วันอังคารที่ 26 พฤษภาคม พ.ศ. 2552

Phillip Stock Market Strategies Recommends Buy WORK

Workpoint Entertainment - WORK - BUY

Target price : Bt6.20
Recommendation : BUY
Closing Price (2 March 09) : Bt4.70

4Q08 net profit off 11.84% YoY in line with expectations
- The double whammy of the worsening economic conditions and slowing ad spending pulled 4Q08 total revenue down 9.08% YoY. The suspension of some entertainment programs during the royal cremation rite for HRH

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Princess Galyani Vadhana dragged down ad revenue, the major source of income for Thai production house WORK. Fourth-quarter net profit therefore fell 11.84% to Bt38.93m in line with our expectations.
- For the whole of 2008, WORK made a net profit of Bt162.06m, down 35.05% YoY. WORK also announced a 2H08 dividend of Bt0.24/share. The stock will trade ex-dividend (XD) on Mar 10, and the dividend is scheduled to be paid on May 19, 2009.
- We leave our 2009 net profit outlook unchanged at Bt124.27m. Our price target is also unchanged at Bt6.20/share. We maintain a BUY rating on WORK.

4Q08 net profit off 11.84% YoY in line with expectations
WORK, Thailand's leading TV producer reported 4Q08 total revenue of Bt287.52m, down 9.08% YoY. Core TV revenue dipped 5.63%, as ad utilization rate slipped to 64% from 72% in the same year-ago quarter. Economic and political headwinds sent the ad industry into a downturn. Some entertainment programs were also suspended during the royal cremation rite for HRH Princess Galyani Vadhana on Nov 15, 2008. Revenues from publishing, motion pictures as well as concerts and stag plays dropped. Total costs edged 0.25% higher, as costs of TV program production rose 5.11%. Administrative expenses declined 17.79%. Other income increased. In sum, WORK posted a 4q08 net profit of Bt38.93m, down 11.84% YoY. The result was in line with our forecast of a Bt36.09m profit.

For the whole of 2008, WORK generated a net profit of Bt162.06m, down 35.05% YoY. The full-year result was in line with our forecast of a Bt159.22m profit. Total revenue for the year came in at Bt1,191.80m, off 9.73% YoY. WORK also announced a 2H08 dividend of Bt0.24/share, taking the full-year dividend to Bt0.57/share. The stock will trade ex-dividend (XD) on Mar 10, and the dividend is scheduled to be paid on May 19, 2009.

2009 net profit estimate unchanged at Bt124.27m
For the time being, we leave our 2009 net profit outlook unchanged at Bt124.27m, down from a year earlier hurt by the reduction in total broadcasting time after some programs taken off the air as a result of Channel 5's new programming lineup and the continued economic slowdown. In our view, WORK is regarded as Thailand's leading and successful TV producer. So what remains to be seen is whether WORK can increase the total broadcasting time. Our price target is unchanged at Bt6.20/share, based on a P/E multiple of 10x. We maintain a BUY rating on WORK.

By Phillip Securities (Thailand) Plc. on Mar 3, 2009

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