mm2 Asia

About mm2 Asia

mm2 Asia is a leading producer of films and TV/online content in Asia. As a producer, mm2 provides services over the entire film-making process – from financing and production to marketing and distribution, and thus has diversified revenue streams. mm2 also owns entertainment company, UnUsUaL, and cinemas in Malaysia and Singapore.

1HFY2022 Results Announcement

Est 15 Nov 2021

mm2 Asia’s Response to SIAS and Shareholder Queries

FY2021 Annual Report

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Recent Developments

31 Aug 2023

General Announcement::Minutes of Annual General Meeting held on 31 July 2023
31 Jul 2023

REPL::Annual General Meeting::Voluntary
31 Jul 2023

Annual Reports and Related Documents::
25 Jul 2023

REPL::Annual General Meeting::Voluntary
24 Jul 2023

General Announcement::Cessation of Quarterly Reporting
16 Jul 2023

Annual Reports and Related Documents::
16 Jul 2023

Annual General Meeting::Voluntary
30 May 2023

Financial Statements and Related Announcement::Full Yearly Results
27 Apr 23

General Announcement::Entry Into Binding Term Sheet
21 Apr 23

General Announcement::Receipt of Approval-In-Principle
24 Mar 23

General Announcement::Bonds Subscription Agreements and Issuance of Bonds Certificate
23 Feb 23

General Announcement::Entry into Non-Binding Letter of Intent in relation to Proposed Acquisition
14 Feb 23

Financial Statements and Related Announcement::Third Quarter Results
13 Feb 23

Change – Change in Corporate Information::Incorporation of subsidiary – MMLive Pte. Ltd.
11 Jan 23

General Announcement::Minutes of Extraordinary General Meeting duly held on 17 December 2022
31 Dec 22

General Announcement::Bond Settlement
30 Dec 22

REPL::Extraordinary/ Special General Meeting::Voluntary
17 Dec 22

REPL::Extraordinary/ Special General Meeting::Voluntary
12 Dec 22

REPL::Extraordinary/ Special General Meeting::Voluntary
5 Dec 22

REPL::Extraordinary/ Special General Meeting::Voluntary
2 Dec 22

Extraordinary/ Special General Meeting::Voluntary
14 Nov 22

Financial Statements and Related Announcement::Half Yearly Results
25 Sep 22

Request for Lifting of Trading Halt::Request for Lifting of Trading Halt
25 Sep 22

General Announcement::Proposed Issue of Exchangeable Bonds with Detachable Warrants
23 Sep 22

Request for Trading Halt::Request for Trading Halt
31 Aug 22

Annual Reports and Related Documents::
25 Aug 22

General Announcement::Minutes of Annual General Meeting duly held on 29 July 2022
29 Jul 22

REPL::Annual General Meeting::Voluntary

Investment Merits

Integrated Entertainment Content Giant
Asia Content Powerhouse
Re-Inventing The Cinema Business
Proxy To Consumer Experiential Spending (via UnUsual Limited)
Proxy To The Rising Penetration Of Virtual Reality (via VividThree)
Core production business with sizeable pipeline to be delivered in the near term along with regional growth prospects
Recovery play on concert resumption, blockbuster screening in theatres

In The News

Research

mm2 ASIA CONSENSUS

Consensus Rating

4.00
BUY:HOLD:SELL

1:1:0
Consensus TP

0.081

Brokerages	Report	Analysts	Recommendation	TP
UOB Kayhian	Download File	Lucas. Teng/John Cheong	BUY	0.095
DBS	Download File	Ling Lee Keng	HOLD	0.067
Philip Capital	Download File	Paul Chew Vivian Ye	NON-RATED	NA

