Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Equity Bottom-Up

<h2>Production pipeline update </h2><h3>What’s new:</h3><ul><li>FILM just announced a list of Direct-to-OTT movie titles as well as series across a number of prominent OTT platforms such as Disney+Hotstar, WeTV, iflix, Viu, and Netflix, amongst others</li><li>The firm notes that a “digital revolution is taking place in Indonesia, with double digit growth in online viewership, as consumers turn to the internet for their video entertainment”</li><li>Of the 13 movie titles that are currently playing on OTT platforms, we note that at least 8 are direct-to-OTT titles, with the remaining being licensing deals from existing libraries. All 13 titles are playing on Disney+Hotstar, underscoring the commitments between the platform and FILM</li><li>Meanwhile, FILM announced 8 series titles that are all expected to air on WeTV and iflix, demonstrating the deep partnership between the platform and the company. 2 of the 8 series titles are highly rated on the platform, which no doubt, has drawn substantial eyeballs to the platform</li><li>Interestingly, many of Indonesia’s top film stars, such as Angga Yunanda and Syifa Hadju, who starred in the breakaway series Kisah untuk Geri, and Reza Rahadian, and Prilly Latuconsina in the record-setting series, My Lecturer, My Husband, have brought their talents and celebrity power to a number of series that are slated to air on WeTV/iflix. This could lend added celebrity attraction to those upcoming releases.</li></ul><table class="table table-striped"><tbody><tr><td style="width: 23.7pt;">No.</td><td style="width: 149pt;">Production</td><td style="width: 59pt;">Completion/ Target Completion Year</td><td style="width: 51pt;">Release/ Target Release Year</td><td style="width: 192.2pt;">Remarks</td><td style="width: 79.8pt;">OTT platform</td></tr><tr><td style="width: 23.7pt;">A</td><td style="width: 149pt;">Theatrical</td><td style="width: 59pt;"> </td><td style="width: 51pt;"> </td><td style="width: 192.2pt;"> </td><td style="width: 79.8pt;"> </td></tr><tr><td style="width: 23.7pt;">1</td><td style="width: 149pt;">KKN di Desa Penari</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">TBC</td><td style="width: 192.2pt;">Completed</td><td style="width: 79.8pt;"></td></tr><tr><td style="width: 23.7pt;">2</td><td style="width: 149pt;">Ivana</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">TBC</td><td style="width: 192.2pt;">Completed</td><td style="width: 79.8pt;"> </td></tr><tr><td style="width: 23.7pt;"> </td><td style="width: 149pt;"> </td><td style="width: 59pt;"> </td><td style="width: 51pt;"> </td><td style="width: 192.2pt;"> </td><td style="width: 79.8pt;"></td></tr><tr><td style="width: 23.7pt;">B</td><td style="width: 149pt;">Movies Held In Inventory</td><td style="width: 59pt;"> </td><td style="width: 51pt;"> </td><td style="width: 192.2pt;"> </td><td style="width: 79.8pt;"> </td></tr><tr><td style="width: 23.7pt;">1</td><td style="width: 149pt;">Mendarat Durarat</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">TBC</td><td style="width: 192.2pt;">In Post-Production</td><td style="width: 79.8pt;"></td></tr><tr><td style="width: 23.7pt;">2</td><td style="width: 149pt;">Garis Waktu</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">TBC</td><td style="width: 192.2pt;">In Post-Production</td><td style="width: 79.8pt;"> </td></tr><tr><td style="width: 23.7pt;">3</td><td style="width: 149pt;">Naga Naga Naga</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">TBC</td><td style="width: 192.2pt;">In Post-Production</td><td style="width: 79.8pt;"></td></tr><tr><td style="width: 23.7pt;"> </td><td style="width: 149pt;"> </td><td style="width: 59pt;"> </td><td style="width: 51pt;"> </td><td style="width: 192.2pt;"> </td><td style="width: 79.8pt;"> </td></tr><tr><td style="width: 23.7pt;">B</td><td style="width: 149pt;">OTT - Movies</td><td style="width: 59pt;"> </td><td style="width: 51pt;"> </td><td style="width: 192.2pt;"> </td><td style="width: 79.8pt;"> </td></tr><tr><td style="width: 23.7pt;">1</td><td style="width: 149pt;">Asih 2</td><td style="width: 59pt;">2020</td><td style="width: 51pt;">2020</td><td style="width: 192.2pt;">Aired</td><td style="width: 79.8pt;">Disney+Hotstar</td></tr><tr><td style="width: 23.7pt;">2</td><td style="width: 149pt;">Ghostbuser</td><td style="width: 59pt;">2020</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Aired</td><td style="width: 79.8pt;">Disney+Hotstar</td></tr><tr><td style="width: 23.7pt;">3</td><td style="width: 149pt;">Surga Yang Tak Dirindukan 3</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Aired</td><td style="width: 79.8pt;">Disney+Hotstar</td></tr><tr><td style="width: 23.7pt;">4</td><td style="width: 149pt;">Adit Sopo Jarwo – The