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mm2 Asia

SGX:1B0
Snowflake Description

Undervalued with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
1B0
SGX
SGD216M
Market Cap
  1. Home
  2. SG
  3. Media
Company description

mm2 Asia Ltd., an investment holding company, produces, distributes, and sponsors films, television (TV), and online content in Singapore, Malaysia, Hong Kong, Taiwan, China, and internationally. The last earnings update was 4 days ago. More info.


Add to Portfolio Compare Print
  • mm2 Asia has significant price volatility in the past 3 months.
1B0 Share Price and Events
7 Day Returns
-9.3%
SGX:1B0
-3%
Asia Entertainment
-1.3%
SG Market
1 Year Returns
-55.7%
SGX:1B0
-9.5%
Asia Entertainment
-3.3%
SG Market
1B0 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
mm2 Asia (1B0) -9.3% -19.1% -24.1% -55.7% -48% -
Asia Entertainment -3% -10.9% -15.6% -9.5% -36.9% -35.8%
SG Market -1.3% -6.7% -2.5% -3.3% 2.9% -10.4%
1 Year Return vs Industry and Market
  • 1B0 underperformed the Entertainment industry which returned -9.5% over the past year.
  • 1B0 underperformed the Market in Singapore which returned -3.3% over the past year.
Price Volatility
1B0
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for mm2 Asia's competitors could be found in our database.

Value

 Is mm2 Asia undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of mm2 Asia to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for mm2 Asia.

SGX:1B0 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.4%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:1B0
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Entertainment Unlevered Beta Simply Wall St/ S&P Global 0.89
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.888 (1 + (1- 17%) (154.44%))
1.687
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.69
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (1.687 * 5.96%)
12.36%

Discounted Cash Flow Calculation for SGX:1B0 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for mm2 Asia is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

SGX:1B0 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 12.36%)
2020 18.00 Analyst x1 16.02
2021 79.30 Analyst x2 62.81
2022 143.80 Analyst x1 101.38
2023 203.04 Est @ 41.19% 127.39
2024 262.98 Est @ 29.53% 146.85
2025 319.15 Est @ 21.36% 158.62
2026 369.08 Est @ 15.64% 163.25
2027 412.04 Est @ 11.64% 162.21
2028 448.46 Est @ 8.84% 157.13
2029 479.31 Est @ 6.88% 149.46
Present value of next 10 years cash flows SGD1,245.12
SGX:1B0 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= SGD479.31 × (1 + 2.3%) ÷ (12.36% – 2.3%)
SGD4,876.06
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD4,876.06 ÷ (1 + 12.36%)10
SGD1,520.49
SGX:1B0 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD1,245.12 + SGD1,520.49
SGD2,765.61
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD2,765.61 / 1,162.80
SGD2.38
SGX:1B0 Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD2.38
Current discount Discount to share price of SGD0.19
= -1 x (SGD0.19 - SGD2.38) / SGD2.38
92.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price mm2 Asia is available for.
Intrinsic value
>50%
Share price is SGD0.19 vs Future cash flow value of SGD2.38
Current Discount Checks
For mm2 Asia to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • mm2 Asia's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • mm2 Asia's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for mm2 Asia's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are mm2 Asia's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:1B0 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in SGD SGD0.02
SGX:1B0 Share Price ** SGX (2019-08-16) in SGD SGD0.19
Asia Entertainment Industry PE Ratio Median Figure of 51 Publicly-Listed Entertainment Companies 15.9x
Singapore Market PE Ratio Median Figure of 317 Publicly-Listed Companies 12.56x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of mm2 Asia.

SGX:1B0 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:1B0 Share Price ÷ EPS (both in SGD)

= 0.19 ÷ 0.02

11.48x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • mm2 Asia is good value based on earnings compared to the Asia Entertainment industry average.
  • mm2 Asia is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does mm2 Asia's expected growth come at a high price?
Raw Data
SGX:1B0 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.48x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
19%per year
Asia Entertainment Industry PEG Ratio Median Figure of 8 Publicly-Listed Entertainment Companies 0.69x
Singapore Market PEG Ratio Median Figure of 120 Publicly-Listed Companies 1.59x

*Line of best fit is calculated by linear regression .