Archive

2021	31 May 21 – DBS: Turnaround hinges on deleveraging plans 27 Apr 21- UOB Kayhian: Singing to a Blockbuster Recovery 19 Feb 21 – DBS: Deleveraging initiatives in place 15 Feb 21 – Philip Capital: Rights issue to deleverage	7 June 21 – UOBKH- FY21: Rebound in core production & cinema; better days ahead 14 July 21 – DBS – News analysis: Auditor raised going concern issue
2020	16 Nov 20- DBS: No signs of a turnaround 1 Jun 20- DBS: Expect another year of weakness 1 Apr 20- CIMB: No show for now 25 Mar 20- DBS: Impact worsened by new measures
2019	3 Jun 19- CIMB: Look for organic growth in FY20F 3 Jun 19- Maybank: Road to Redemption 31 May 19- DBS: Upgrade to BUY as value emerges 25 Mar 19- Maybank: Needs to be “More than blue” 20 Feb 19- Maybank: 9MFY19 results 14 Feb 19- Nomura: 9MFY19 results 14 Feb 19- CIMB: 9MFY19 results 13 Feb 19 – DBS: 9MFY19 results	14 Aug 19- DBS: 1QFY20 results; Value emerging 19 Aug 19- Maybank: 1QFY20 results: Glass neither half empty nor full 8 Oct 19- CIMB: 1QFY20 results; Set for the bigger stage 15 Nov19- DBS: 2QFY20 results: Waiting for catalysts 18 Nov19- CIMB: 2QFY20 results: Still on track
2018	4 Jun 18 – Maybank: FY18 results 4 Jun 18 – CIMB: FY18 results 30 May 18- DBS: FY18 results 8 Feb 18-DBS: Growth intact	19 Nov 18- Maybank: 1H2019 results 19 Nov 18- CGS-CIMB: 1H2019 results 15 Nov 18 – DBS: 1H2019 results 19 Aug 18- Nomura: 1Q19 results 17 Aug 18- Maybank: 1Q19 results 15 Aug 18- CIMB: 1Q19 results 15 Aug 18- DBS: 1Q19 results 13 Sep 18 – Cimb conference
2017	14 Jun 17- DBS: Acquisition of GV cinema chain in Singapore 14 Jun 17 – CIMB: A Gold Class acquisition 26 May 17- DBS: An UnUsUaL boost 24 May 17- DBS: FY17 net earnings beat our expectations b y 13% 13 Apr 17 – DBS: An UnUsUal boost 11 Jan 17 – DBS: New group ceo appointed to boost management team	3 Nov 17- DBS: Next showing: Strong growth 3 Nov 17- CIMB: 1H18 results 2 Nov 17 – DBS: Cathay cinema acquisition 15 Aug 17- CIMB: Upgrade to add 14 Aug 17 – DBS: Growth path on track 24 Jul 17 – CIMB: Downgrade to HOLD 24 Jul 17- DBS: Approval for completion of GV acquisition not obtained 19 Jul 17 – DBS: Setting stage for sustainable growth
2016	12 Jun 16 – CIMB Downgrade to HOLD 9 May 16- CIMB FY16 results 24 Mar 16- DBS: Entry of starhub	15 Nov 16- DBS: Growth intact 9 Nov 16- DBS: Building recurring income 13 Sep 16- DBS: Growing presence in north asia 8 Nov 16- CIMB Upgrade to Add 24 Aug 16 – CIMB Upgrade to Add
Initiation	Nomura – Initiation (2018) Maybank – Initiation (2018) JP Morgan – Non-Rated (2018)	DBS – Initiation (2016) CIMB – Initiation (2016) UOB Kayhian- Initiation (2021)

Stock Information

Price	0.060
Market Cap (SGD m)	145.4
YE	31/3/2022

Key financial highlights

Key Highlights	2019	2020	2021
Revenue (SGD m)	266	236	75
Net Profit (SGD m)	19	3.3	(90.8)
Return on Equity	10.8%	2.3%	NA
Net D/E	76.7%	83.4%	145.5%

Risks

No long-term financing arrangements for productions. The commencement of each production is dependent on mm2’s ability to secure funding.

Unavailability of good scripts. Lack of good scripts for production may lead to less support from stakeholders.

Inability to predict the commercial success of movies produced. The commercial success of its productions is primarily determined by inherently unpredictable audience reactions.

High gearing