See disclaimer at the end of report

SECTOR UPDATE

MEDIA 14 July 2015SEA Games push analog channels ratings to better ground in June

Sector: Media Neutral

Valuations and recommendations

Investment thesis Nielsens June figures revealed that although the ratings of most analog channels bounced strongly MoM from SEA Games live broadcasts, those of most digital TV channels remained intact or saw a negligible impact from ad migration to the analog channels. In June, ratings of GMM25, RS and MONO rose MoM while those of WORK and ONE Channel dropped marginally MoM. We treat the bounce of analog ratings in June as a one-time event and expect those of digital channels to pick up their pace in July, underpinned by new content. We expect ratings of WORKs and GRAMMYs two digital channels to regain strength in July. WORK and RS are our best picks for the 6-9 month investment horizon while GRAMMY is the best pick for the more-than-12-month investment horizon.

SEA Games bolstered analog ratings in June The ratings (for ages 4+ nationwide) of all analog channels except Channel 7 and TPBS rose MoM in JuneBEC (2.151, up 9% MoM), Channel 5 (0.167, up 34% MoM), MCOT (0.295, up 25% MoM) and NBT (0.090, up 91% MoM). This was due to the SEA Games live broadcasts, which ran 5-16 June via the TV pool networks six analog channels. The lost share of super-prime Thai soap operas explained the ratings drop for Channel 7 (2.604, down 2% MoM). We think that the SEA Games, as a one-time event, bolstered analog channels June ratings, and that these should normalize from July.

BECs SD and GRAMMYs GMM25 channels led peers in June Of all the new digital licensees, LOCA Channel led the MoM TV ratings growth in June (0.019, up 73% MoM)followed by BECs SD Channel (0.162, up 60% MoM), GMM25 Channel (0.057, up 30% MoM), BECs Family Channel (0.080, up 29% MoM) and New TV (up 28% MoM). Other digital-only operators under our coverage that posted MoM rises were RS (0.350, up 11% MoM) and MONO (0.284, up 12% MoM). Ratings of WORK and ONE Channel slipped only marginallyWORK (0.608, down 1% MoM) and ONE Channel (0.194, down 1% MoM). Despite the SEA Games live broadcasts in June, the overall ratings of digital channels remained solid and some channels whose content targets the mass market were negligibly affected.

Regained ratings of WORK and ONE Channel in July BEC has been showing reruns of Korean and Chinese series and super-prime Thai soap operas on its SD Channel, while its Family Channel has aired new cartoon content from Boomerang. It would take at least six months to prove that the ratings rises at BECs digital channels are sustainable. We expect WORKs digital rating to rise in July with the migration of Ching Roi Ching Lan from BEC to its digital channel (more-or-less the same rating and ad rateBt300k/minas when it was broadcast on BECs analog channel). GMM25 Channels rating has jumped since the launch of teenage soap operas series in the May-June period. We expect new soap operas and series to boost ratings of ONE and GMM25 Channels in July.

2-yr Target PER EPS CAGR PBV ROE Divprice (x) FY14-16 (x) (%) dyield (%)

Rec. (Bt) FY15 (%) FY15 FY15Y FY15BEC SELL 33.00 22.4 (10.7) 9.3 40.7 4.1MCOT SELL 10.50 21.6 (7.7) 1.2 5.4 3.5MAJOR BUY 36.00 22.1 +15.2 4.3 19.9 3.9WORK BUY 50.50 68.6 +177.6 5.1 9.2 0.7GRAMMY BUY 22.40 n.m. n.m. 2.9 (0.3) 0.0VGI HOLD 5.20 35.1 +1.5 7.6 32.8 2.5PLANB BUY 6.10 51.8 +43.6 7.7 22.8 1.0MONO BUY 4.25 n.m. +86.0 2.5 (3.8) 0.0RS BUY 16.00 66.3 (4.3) 6.0 9.5 0.9Simple avg 41.1 37.7 5.2 15.1 1.8

0.169

0.283 0.306 0.298 0.314

0.350

0.202

0.536 0.556 0.576

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0.225 0.195

0.194

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Channel 8 (RS)Workpoint TV (WORK)GMM channel (GRAMMY SD)ONE (GRAMMY HD)MONO29 (MONO)

Prasit Sujiravorakul Securities Fundamental Investment Analyst prasit@bualuang.co.th +66 2 618 1342

Media - 2

Figure 1: TV ratings (4+ nationwide)

TV Rating (4+ nationwide)

Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 % MoMChannel 3Channel 3 - analog (+HD starting Nov) 2.350 2.540 2.730 2.688 2.586 2.666 2.660 2.576 2.342 2.207 2.062 1.939 1.854 1.877 1.851 1.816 1.981 2.151 8.58%Channel 3 - HD (during June-Oct 2014) 0.032 0.033 0.038 0.080 0.020 Channel 3 - 3Family 0.024 0.016 0.020 0.023 0.019 0.020 0.025 0.034 0.035 0.034 0.043 0.062 0.080 29.03%Channel 3 - 3SD 0.015 0.015 0.018 0.019 0.020 0.019 0.023 0.023 0.038 0.050 0.072 0.101 0.162 60.40%

Channel 5 - public 0.400 0.390 0.360 0.334 0.316 0.470 0.315 0.284 0.338 0.303 0.283 0.236 0.157 0.132 0.125 0.127 0.125 0.167 33.60%

Channel 7 - analog+HD 3.040 3.270 3.240 2.762 3.061 3.003 3.320 3.394 3.246 3.462 3.340 3.186 2.750 2.902 2.960 2.889 2.652 2.604 -1.81%

Channel 9Channel 9 - analog+HD 0.500 0.520 0.570 0.505 0.449 0.488 0.456 0.461 0.529 0.430 0.381 0.345 0.289 0.239 0.225 0.207 0.236 0.295 25.00%Channel 9 - MCOT Family SD 0.020 0.008 0.009 0.008 0.006 0.007 0.011 0.010 0.007 0.015 0.025 0.033 0.035 6.06%

NBT - public 0.150 0.160 0.120 0.128 0.122 0.111 0.100 0.101 0.230 0.138 0.075 0.069 0.062 0.065 0.059 0.053 0.047 0.090 91.49%TPBS - public 0.270 0.270 0.210 0.215 0.237 0.249 0.219 0.219 0.237 0.219 0.182 0.162 0.139 0.115 0.123 0.123 0.121 0.113 -6.61%

OthersRS's Channel 8 - digital 0.169 0.163 0.461 0.321 0.288 0.240 0.248 0.243 0.239 0.275 0.283 0.306 0.298 0.314 0.350 11.46%WORK's Workpoint TV - digital 0.202 0.189 0.226 0.256 0.301 0.342 0.333 0.364 0.375 0.530 0.536 0.556 0.576 0.614 0.608 -0.98%GRAMMY's ONE - digital 0.031 0.040 0.038 0.044 0.026 0.026 0.044 0.058 0.092 0.128 0.119 0.178 0.225 0.195 0.194 -0.51%GRAMMY's GMM channel - digital 0.003 0.009 0.022 0.019 0.011 0.019 0.023 0.029 0.027 0.039 0.034 0.044 0.057 29.55%MONO's MONO 29 - digital 0.021 0.043 0.065 0.096 0.113 0.114 0.112 0.129 0.232 0.225 0.240 0.256 0.253 0.284 12.25%AMARIN TV - digital 0.006 0.009 0.013 0.012 0.014 0.022 0.020 0.027 0.032 0.041 0.042 0.045 0.053 17.78%Now TV - digital 0.008 0.008 0.006 0.008 0.008 0.007 0.008 0.010 0.011 0.013 0.015 0.020 0.020 0.00%Thairath TV - digital 0.074 0.081 0.071 0.083 0.086 0.074 0.074 0.070 0.087 0.133 0.146 0.102 0.129 0.147 13.95%PPTV - digital 0.012 0.015 0.016 0.020 0.024 0.028 0.022 0.020 0.025 0.032 0.062 0.066 0.063 0.061 0.068 11.48%True4U - digital 0.071 0.067 0.084 0.088 0.079 0.060 0.056 0.061 0.079 0.079 0.082 0.083 0.082 -1.20%Nation TV - digital 0.031 0.059 0.071 0.060 0.044 0.046 0.037 0.035 0.038 0.042 0.043 0.044 0.050 0.051 0.048 -5.88%Spring News - digital 0.014 0.029 0.026 0.016 0.017 0.019 0.017 0.016 0.018 0.020 0.020 0.026 0.030 0.037 0.039 5.41%TNN24 - digital 0.035 0.051 0.047 0.041 0.038 0.036 0.028 0.029 0.034 0.041 0.040 0.046 0.046 0.048 0.051 6.25%Voice TV - digital 0.009 0.011 0.008 0.008 0.010 0.010 0.010 0.012 0.014 0.015 0.015 0.00%NEW TV - digital 0.053 0.023 0.022 0.020 0.026 0.031 0.040 0.040 0.043 0.039 0.040 0.051 27.50%THAI TV - digital 0.018 0.032 0.021 0.024 0.027 0.032 0.029 0.033 0.033 0.050 0.057 0.042 0.044 0.046 0.050 8.70%BRIGHT TV - digital 0.005 0.013 0.009 0.010 0.008 0.007 0.008 0.011 0.015 0.015 0.019 0.023 0.024 0.023 -4.17%LOCA - digital 0.007 0.010 0.010 0.007 0.008 0.007 0.007 0.006 0.008 0.009 0.012 0.011 0.012 0.011 0.019 72.73%

