Media

Media 

 

Investment thesis

GRAMMY ONE and GMM25 led September ratings growth and we expect those to rise further in October, supported by new Thai soap operas and the greater variety of sitcoms offered. Strong Thai soap operas from WORK and RS will also boost ratings in October. BEC’s HD rating outlook is still dampened after it lost audience share of super-prime Thai soap operas to new digital TV channels and Channel 7, whose ratings have risen steadily. Our best picks remain WORK and RS for the next six-nine-month investment horizon and GRAMMY for the next 12 months.

Sports content, a new way to boost ratings

Thairath TV’s rating jumped to 0.177, up 43% MoM, due to live sport broadcasts. During broadcast of the World Cup 2018 qualifying match between Thailand and Iraq on September 8, its ratings rose markedly to 7.519, jumping 13 times its normal rating and also beating Channel 7’s rating at that time. We expect its ratings to gain further after broadcast of the World Cup qualifier between Thailand and Vietnam on October 13 (average rating of 12). These results reflect the popularity of sports content, which we think is a good choice to boost ratings. 

GRAMMY and RS led peers in September

Among variety channels, GRAMMY ONE led MoM TV ratings growth in September (0.247, up 14% MoM), bolstered by the new Thai super-prime soap opera, Hua Jai Mee Ngao, teenage soap operas Hormones 3: The Final Season and Tor Fun Gub Marvin. Next was GMM25 (0.089, up 13% MoM), led by two new episodes of Club Friday, Series 6 and Ugly Duckling Series: Don’t. The higher rating for RS (0.502, up 9% MoM) was mainly to new super-prime-time soap opera—Jao Sao Cha Por Kit—and its sports content, especially Max Muay Thai.

MONO’s rating inched up (0.326, up 6% MoM), since the company put new Hollywood blockbusters into its line-up. WORK’s rating dropped a slight 1% MoM to 0.716, because scoring of its new Thai soap opera—Dok Mai Lai Pad Gorn—is still unable to catch up to the high rating base of the Pra Pud Ta Chao series. All ratings from analog channels except Channel 7 again fell MoM—BEC’s HD (1.798, down 5% MoM) and MCOT (0.211, down 1% MoM). 

Further rating rises for GRAMMY in October

We expect GRAMMY ONE’s rating to continue strong in October after it shows a greater variety of sitcoms—such as Ban Nee Mee Rak and Poo Kong Jao Sa Nae—which it pulled from its analog channels. Ugly Duckling Series: Boy’s Paradise will give GMM channel’s ratings a surge. RS’ strong Thai soap operas and sports content will also continue to drive ratings steadily up. WORK’s ratings dropped in September, but we expect its Thai soap operas to gradually advance its ratings. Despite the decent feedback from the new Thai soap opera—Hong Hoon (average rating of  6)—its other two Thai soap operas in the Monday to Thursday slots gained ratings of only 4-5 against 8-12 for Channel 7’s offerings.