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

SCCM Asia Research

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

Research from SooChow CSSD Capital Markets (Asia)

SooChow CSSD Capital Markets (Asia)

Equity Bottom-Up

Digital Mediatama Maxima Tbk / Equity Bottom-Up

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<li>1Q22 saw robust performances: Revenue rose by 209.7% YoY to IDR560bn in 1Q22, largely due to robust performances of Trade Marketing/TM (+215% YoY), MS (+164% YoY), IaaS (+49% YoY) and contribution from the newly launched E-wholesale platform (+IDR73.8bn or 13% of revenue).</li>
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<li>E-wholesale to surpass Trade Marketing: We lift our combined GMV estimates for TM and E-wholesale by +51%/+69%/+26% to IDR2,351bn/IDR3,616bn/IDR4,675bn in FY22E/23E/24E, respectively</li>
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<li>Large order book to sustain screen deployments: We estimate that DMMX has a sizeable screen order book (contracts on hand and potentially acquired contracts are +95% and +46% from 19,655 screens deployed in FY21, respectively).</li>
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1Q22 saw robust performances: Revenue rose by 209.7% YoY to IDR560bn in 1Q22, largely due to robust performances of Trade Marketing/TM (+215% YoY), MS (+164% YoY), IaaS (+49% YoY) and contribution from the newly launched E-wholesale platform (+IDR73.8bn or 13% of revenue).






E-wholesale to surpass Trade Marketing: We lift our combined GMV estimates for TM and E-wholesale by +51%/+69%/+26% to IDR2,351bn/IDR3,616bn/IDR4,675bn in FY22E/23E/24E, respectively






Large order book to sustain screen deployments: We estimate that DMMX has a sizeable screen order book (contracts on hand and potentially acquired contracts are +95% and +46% from 19,655 screens deployed in FY21, respectively).














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