Source: The Nielsen Company

Media - 3

Figure 2: TV audience share (including analog and digital TV channels)

Audience share breakdownJan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15

Total existing analog 100.0% 100.0% 100.0% 92.7% 90.8% 85.8% 86.5% 86.0% 85.1% 85.9% 84.8% 83.1% 76.5% 75.6% 74.1% 73.3% 72.5% 72.6%Total digital (excl. Ch3, 5, 7, 9, NBT and TPBS 0.0% 0.0% 0.0% 7.3% 9.2% 14.2% 13.6% 14.1% 14.9% 14.2% 15.2% 16.9% 23.6% 24.4% 25.9% 26.7% 27.5% 27.4%Total free TV 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Audience share (including analog and digital channels) Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 % MoMChannel 3 - analog (+HD starting Nov) 35.07% 35.53% 37.73% 37.58% 34.68% 32.45% 32.37% 31.26% 28.57% 27.85% 27.46% 26.87% 26.64% 26.25% 25.19% 24.85% 26.81% 27.39% 0.58%Channel 3 - 3Family 0.30% 0.19% 0.24% 0.28% 0.23% 0.26% 0.35% 0.48% 0.49% 0.46% 0.58% 0.84% 1.02% 0.18%Channel 3 - 3SD 0.19% 0.18% 0.21% 0.23% 0.26% 0.26% 0.32% 0.34% 0.53% 0.68% 0.99% 1.37% 2.07% 0.70%Total audience share for Channel 3 35.07% 35.53% 37.73% 37.58% 34.68% 32.94% 32.74% 31.71% 29.08% 28.34% 27.98% 27.54% 27.46% 27.27% 26.33% 26.42% 29.02% 30.48% 1.46%

Channel 5 - public 5.90% 5.45% 5.04% 4.67% 4.24% 5.72% 3.83% 3.45% 4.13% 3.83% 3.77% 3.27% 2.26% 1.84% 1.70% 1.74% 1.69% 2.12% 0.43%

Channel 7 - analog+HD 45.32% 45.70% 44.80% 38.62% 41.05% 36.55% 40.38% 41.20% 39.60% 43.68% 44.49% 44.15% 39.53% 40.57% 40.29% 39.54% 35.90% 33.17% -2.73%

Channel 9 - analog+HD 7.42% 7.21% 7.83% 7.06% 6.02% 5.94% 5.54% 5.60% 6.46% 5.42% 5.07% 4.78% 4.16% 3.34% 3.06% 2.84% 3.20% 3.76% 0.56%Channel 9 - MCOT Family SD 0.25% 0.09% 0.11% 0.10% 0.08% 0.10% 0.15% 0.15% 0.10% 0.21% 0.34% 0.44% 0.45% 0.01%Total audience share for Channel 9 7.42% 7.21% 7.83% 7.06% 6.02% 6.19% 5.63% 5.71% 6.56% 5.50% 5.17% 4.93% 4.31% 3.44% 3.27% 3.18% 3.64% 4.21% 0.57%

NBT - public 2.26% 2.28% 1.73% 1.79% 1.64% 1.35% 1.21% 1.22% 2.81% 1.74% 1.00% 0.95% 0.89% 0.91% 0.80% 0.72% 0.63% 1.15% 0.52%TPBS - public 4.04% 3.84% 2.87% 3.01% 3.18% 3.03% 2.66% 2.66% 2.89% 2.76% 2.42% 2.25% 2.00% 1.61% 1.68% 1.69% 1.63% 1.43% -0.20%

