mm2 Asia transfers listing to SGX Mainboard

It’s the second Catalist stock to do so this year.

Film and TV content producer mm2 Asia transferred its listing to SGX Mainboard after 2.5 years of its trading debut on Catalist.

According to SGX MyGateway, mm2 Asia is the second Catalist stock to transfer to the Mainboard this year, after property development and investment firm SingHaiyi Group made its trading debut on the Mainboard on 26 May.

In the 2017 year-to-date, mm2 Asia has generated a total return of 11.0%, compared with the benchmark Straits Times Index’s (STI) total return of 18.2%, and the broader FTSE ST All-Share Index’s 17.0%.

As a producer, mm2 Asia provides services that cover the entire filmmaking process, including securing financing, producing and distributing as well as securing advertising and sponsorship. The company owns a majority stake in local 3D animation company Vividthree Productions, as well as event and concert production company UnUsUaL. It established its own cinema chain – mmCineplexes – through the ownership of five cineplexes in Malaysia.

"It plans to boost its presence across the Causeway with the acquisition of a chain of 13 cinemas. This transaction, targeted for completion in September this year, will turn mm2 Asia into the fourth-largest cinema operator in the country," SGX MyGateway said.

In addition to Singapore and Malaysia, mm2 Asia has a presence in Hong Kong, Taiwan and China through its group of companies and/or strategic working partnerships. mm2 Asia has co-produced and/or distributed over 100 films across Asia since 2008.

Between FY2012 and FY2016, mm2 Asia grew its attributable net profits by a compounded annual rate (CAGR) of 206.2% to $8.2m, and its revenues by a CAGR of 55.4% to $38.3m.

On 23 May, it reported a 130% year-on-year rise in attributable net profits to $18.8m for the financial year ended 31 March 2017. Revenue rose 149% YoY to $95.4m, driven mostly by additional revenues from UnUsUaL.