Beginning</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Aired</td><td style="width: 79.8pt;">Disney+Hotstar</td></tr><tr><td style="width: 23.7pt;">5</td><td style="width: 149pt;">Ghibah</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Airing - 3Q21</td><td style="width: 79.8pt;"> </td></tr><tr><td style="width: 23.7pt;">6</td><td style="width: 149pt;">Till Death Do Us Part</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Aired</td><td style="width: 79.8pt;">Disney+Hotstar</td></tr><tr><td style="width: 23.7pt;">7</td><td style="width: 149pt;">Devil on Top</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Completed</td><td style="width: 79.8pt;">Disney+Hotstar</td></tr><tr><td style="width: 23.7pt;">8</td><td style="width: 149pt;">The Watcher</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">In Production</td><td style="width: 79.8pt;"></td></tr><tr><td style="width: 23.7pt;">9</td><td style="width: 149pt;">Wedding Proposal</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Aired</td><td style="width: 79.8pt;">Disney+Hotstar</td></tr><tr><td style="width: 23.7pt;">10</td><td style="width: 149pt;">The Secret 2: Myster of Villa 666</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Aired</td><td style="width: 79.8pt;">Disney+Hotstar</td></tr><tr><td style="width: 23.7pt;">11</td><td style="width: 149pt;">Incredible Love</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Aired</td><td style="width: 79.8pt;">Disney+Hotstar</td></tr><tr><td style="width: 23.7pt;"> </td><td style="width: 149pt;"> </td><td style="width: 59pt;"> </td><td style="width: 51pt;"> </td><td style="width: 192.2pt;"> </td><td style="width: 79.8pt;"></td></tr><tr><td style="width: 23.7pt;">C</td><td style="width: 149pt;">OTT - Series</td><td style="width: 59pt;"> </td><td style="width: 51pt;"> </td><td style="width: 192.2pt;"> </td><td style="width: 79.8pt;"> </td></tr><tr><td style="width: 23.7pt;">1</td><td style="width: 149pt;">MALAPATAKA</td><td style="width: 59pt;">2020</td><td style="width: 51pt;">2020</td><td style="width: 192.2pt;">Aired</td><td style="width: 79.8pt;"></td></tr><tr><td style="width: 23.7pt;">2</td><td style="width: 149pt;">Kisah Untuk Geri</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Aired; all time highest rated at 9.8/10 on WeTV</td><td style="width: 79.8pt;">WeTV/iflix</td></tr><tr><td style="width: 23.7pt;">3</td><td style="width: 149pt;">My Lecturer, My Husband</td><td style="width: 59pt;">2020</td><td style="width: 51pt;">2020</td><td style="width: 192.2pt;">Aired; highly rated (top 12) at 8.8/10 on WeTV</td><td style="width: 79.8pt;">WeTV/iflix</td></tr><tr><td style="width: 23.7pt;">4</td><td style="width: 149pt;">17 Selamanya</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Airing - 3Q21</td><td style="width: 79.8pt;">WeTV/iflix</td></tr><tr><td style="width: 23.7pt;">5</td><td style="width: 149pt;">Cinta Fitri</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Airing - 3Q21</td><td style="width: 79.8pt;">WeTV/iflix</td></tr><tr><td style="width: 23.7pt;">6</td><td style="width: 149pt;">Layangan Putus</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Airing - 3Q21</td><td style="width: 79.8pt;">WeTV/iflix</td></tr><tr><td style="width: 23.7pt;">7</td><td style="width: 149pt;">Satu Amin Dua Iman</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Airing - 3Q21</td><td style="width: 79.8pt;">WeTV/iflix</td></tr><tr><td style="width: 23.7pt;">8</td><td style="width: 149pt;">Mozachiko</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Pre-Production</td><td style="width: 79.8pt;"> </td></tr><tr><td style="width: 23.7pt;">9</td><td style="width: 149pt;">5 Detik &amp; Rasa Rindu</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Pre-Production</td><td style="width: 79.8pt;"></td></tr><tr><td style="width: 23.7pt;">10</td><td style="width: 149pt;">My Lecturer, My Husband (Season 2)</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Pre-Production</td><td style="width: 79.8pt;"> </td></tr><tr><td style="width: 23.7pt;">11</td><td style="width: 149pt;">Antares</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Airing - 3Q21</td><td style="width: 79.8pt;">WeTV/iflix</td></tr><tr><td style="width: 23.7pt;">12</td><td style="width: 149pt;">Teluk Alaska</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Airing - 3Q21</td><td style="width: 79.8pt;">WeTV/iflix</td></tr><tr><td style="width: 23.7pt;">13</td><td style="width: 149pt;">Jurnal Risa</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Pre-Production</td><td style="width: 79.8pt;"></td></tr><tr><td style="width: 23.7pt;">14</td><td style="width: 149pt;">Ayu Putus</td><td style="width: 59pt;">2021</td><td style="width: 51pt;">2021</td><td style="width: 192.2pt;">Pre-Production</td><td style="width: 79.8pt;"> </td></tr></tbody></table>

