MM2 Asia:
- 1HFY17 net profit nearly doubled to $7.8m (+95%), meeting 43% of full year consensus forecast.
- Revenue surged 175.6% to $35m, boosted by the consolidation of newly acquired businesses in concert production as well as cinemas.
- Despite the slightly below par performance, management shared that its 2HFY17 could see an uptick in its core business- Recently, mm2 announced three major acquisitions that are aligned to its strategy of developing media platforms with good content.
- While its forward P/E of 26.1x is arguably not cheap, the media company is set on a growth trajectory that could justify the steeper valuations.
The street has 2 Buy and 1 Hold ratings on the stock with a mean TP of $0.51.
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