yoy growth) and net earnings of Rp64.9 bn (421% yoy), which both are in line with our FY2012 estimate (Rp618bn revenue and Rp64bn net earnings).

1Q net loss due to seasonality. In 1Q2013, DYAN posted Rp4.6bn net loss, a lower loss compare to Rp5.4bn net loss in 1Q2012. The loss was mainly attributed to the cyclicality of the business. On event business, the Indonesia International Motor Show (IIMS), the largest contributor to the revenue and earnings, will only be held in 2H this year. On convention and exhibition center business, we expect that the segment will book significant revenue increase with the growth rate.

Strong revenue growth. Revenue, on the other hand, grew strongly in each segments, where total revenue almost double yoy. The event organizer, supporting and hotel business grew by 107%, 161% and 99%, respectively. Only the convention and exhibition business revenue was lower yoy.

Positive developments in 2013. During the first 4 months of the year, DYAN has topping of the extension of Bali Nusa Dua Convention Center (BNDCC) and opened up an Amaris hotel in Benoa, Bali, which located close to BNDCC. From the IIMS press conference, IIMS will be held from 19-29 September 2013 in JI-Expo Kemayoran, where 35 car manufacturers and growing number of automotive supporting players are expected to join the show.

Positive return since its listing. The stock was up by 10% since its listing and we are currently reviewing our recommendation on the counter.

For Indonesia Market Summaries, 3 May 2013

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