SGX:1B0 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.48x ÷ 19%

0.6x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • mm2 Asia is good value based on expected growth next year.
Price based on value of assets
What value do investors place on mm2 Asia's assets?
Raw Data
SGX:1B0 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in SGD SGD0.19
SGX:1B0 Share Price * SGX (2019-08-16) in SGD SGD0.19
Asia Entertainment Industry PB Ratio Median Figure of 107 Publicly-Listed Entertainment Companies 0.73x
Singapore Market PB Ratio Median Figure of 429 Publicly-Listed Companies 0.7x
SGX:1B0 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:1B0 Share Price ÷ Book Value per Share (both in SGD)

= 0.19 ÷ 0.19

0.99x

* Primary Listing of mm2 Asia.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • mm2 Asia is overvalued based on assets compared to the Asia Entertainment industry average.
X
Value checks
We assess mm2 Asia's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Entertainment industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Entertainment industry average (and greater than 0)? (1 check)
  5. mm2 Asia has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is mm2 Asia expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
19%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is mm2 Asia expected to grow at an attractive rate?
  • mm2 Asia's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • mm2 Asia's earnings growth is expected to exceed the Singapore market average.
  • mm2 Asia's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:1B0 Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:1B0 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 19%
SGX:1B0 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 7.8%
Asia Entertainment Industry Earnings Growth Rate Market Cap Weighted Average 46.2%
Asia Entertainment Industry Revenue Growth Rate Market Cap Weighted Average 17.2%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.8%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 5.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:1B0 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:1B0 Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-03-31 332 62 30 2
2021-03-31 326 59 25 3
2020-03-31 293 111 21 3
SGX:1B0 Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-06-30 266 26 19
2019-03-31 266 14 19
2018-12-31 272 -1 24
2018-09-30 250 1 27
2018-06-30 216 4 23
2018-03-31 192 1 22
2017-12-31 151 28 22
2017-09-30 117 1 21
2017-06-30 107 10 19
2017-03-31 96 9 18
2016-12-31 66 -7 13
2016-09-30 61 -2 11

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • mm2 Asia's earnings are expected to grow by 19% yearly, however this is not considered high growth (20% yearly).
  • mm2 Asia's revenue is expected to grow by 7.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:1B0 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from mm2 Asia Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:1B0 Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-03-31 0.03 0.03 0.03 2.00
2021-03-31 0.02 0.03 0.02 2.00
2020-03-31 0.02 0.02 0.02 3.00
SGX:1B0 Past Financials Data
Date (Data in SGD Millions) EPS *
2019-06-30 0.02
2019-03-31 0.02
2018-12-31 0.02
2018-09-30 0.02
2018-06-30 0.02
2018-03-31 0.02
2017-12-31 0.02
2017-09-30 0.02
2017-06-30 0.02
2017-03-31 0.02
2016-12-31 0.01
2016-09-30 0.01

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • mm2 Asia is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess mm2 Asia's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Asia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
mm2 Asia has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has mm2 Asia performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare mm2 Asia's growth in the last year to its industry (Entertainment).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • mm2 Asia has delivered over 20% year on year earnings growth in the past 5 years.
  • mm2 Asia's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • mm2 Asia's 1-year earnings growth is negative, it can't be compared to the Asia Entertainment industry average.
Earnings and Revenue History
mm2 Asia's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from mm2 Asia Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:1B0 Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 266.23 18.84 66.42
2019-03-31 266.19 19.14 69.89
2018-12-31 271.59 23.70 70.45
2018-09-30 249.93 26.58 65.76
2018-06-30 216.40 23.24 59.12
2018-03-31 192.04 22.40 45.88
2017-12-31 151.06 22.11 33.04
2017-09-30 116.71 21.48 23.84
2017-06-30 106.90 19.02 22.32
2017-03-31 95.72 17.52 20.17
2016-12-31 65.89 13.22 16.18
2016-09-30 60.68 11.09 13.78
2016-06-30 45.43 11.08 9.84
2016-03-31 38.34 8.18 7.73
2015-12-31 32.82 7.10 6.23
2015-09-30 27.30 6.01 4.73
2015-06-30 25.93 5.24 3.86
2015-03-31 24.29 5.08 3.00
2014-06-30 19.37 5.06 1.55
2014-03-31 16.12 2.74 1.32
2013-03-31 9.91 0.82 0.66

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • mm2 Asia has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • mm2 Asia used its assets less efficiently than the Asia Entertainment industry average last year based on Return on Assets.
  • mm2 Asia's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess mm2 Asia's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Entertainment industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
mm2 Asia has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is mm2 Asia's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up mm2 Asia's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • mm2 Asia is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • mm2 Asia's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of mm2 Asia's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from mm2 Asia Company Filings, last reported 1 month ago.

