Next act begins for mm2 Asia

SINGAPORE (Aug 25): CIMB has upgraded its rating for mm2 Asia to “add” with a higher target price of 84 cents, from “hold” with a target of 73 cents previously.

North Asia is set to play a bigger role for mm2, with the management targeting to increase the contribution from North Asia productions, which accounted for 22% of FY16 revenue, to more than 70% over the next three years.

“Apart from an increasing number of movie productions in North Asia, mm2 has also broadened its offerings to TV dramas, and potentially format show production,” says CIMB lead analyst Ngoh Yi Sin in a Wednesday report.

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