Production pipeline update What’s new:FILM just announced a list of Direct-to-OTT movie titles as well as series across a number of prominent OTT platforms such as Disney+Hotstar, WeTV, iflix, Viu, and Netflix, amongst othersThe firm notes that a “digital revolution is taking place in Indonesia, with double digit growth in online viewership, as consumers turn to the internet for their video entertainment”Of the 13 movie titles that are currently playing on OTT platforms, we note that at least 8 are direct-to-OTT titles, with the remaining being licensing deals from existing libraries. All 13 titles are playing on Disney+Hotstar, underscoring the commitments between the platform and FILMMeanwhile, FILM announced 8 series titles that are all expected to air on WeTV and iflix, demonstrating the deep partnership between the platform and the company. 2 of the 8 series titles are highly rated on the platform, which no doubt, has drawn substantial eyeballs to the platformInterestingly, many of Indonesia’s top film stars, such as Angga Yunanda and Syifa Hadju, who starred in the breakaway series Kisah untuk Geri, and Reza Rahadian, and Prilly Latuconsina in the record-setting series, My Lecturer, My Husband, have brought their talents and celebrity power to a number of series that are slated to air on WeTV/iflix. This could lend added celebrity attraction to those upcoming releases.No.ProductionCompletion/ Target Completion YearRelease/ Target Release YearRemarksOTT platformATheatrical    1KKN di Desa Penari2021TBCCompleted2Ivana2021TBCCompleted      BMovies Held In Inventory    1Mendarat Durarat2021TBCIn Post-Production2Garis Waktu2021TBCIn Post-Production 3Naga Naga Naga2021TBCIn Post-Production      BOTT - Movies    1Asih 220202020AiredDisney+Hotstar2Ghostbuser20202021AiredDisney+Hotstar3Surga Yang Tak Dirindukan 320212021AiredDisney+Hotstar4Adit Sopo Jarwo – The Beginning20212021AiredDisney+Hotstar5Ghibah20212021Airing - 3Q21 6Till Death Do Us Part20212021AiredDisney+Hotstar7Devil on Top20212021CompletedDisney+Hotstar8The Watcher20212021In Production9Wedding Proposal20212021AiredDisney+Hotstar10The Secret 2: Myster of Villa 66620212021AiredDisney+Hotstar11Incredible Love20212021AiredDisney+Hotstar     COTT - Series    1MALAPATAKA20202020Aired2Kisah Untuk Geri20212021Aired; all time highest rated at 9.8/10 on WeTVWeTV/iflix3My Lecturer, My Husband20202020Aired; highly rated (top 12) at 8.8/10 on WeTVWeTV/iflix417 Selamanya20212021Airing - 3Q21WeTV/iflix5Cinta Fitri20212021Airing - 3Q21WeTV/iflix6Layangan Putus20212021Airing - 3Q21WeTV/iflix7Satu Amin Dua Iman20212021Airing - 3Q21WeTV/iflix8Mozachiko20212021Pre-Production 95 Detik &amp; Rasa Rindu20212021Pre-Production10My Lecturer, My Husband (Season 2)20212021Pre-Production 11Antares20212021Airing - 3Q21WeTV/iflix12Teluk Alaska20212021Airing - 3Q21WeTV/iflix13Jurnal Risa20212021Pre-Production14Ayu Putus20212021Pre-Production 