OthersRS's Channel 8 - digital 2.37% 2.19% 5.61% 3.91% 3.50% 2.92% 3.12% 3.23% 3.31% 3.96% 3.96% 4.16% 4.08% 4.25% 4.45% 0.20%Workpoint TV - digital 2.82% 2.53% 2.75% 3.11% 3.65% 4.17% 4.21% 4.85% 5.20% 7.62% 7.49% 7.58% 7.88% 8.32% 7.75% -0.57%GMM channel - digital 0.03% 0.11% 0.26% 0.23% 0.14% 0.26% 0.31% 0.42% 0.38% 0.53% 0.46% 0.59% 0.72% 0.13%AMARIN TV - digital 0.07% 0.11% 0.15% 0.15% 0.18% 0.29% 0.28% 0.39% 0.44% 0.56% 0.58% 0.61% 0.67% 0.06%Now TV - digital 0.09% 0.10% 0.07% 0.10% 0.10% 0.09% 0.12% 0.15% 0.15% 0.17% 0.21% 0.28% 0.25% -0.03%Thairath TV - digital 0.99% 0.98% 0.86% 1.01% 1.05% 0.93% 0.99% 0.96% 1.25% 1.86% 1.98% 1.40% 1.75% 1.87% 0.12%ONE - digital 0.43% 0.53% 0.47% 0.54% 0.32% 0.31% 0.55% 0.77% 1.28% 1.84% 1.66% 2.42% 3.07% 2.64% 2.47% -0.17%PPTV - digital 0.16% 0.20% 0.19% 0.25% 0.29% 0.35% 0.28% 0.26% 0.34% 0.46% 0.86% 0.90% 0.86% 0.83% 0.86% 0.03%True4U - digital 0.86% 0.82% 1.02% 1.07% 0.99% 0.80% 0.78% 0.88% 1.10% 1.07% 1.12% 1.12% 1.05% -0.07%Nation TV - digital 0.44% 0.79% 0.86% 0.73% 0.54% 0.56% 0.47% 0.47% 0.53% 0.60% 0.60% 0.60% 0.68% 0.70% 0.61% -0.09%Spring News - digital 0.20% 0.39% 0.31% 0.20% 0.21% 0.24% 0.21% 0.21% 0.25% 0.29% 0.28% 0.36% 0.41% 0.50% 0.49% -0.01%TNN24 - digital 0.50% 0.68% 0.57% 0.50% 0.47% 0.44% 0.36% 0.38% 0.47% 0.59% 0.56% 0.62% 0.63% 0.65% 0.65% 0.00%Voice TV - digital 0.12% 0.10% 0.09% 0.10% 0.16% 0.14% 0.14% 0.16% 0.19% 0.20% 0.19% -0.01%NEW TV - digital 0.64% 0.28% 0.27% 0.26% 0.35% 0.43% 0.58% 0.56% 0.58% 0.53% 0.54% 0.65% 0.11%THAI TV - digital 0.26% 0.43% 0.25% 0.29% 0.33% 0.39% 0.37% 0.44% 0.46% 0.72% 0.80% 0.57% 0.60% 0.62% 0.63% 0.01%BRIGHT TV - digital 0.06% 0.16% 0.11% 0.12% 0.10% 0.09% 0.10% 0.16% 0.21% 0.20% 0.26% 0.32% 0.33% 0.29% -0.04%LOCA - digital 0.10% 0.13% 0.12% 0.09% 0.10% 0.09% 0.09% 0.09% 0.11% 0.14% 0.17% 0.14% 0.17% 0.15% 0.24% 0.09%MONO 29 - digital 0.28% 0.53% 0.79% 1.17% 1.38% 1.44% 1.49% 1.79% 3.33% 3.15% 3.26% 3.51% 3.42% 3.62% 0.20%Total audience share for others 7.28% 9.20% 13.85% 13.16% 13.61% 13.92% 13.88% 15.17% 16.94% 23.57% 24.36% 25.92% 26.70% 27.50% 27.46%

Source: The Nielsen Company

Media - 4

Figure 3: TV ad spend share (including analog and digital TV channels)

Ad spend market share(including analog and digital channels) Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 % MoMChannel 3 - HD+analog (+HD starting Nov) 33.10% 33.20% 32.11% 31.38% 30.31% 28.94% 29.16% 28.98% 24.68% 24.25% 23.35% 23.17% 22.70% 21.84% 20.89% 21.22% 20.79% 20.49% -0.30%Channel 3 - 3Family 0.46% 0.60% 0.78% 1.09% 1.15% 1.13% 0.86% 0.99% 0.80% 0.57% 0.48% 0.54% 0.54% 0.00%Channel 3 - 3SD 0.64% 0.76% 0.94% 1.27% 1.21% 1.11% 0.87% 1.05% 1.40% 1.26% 1.28% 1.26% 1.11% -0.15%Total ad spend share for Channel 3 33.10% 33.20% 32.11% 31.38% 30.31% 30.04% 30.52% 30.70% 27.04% 26.61% 25.59% 24.90% 24.74% 24.04% 22.72% 22.98% 22.59% 22.14% -0.45%

