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,
"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)