FY21: Rebound In Core Production & Cinema; Better Days Ahead

FY21 core net loss was S$44.3m, slightly better than expected. Revenue rebounded in 2HFY21, up strongly by 178% hoh as the group’s core business segment saw more production activities while its cinema segment reported increased ticket sales. The group’s production pipeline remains robust with S$97.5m in project value till 1HFY23 while its strategic pivot to streaming channels is taking shape. The cinema and concert segment recovery remains in play. Maintain BUY with a target price of S$0.095.