Channel 5 - public 18.94% 17.24% 16.19% 15.85% 15.42% 16.24% 14.22% 12.63% 10.71% 10.64% 10.71% 10.49% 9.72% 8.45% 7.34% 6.84% 6.40% 6.50% 0.10%

Channel 7 - analog+HD 28.14% 30.33% 30.84% 27.84% 28.13% 29.25% 27.94% 27.28% 23.40% 22.13% 23.28% 21.57% 19.98% 21.44% 22.46% 22.25% 21.48% 20.52% -0.96%

Channel 9 - analog+HD 17.05% 17.34% 19.02% 18.38% 17.89% 14.93% 13.48% 13.09% 11.88% 10.53% 10.44% 9.18% 8.32% 7.88% 10.13% 9.03% 8.95% 9.49% 0.54%Channel 9 - MCOT Family SD 0.95% 0.54% 0.45% 0.59% 0.49% 0.72% 0.54% 0.33% 0.34% 0.41% 0.47% 0.37% -0.10%Total ad spend share for Channel 9 17.05% 17.34% 19.02% 18.38% 17.89% 14.93% 14.43% 13.63% 12.33% 11.12% 10.93% 9.90% 8.86% 8.21% 10.47% 9.44% 9.42% 9.86% 0.44%

NBT - public 2.78% 1.89% 1.85% 2.08% 2.28% 2.16% 2.42% 2.16% 2.40% 2.20% 1.92% 1.68% 2.14% 1.88% 1.70% 1.63% 1.73% 2.08% 0.35%TPBS - public 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

OthersRS's Channel 8 - digital 1.69% 1.70% 1.52% 1.66% 1.69% 2.03% 2.09% 2.09% 1.78% 0.74% 0.88% 0.99% 0.89% 0.72% 0.81% 0.09%Workpoint TV - digital 0.85% 0.92% 0.91% 0.86% 0.83% 3.56% 3.58% 3.46% 3.55% 10.67% 11.56% 10.69% 11.46% 11.81% 11.75% -0.06%GMM channel - digital 0.91% 0.81% 0.71% 0.88% 0.97% 0.87% 1.30% 1.21% 1.28% 0.07%AMARIN TV - digital 1.96% 2.23% 1.74% 1.31% 1.80% 1.19% 1.44% 1.24% 1.28% 0.90% 1.14% 1.48% 1.37% -0.11%Now TV - digital 1.34% 1.32% 1.81% 1.73% 1.56% 1.34% 1.41% 1.38% 1.35% -0.03%Thairath TV - digital 1.41% 1.65% 1.54% 1.72% 3.08% 1.91% 2.18% 2.50% 2.95% 2.80% 3.00% 0.20%ONE - digital 0.23% 0.27% 0.18% 0.25% 0.24% 1.10% 1.11% 1.37% 1.73% 1.58% 1.63% 1.92% 1.70% 1.88% 2.14% 0.26%PPTV - digital 1.15% 0.55% 0.58% 1.09% 1.66% 1.51% 2.13% 2.10% 1.96% 2.58% 2.95% 3.08% 0.13%True4U - digital 1.45% 0.72% 1.23% 1.81% 1.77% 1.62% 1.74% 2.43% 2.01% 2.16% 1.82% 1.83% 2.22% 2.48% 0.26%Nation TV - digital 0.83% 0.87% 0.85% 0.94% 2.23% 2.09% 2.01% 2.08% 2.14% 1.90% 1.44% 1.76% 1.54% 1.43% 1.46% 0.03%Spring News - digital 0.51% 0.42% 0.34% 0.50% 0.45% 1.20% 1.25% 1.22% 1.31% 1.43% 1.23% 1.06% 1.15% 1.11% 1.05% -0.06%TNN24 - digital 0.37% 0.34% 0.33% 0.27% 0.29% 1.45% 1.65% 1.47% 1.86% 1.61% 1.53% 1.18% 1.13% 1.40% 1.40% 0.00%Voice TV - digital 0.65% 0.67% 1.13% 1.47% 1.62% 1.10% 1.19% 1.15% 1.29% 1.20% 1.23% 0.03%NEW TV - digital 0.17% 0.21% 0.42% 0.52% 0.72% 0.48% 0.95% 1.15% 1.00% 1.09% 0.99% -0.10%THAI TV - digital 1.69% 1.45% 1.08% 1.28% 1.43% 1.22% 1.40% 1.05% 1.07% 0.89% -0.18%BRIGHT TV - digital 0.53% 1.23% 1.23% 1.19% 1.33% 1.54% 1.53% 1.42% 1.22% 1.01% 1.02% 1.04% 1.18% 0.14%LOCA - digital 0.81% 0.58% 0.49% 0.66% 0.74% 0.58% 1.00% 0.78% 0.73% 0.79% 0.06%MONO 29 - digital 1.84% 2.06% 2.34% 2.31% 1.55% 2.31% 2.59% 2.66% 2.83% 2.65% -0.18%Total ad spend share for others 4.48% 5.97% 7.34% 10.32% 13.29% 23.15% 26.96% 27.57% 31.47% 34.55% 35.99% 35.29% 36.88% 38.35% 38.90%