SGX:1B0 Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 271.62 256.72 25.34
2019-03-31 266.63 222.73 49.75
2018-12-31 267.07 215.33 35.70
2018-09-30 262.45 212.26 45.83
2018-06-30 247.51 227.19 54.45
2018-03-31 208.46 65.79 99.01
2017-12-31 202.04 29.49 63.20
2017-09-30 192.63 74.11 127.41
2017-06-30 120.21 10.88 74.90
2017-03-31 96.51 11.58 27.20
2016-12-31
2016-09-30 78.79 9.26 18.40
2016-06-30 37.17 3.05 6.70
2016-03-31 37.17 3.00 6.70
2015-12-31 37.17 3.00 6.70
2015-09-30 23.31 7.40 6.46
2015-06-30 23.31 7.40 6.46
2015-03-31 19.18 0.24 7.03
2014-06-30 6.00 3.76 2.24
2014-03-31 3.77 1.06 0.62
2013-03-31 0.72 0.34 0.47
  • mm2 Asia's level of debt (94.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (61.9% vs 94.5% today).
  • Debt is not well covered by operating cash flow (10.2%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.1x coverage).
X
Financial health checks
We assess mm2 Asia's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. mm2 Asia has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is mm2 Asia's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from mm2 Asia dividends. Estimated to be 0% next year.
If you bought SGD2,000 of mm2 Asia shares you are expected to receive SGD0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate mm2 Asia's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate mm2 Asia's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:1B0 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Asia Entertainment Industry Average Dividend Yield Market Cap Weighted Average of 19 Stocks 2.2%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 273 Stocks 4.1%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.8%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.7%
Singapore Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:1B0 Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2022-03-31
2021-03-31 0.00 1.00
2020-03-31 0.00 1.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as mm2 Asia has not reported any payouts.
  • Unable to verify if mm2 Asia's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of mm2 Asia's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as mm2 Asia has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of mm2 Asia's dividends in 3 years as they are not expected to pay a notable one for Singapore.
X
Income/ dividend checks
We assess mm2 Asia's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can mm2 Asia afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. mm2 Asia has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of mm2 Asia's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Long Jong Chang
AGE 59
TENURE AS CEO 2.3 years
CEO Bio

Mr. Long Jong Chang has been the Group Chief Executive Officer of mm2 Asia Ltd. since April 3, 2017. Mr. Chang has been an Non Executive Director of Vividthree Holdings Ltd. since August 23, 2018. He served as Deputy Chief Executive Officer and Chief Customer Officer at MediaCorp Pte Ltd. from 2011 to April 2017 and served as its Deputy Chief Executive Officer for Television since May 2007. He had overseen all of Mediacorp's major media assets including TV, Radio, Newspaper, Magazines and Over-the-Top (OTT) service Toggle. He also led Mediacorp's events business, Vizpro and Mediacorp's media training business, Singapore Media Academy. He has served as Deputy Chief Executive Officer of MediaCorp's Productions and Studio business units. He joined MediaCorp in 1999. He served many distinguished posts heading MediaCorp's subsidiaries. He began his career in Media at the Television Corporation of Singapore in 1994 as an Assistant Vice President of Drama Operations and served as the Vice President of Chinese Drama. He is also a board member of the Thye Hua Kwan Moral Charities Limited and a member of the Advisory Board of the Singapore Media Festival. He serves as Director of Cathay Cineplexes Pte Ltd and AsiaOne Online Pte. Ltd. He served as Director of 1-Net Asia Holdings Pte Ltd, 1-Net North Pte. Ltd., 1-Net Singapore Pte Ltd, Caldecott Productions International Pte Ltd, Media Research Consultants Pte Ltd, Mediacorp Advertising Co., Ltd., Mediacorp Asia TV Limited, Mediacorp Investments Pte. Ltd., Mediacorp Press Ltd, Mediacorp Raintree Pictures Pte. Ltd., Mediacorp Studios Pte Ltd, Mediacorp Technologies Pte Ltd, Mediacorp TV Holdings Pte. Ltd., Mediacorp TV Singapore Pte Ltd, Mediacorp Vizpro International Pte. Ltd., Mediacorporation Studios (Malaysia) Sdn. Bhd., Singapore Media Academy Private Limited and TVMobile Pte Ltd. He has gathered experience in channel management, content development and production, content licensing and distribution, media business development and talent management since 1985, when he joined Singapore Broadcasting Corporation. He served as a Commissioner of PT Global Mediacom Tbk since April 27, 2011 until July 29, 2015. He served as Commissioner of PT. Media Nusantara Citra Tbk. He holds a Bachelor of Civil Engineering from NTU Singapore, where he graduated in 1985.

