We visited Media Chinese International (MCIL) in light of the recent surge in the company’s share price. We came away from the meeting feeling increasingly upbeat on management’s marketing efforts and its long term strategy to tap into the non-Chinese market. Reiterate our BUY call at an unchanged TP of RM1.65.
Maintain BUY. We maintain our BUY recommendation at an unchanged TP of RM1.65, based on 15x CY11 PER. There is no change to our forecasts as we are convinced that MCIL’s earnings prospects are intact. Currently trading at 9.7x CY11 PER, MCIL is the cheapest media stock under our coverage compared to its peers Star and Media Prima, which are currently trading at 13.2x and 13.0x on CY11 EPS respectively.
Maintain BUY. We maintain our BUY recommendation at an unchanged TP of RM1.65, based on 15x CY11 PER. There is no change to our forecasts as we are convinced that MCIL’s earnings prospects are intact. Currently trading at 9.7x CY11 PER, MCIL is the cheapest media stock under our coverage compared to its peers Star and Media Prima, which are currently trading at 13.2x and 13.0x on CY11 EPS respectively.
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