KUALA LUMPUR (Nov 22): CGS-CIMB Research has maintained its “Reduce” rating Media Prima Bhd at 28 sen with a lower target price (TP) of 25 sen (from 27 sen) and said Media Prima’s 9M19 core net loss was lower than house expectation, as the costs saved were higher than what it had projected.

That being said, the research house added in a note today, the revenue downtrend has yet to subside.

It said the publishing segment remains the worst performer, dropping 27% year-on-year in 9M19.

“Our TP falls to 25 sen as we roll over our valuation basis to CY21F, still at a 50% discount to BV. A major shake-up is needed to revitalise Media Prima,” it said.