CEO Compensation
  • Insufficient data for Long Jong to compare compensation growth.
  • Insufficient data for Long Jong to establish whether their remuneration is reasonable compared to companies of similar size in Singapore.
Management Team Tenure

Average tenure and age of the mm2 Asia management team in years:

2
Average Tenure
56
Average Age
  • The tenure for the mm2 Asia management team is about average.
Management Team

Melvin Ang

TITLE
Founder & Executive Chairman
COMPENSATION
SGD125K
AGE
56

Long Jong Chang

TITLE
Group Chief Executive Officer
AGE
59
TENURE
2.3 yrs

How Kiat Chong

TITLE
Chief Financial Officer
TENURE
3.8 yrs

Hock Seng Ong

TITLE
Chief Corporate Development Officer & CEO of Cinema Operation
AGE
51
TENURE
1.7 yrs

Ng Say Yong

TITLE
Chief Content Officer & MD of mm2 Singapore
AGE
56

Charles Yeo

TITLE
Managing Director of Vividthree

Jay Hong

TITLE
Chief Technology Officer of Vividthree Productions
AGE
40

Teck Hiong Chua

TITLE
Chief Executive Officer of mm2 View

Leslie Ong

TITLE
CEO & Executive Director of UnUsUaL

Lissa Siau

TITLE
Company Secretary
TENURE
1.8 yrs
Board of Directors Tenure

Average tenure and age of the mm2 Asia board of directors in years:

3.7
Average Tenure
58
Average Age
  • The tenure for the mm2 Asia board of directors is about average.
Board of Directors

Melvin Ang

TITLE
Founder & Executive Chairman
COMPENSATION
SGD125K
AGE
56
TENURE
2.6 yrs

Jack Chia

TITLE
Independent Director
AGE
58
TENURE
4.8 yrs

Liang Pheng Tan

TITLE
Lead Independent Director
AGE
71
TENURE
2.6 yrs

Thomas Lei

TITLE
Independent Director
AGE
56
TENURE
4.8 yrs

Terry Mak

TITLE
Non-Executive Director
AGE
61
TENURE
4.8 yrs

Dennis Chia

TITLE
Non-Executive Director
TENURE
2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
X
Management checks
We assess mm2 Asia's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. mm2 Asia has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Will mm2 Asia Ltd.'s (SGX:1B0) Earnings Grow In The Next 12 Months?

View our latest analysis for mm2 Asia How is mm2 Asia going to perform in the near future? … To understand the overall trajectory of 1B0's earnings growth over these next fews years, I've fitted a line through these analyst earnings forecast to determine an annual growth rate from the slope. … SGX:1B0 Past and Future Earnings, August 11th 2019 From the current net income level of S$19m and the final forecast of S$30m by 2022, the annual rate of growth for 1B0’s earnings is 16%.

Simply Wall St -

Do Insiders Own Shares In mm2 Asia Ltd. (SGX:1B0)?

As Charlie Munger said 'Show me the incentive and I will show you the outcome.' mm2 Asia is a smaller company with a market capitalization of S$267m, so it may still be flying under the radar of many institutional investors. … Check out our latest analysis for mm2 Asia SGX:1B0 Ownership Summary, July 31st 2019 What Does The Institutional Ownership Tell Us About mm2 Asia? … Private Company Ownership It seems that Private Companies own 14%, of the 1B0 stock.

Simply Wall St -

A Closer Look At mm2 Asia Ltd.'s (SGX:1B0) Impressive ROE

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for mm2 Asia: 11% = S$19m ÷ S$267m (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Combining mm2 Asia's Debt And Its 11% Return On Equity While mm2 Asia does have some debt, with debt to equity of just 0.84, we wouldn't say debt is excessive. … Conservative use of debt to boost returns is usually a good move for shareholders, though it does leave the company more exposed to interest rate rises.

Simply Wall St -

Does mm2 Asia (SGX:1B0) Have A Healthy Balance Sheet?

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. … SGX:1B0 Historical Debt, July 3rd 2019 A Look At mm2 Asia's Liabilities Zooming in on the latest balance sheet data, we can see that mm2 Asia had liabilities of S$195.6m due within 12 months and liabilities of S$203.5m due beyond that. … Since mm2 Asia does have net debt, we think it is worthwhile for shareholders to keep an eye on the balance sheet, over time.

Simply Wall St -

Is mm2 Asia Ltd.'s (SGX:1B0) Growth Strong Enough To Justify Its June Share Price?

However, since mm2 Asia is a high-growth stock, we must also account for its earnings growth by using calculation called the PEG ratio. … A PE ratio of 14.28x and expected year-on-year earnings growth of 16% give mm2 Asia a low PEG ratio of 0.90x. … Based on this growth, mm2 Asia's stock can be considered fairly valued , based on fundamental analysis.

