STOCKS NEWS THAILAND-Maybank upgrades Workpoint to 'buy' on media growth
Maybank Kim Eng Securities upgraded its rating on Thai media company Workpoint Entertainment Pcl to 'buy' from 'hold' citing its participation in the TV digital auction, and strong business growth in the media business currently.
Workpoint will participate in the bidding for two digital TV channels to be held in the third quarter of 2013, Maybank said in its report. It will be able to broadcast on a digital TV platform immediately by moving its two satellite channels Workpoint TV and Channel to digital.
"We expect the Workpoint programs on digital TV will see a great response, as Workpoint has strong content with a number one rating in the variety program segment," Maybank said.
The research house expects TV income in 2013 to rise 18 percent on year driven by higher ad rates and utilisation rates. It sees revenue from satellite TV growing 64 percent to 230 million baht driven by the full-year broadcast of Workpoint TV, increasing ad rates in 2012, and the new satellite TV channel, Channel 6.
"Workpoint has also in production a number of very popular programs, (such as) Thailand's Got Talent and The Voice...they are expected to win new event work valued at 50 million baht this year," it added.
Maybank Securities has a target price of 58 baht on the stock, up from 38.50 baht. At the midsession break, the shares were up 3.06 percent at 50.50 baht, while the broader SET index was up 0.03 percent.
1234 (0534 GMT) (Reporting by Pairat Temphairojana; Editing by Sunil Nair)