SCCM | FILM IJ -Production Pipeline Updates, Traction with OTT Platforms Grows(BUY: TP IDR700/Share)

<h2>OTT budgets are soaring; No ceiling in sight</h2><h3>What’s new:</h3><ul><li>Purely Streamonomics, a Fintech platform that accelerates payments to content producers, recently published a report that highlighted emerging trends in the global Film &amp; TV industry (attached)</li><li>By 2025, Purely expects global SVOD subscriptions to jump to 1.6bn, implying a 16.4% CAGR from 2019’s 642m. This would be fueled by a deluge of new streaming platforms while existing platforms continue to gain traction</li><li>As more platforms enter the OTT space, Purely points out that content spending has reached new highs. In Asia, it notes that spending jumped 19.8% YoY to US$27.7bn. We note that this still dwarfs spending North America, which grew 16.1% YoY to US$149.3b. With Asia’s growing spending and consumption clout, we have no doubt that localized content production will indubitably surge as OTT platforms shift their focus to Asia</li><li>Production budgets are soaring as OTT platforms look to stay competitive as market share is up for grabs on fickle content consumption patterns. Average series budgets in the US jumped 16.5% YoY to US$59.6m in 2020</li><li>Importantly, Purely believes that the global OTT story appears to have “no ceiling in sight” as users continue to consume content through OTT platforms. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/215/858/original/image003+%282%29.png?1624932104" class="editor-image img-responsive" data-smartkarma-image-id="215858"></figure></section></li></ul>

OTT budgets are soaring; No ceiling in sightWhat’s new:Purely Streamonomics, a Fintech platform that accelerates payments to content producers, recently published a report that highlighted emerging trends in the global Film &amp; TV industry (attached)By 2025, Purely expects global SVOD subscriptions to jump to 1.6bn, implying a 16.4% CAGR from 2019’s 642m. This would be fueled by a deluge of new streaming platforms while existing platforms continue to gain tractionAs more platforms enter the OTT space, Purely points out that content spending has reached new highs. In Asia, it notes that spending jumped 19.8% YoY to US$27.7bn. We note that this still dwarfs spending North America, which grew 16.1% YoY to US$149.3b. With Asia’s growing spending and consumption clout, we have no doubt that localized content production will indubitably surge as OTT platforms shift their focus to AsiaProduction budgets are soaring as OTT platforms look to stay competitive as market share is up for grabs on fickle content consumption patterns. Average series budgets in the US jumped 16.5% YoY to US$59.6m in 2020Importantly, Purely believes that the global OTT story appears to have “no ceiling in sight” as users continue to consume content through OTT platforms. 

SCCM | FILM IJ - OTT Budgets Are Soaring; No Ceiling in Sight (BUY; TP IDR700/Share)

Indonesia

PT MD Pictures Tbk operates as a motion picture production company. The Company produces movies, television shows, and live concerts. MD Pictures Tbk serves clients in Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SCCM | FILM IJ -Production Pipeline Updates, Traction with OTT Platforms Grows(BUY: TP IDR700/Share)

Production pipeline update What’s new: FILM just announced a list of Direct-to-OTT movie titles as well as series across a number of prominent OTT...

SCCM Asia Research

SCCM | FILM IJ - OTT Budgets Are Soaring; No Ceiling in Sight (BUY; TP IDR700/Share)

Purely Streamonomics, a Fintech platform that accelerates payments to content producers, recently published a report that highlighted emerging...

SCCM Asia Research