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Who says TV is out of style?

■ Media Prima’s 9M21 core net profit formed 81% of our FY21F forecast. Broadcasting ad sales vaulted higher than expected.
■ We raise our FY21-23F EPS by 25-42%. We believe advertising expenditure (adex) could be galvanised by the economy’s reopening.
■ Given this, coupled with the potential election in 2022, we see upside for Media Prima. Our TP rises from 88 sen to 92 sen (1.5x CY22F P/BV).

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