Excerpts from UOB KayHian report mm2 Asia (SGX : MM2 SP) We expect earnings to post a sharp recovery from FY22 onwards, driven by all three segments:

• Cinema attendance expected to recover as the majority of Singapore’s and Malaysia’s populations are vaccinated,
• Robust pipeline of core production business of S$150m-190m in the next 2-3 years, and
• Resumption of in-person concerts. mm2 plans to launch Metaviva, a NFT marketplace. Mm2’s 5x FY24F PE is expected to expand closer to global peers’ average of 21x.

Maintain BUY with a higher target price of S$0.115. WHATS NEW Cinemas: Better positioned for recovery. Domestic cinema attendance is poised for recovery as 93% of Singapore’s population is fully vaccinated with 60% having taken the booster shot and close to 80% of Malaysia’s population is fully vaccinated. Cinemas in Singapore and Malaysia have been allowed to reopen since 2H21, albeit at a lower capacity. Singapore’s authorities have allowed 1,000 pax per cinema hall with a 1-metre safe distancing rule...