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Popcorn Ready, It's Movie Time!

Have you watched "Dune Part 2"? Or perhaps got captivated by the thrills of "Exhuma"? And don’t forget the ever-entertaining "Kung Fu Panda", bringing laughter and profound messages with every kick and punch. Ah, what a time for great movies!


And yes, I've watched them all! Including an Indonesian film that has taken the spotlight, clinching the second spot as the top-grossing film, "Agak Laen," which captivated nearly 9 million viewers.



You might wonder, why did I watch all these movies? Well, it's simple: I'm an avid movie buff!


The audience numbers for the four movies above, with even just "Agak Laen" surpassing the top 5 highest in Q1 of last year.



My favorite cinema is Metropole XXI. Its unique building, standing since 1932, is steeped in history, a relic from the Dutch colonial era. My steps often pause in the corridors of the cinema, captivated by the rows of vintage movie posters still proudly displayed.



Actually, CGV is closer to my home, but I choose XXI, especially Metropole. It's not just the thick air of nostalgia that draws me there, but also the more affordable ticket prices compared to CGV.



Speaking of comparing XXI and CGV, it reminds me of last year's buzz in the film industry when people were pitting "Oppenheimer" vs "Barbie". Are you Oppenheimer team or Barbie team? Personally, I'm on the Oppenheimer team – ah, Christopher Nolan never disappoints me.


But with the blockbuster success of both films, did it boost the earnings for XXI? Seeing crowds flocking to cinemas, not wanting to miss out on either movie, it's worth delving into. 


CNMA carved out a proud achievement in 2023 with solid revenue of IDR 5.2 tn, reflecting strong growth in the post-pandemic entertainment industry. The profit generated saw a surge up to IDR 688 bn, a 49% increase thanks to meticulously maintained cost efficiency.


Source: Sucor Research


In the wave of the cinema industry's recovery, CNMA didn't just rise – it sprinted, with ticket sales accelerating to 84.3 mn, a significant 26% increase, largely fueled by warmly received local films.


With the surge in tickets sold, cinema revenue also climbed 16% to IDR 3.14 tn. Meanwhile, revenue from the F&B segment saw a striking 29% boost, reaching IDR 1.85 tn, thanks to an innovative and appealing culinary selection. 


Source: Sucor Research


Indeed, XXI's french fries and popcorn have always been a crowd-pleaser, but my attention was captured by a snack from the XXI cafe that went viral in 2023 and quickly became my favorite: Mamigor! With its crunchy exterior and soft interior, every bite feels like a celebration in the mouth. 


Source: XXI Cafe


Some folks might say, "Food at XXI cafe is pricey." I've felt that pinch too, but I've got a little trick to make those XXI treats a tad more wallet-friendly. Order through Gojek or Grab! The price difference can be close to IDR 20K! Thanks to me because you can save your money for parking fee. Haha



Beyond ticket and F&B sales, CNMA's addition of 18 new cinemas and 77 screens within a year underscores their ambition to dominate the big screen.


Seeing the positive strides CNMA is making, we believe that this year, too, CNMA will outperform, especially given how cinemas have been bustling from the start of the year with great movies. Moreover, the recovery of international film supplies following the Hollywood strike is expected to further boost the cinema industry's revival in 2024.


Therefore, we're giving a BUY recommendation with a target price of IDR 312.




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