Media Prima’s 1Q21 core net profit made up 15% of our FY21 forecast, and 18% of consensus. This was expected as 1Q is its seasonally weak quarter. We anticipate better numbers in 2Q21F, driven by Ramadhan and Eid-related ad bonanza. Content segment looks to be a new earnings leader, with 1Q21 net profit at RM6.5m (1Q20: RM1.5m). Sales to Disney+ Hotstar are set to begin in Jun.
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