Simply Wall St -

mm2 Asia Ltd. (SGX:1B0): Is Growth Priced In?

mm2 Asia is trading at quite low price-to-earnings (PE) ratio of 14.28x. … But, since mm2 Asia is a high-growth stock, we must also account for its earnings growth by using calculation called the PEG ratio. … A PE ratio of 14.28x and expected year-on-year earnings growth of 16% give mm2 Asia a low PEG ratio of 0.90x.

Simply Wall St -

mm2 Asia Ltd. (SGX:1B0): Are Analysts Bullish?

Below is my commentary, albeit very simple and high-level, on how market analysts predict mm2 Asia's earnings growth outlook over the next couple of years and whether the future looks brighter. … See our latest analysis for mm2 Asia Market analysts' prospects for this coming year seems rather muted, with earnings rising by a single digit 9.4%. … SGX:1B0 Past and Future Earnings, June 12th 2019 While it is useful to be aware of the growth year by year relative to today’s level, it may be more insightful to determine the rate at which the earnings are rising or falling on average every year.

Simply Wall St -

Imagine Owning mm2 Asia (SGX:1B0) And Wondering If The 49% Share Price Slide Is Justified

Since we can't easily explain the share price movement based on these metrics, it might be worth considering how market sentiment has changed towards the stock. … A Different Perspective mm2 Asia shareholders are down 49% for the year, falling short of the market return. … Shareholders have lost 8.0% per year over the last three years, so the share price drop has become steeper, over the last year; a potential symptom of as yet unsolved challenges.

Simply Wall St -

Are mm2 Asia Ltd.’s (SGX:1B0) High Returns Really That Great?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for mm2 Asia: 0.14 = S$55m ÷ (S$601m - S$206m) (Based on the trailing twelve months to December 2018.) Therefore, mm2 Asia has an ROCE of 14%. … Due to the way the ROCE equation works, having large bills due in the near term can make it look as though a company has less capital employed, and thus a higher ROCE than usual. … What We Can Learn From mm2 Asia's ROCE While its ROCE looks good, it's worth remembering that the current liabilities are making the business look better.

Simply Wall St -

mm2 Asia Ltd. (SGX:1B0): What Does Its Beta Value Mean For Your Portfolio?

Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … Before we go on, it's worth noting that Warren Buffett pointed out in his 2014 letter to shareholders that 'volatility is far from synonymous with risk.' Having said that, beta can still be rather useful. … A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one.

Simply Wall St -

Company Info

Description

mm2 Asia Ltd., an investment holding company, produces, distributes, and sponsors films, television (TV), and online content in Singapore, Malaysia, Hong Kong, Taiwan, China, and internationally. It operates through Core Business, Post and content production, Cinema Operations, Concert and event, and Others segments. The company provides a range of filmmaking process services; and produces and distributes motion picture, video, and TV program post-production services. It also distributes content produced by third parties across various platforms, such as cinemas, Pay TV, Free TV, online, DVD, airlines, and others; operates 142 screens under the name mmCineplexes in Malaysia, and 64 screens under the name Cathay Cineplexes Pte. Ltd in Singapore; engages in café operation, as well as dramatic arts, music, and other arts production related activities; and VFX, CGI, and other services. In addition, it produces and promotes events and concerts for artists and showrunners, as well as offers creative and technical solutions for events and concerts; leases stage equipment; and develops software for interactive digital media. Additionally, the company engages in the rental of stage lighting, sound systems, audio equipment, and light system installation; and organizes and promotes shows, entertainment acts, and other related services. Further, it is involved in the social media advertising activities; and news agency activities, as well as offers advertisers content and platform solutions to promote their products and services; and invests in concert production. mm2 Asia Ltd. was founded in 2008 and is headquartered in Singapore.

Details
Name: mm2 Asia Ltd.
1B0
Exchange: SGX
Founded: 2008
SGD216,281,657
1,162,804,610
Website: http://www.mm2asia.com
Address: mm2 Asia Ltd.
No. 07-11 Redhill Industrial Estate,
1002 Jalan Bukit Merah,
Singapore,
159456,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX 1B0 New Ordinary Shares Singapore Exchange SG SGD 09. Dec 2014
Number of employees
Current staff
Staff numbers
0
mm2 Asia employees.
Industry
Movies and Entertainment
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/08/17 12:58
End of day share price update: 2019/08/16 00:00
Last estimates confirmation: 2019/08/14
Last earnings filing: 2019/08/13
Last earnings reported: 2019/06/30
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.