Source: The Nielsen Company

Media - 5

Regional comparisons Bloomberg Price Market Cap

Code (local curr.)(US$

equivalent) 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E

Abs-Cbn Corp ABS PM PHP61.0 1,149 19.3 13.5 15.6 40.9 1.9 1.7 9.7 12.6 1.3 1.7Gma Network Inc GMA7 PM PHP6.4 472 24.9 16.3 -8.2 73.7 n.a. n.a. 15.1 21.5 4.3 2.5Sun Tv Network Ltd SUNTV IN INR277.7 1,725 12.3 10.4 14.5 17.2 3.0 2.7 25.1 26.7 4.6 5.3Zee Entertainment Enterprise Z IN INR373.8 5,659 36.9 28.8 16.8 28.0 6.3 5.5 20.0 21.7 0.8 1.0Television Broadcasts Ltd 511 HK HKD42.5 2,401 12.0 11.5 250.2 4.7 2.1 2.0 18.3 17.7 6.0 6.4Phoenix Satellite Television 2008 HK HKD2.3 1,510 21.3 16.7 199.7 27.3 2.1 1.9 10.5 12.0 2.2 2.0Nippon Television Network 9404 JP JPY2,201.0 4,707 16.3 14.8 12.8 10.0 1.0 0.9 5.9 6.2 1.5 1.6Tokyo Broadcasting System 9401 JP JPY1,768.0 2,729 29.1 26.5 -23.3 10.5 0.7 0.7 2.4 2.6 1.0 1.1Tv Asahi Corp 9409 JP JPY1,930.0 1,698 19.9 18.6 -7.0 6.5 0.7 0.7 3.3 3.6 2.0 2.1Beijing Gehua Catv Network-A 600037 CH CNY25.8 4,848 34.2 24.9 35.7 37.6 3.9 3.4 11.7 13.8 1.1 1.4BEC World BEC TB THB37.00 2,174 22.4 21.0 -25.3 6.8 9.3 8.6 40.7 45.0 4.1 4.4GMM Grammy GRAMMY TB THB12.60 304 n.m. 24.3 n.m. n.m. 2.9 2.6 -0.3 12.7 0.0 0.0Major Cineplex Group MAJOR TB THB32.25 845 22.1 19.9 19.4 11.2 4.3 4.1 19.9 21.1 3.9 4.3MCOT MCOT TB THB12.60 254 21.6 20.2 -20.5 7.3 1.2 1.1 5.4 5.7 3.5 3.7Plan B Media PLANB TB THB6.10 626 53.2 37.3 44.3 42.7 7.7 6.9 22.8 19.6 1.0 1.3RS RS TB THB10.80 319 66.3 31.2 -55.1 112.1 6.0 5.5 9.5 18.9 0.9 1.9VGI Global Media VGI TB THB4.98 1,004 35.1 24.7 -27.4 41.9 7.6 4.6 32.8 23.1 2.5 3.6Workpoint Entertainment WORK TB THB39.00 478 73.6 64.7 576.8 13.9 5.1 4.5 9.2 7.6 0.7 0.8Simple average 30.6 23.6 59.9 28.9 3.9 3.4 14.5 16.2 2.3 2.5

PER (x) EPS Growth (%) PBV (x) ROE (%) Div Yield (%)

Media - 6

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