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Company Profile
Chairman TIONG Choon
Share Issued (share) 401M
Par Currency HKD
Par Value 0.001
Industry Publishing
Corporate Profile Business Summary:
The Company is an investment holding company. The Company and its subsidiaries (collectively the “Group”) are principally engaged in media business in the Greater China region, including but not limited to magazine publishing and digital media business.

Performance for the year:
The Group’s turnover for the year fell marginally by 3.9% from HK$104,094,000 to HK$100,047,000.

The Group recorded a loss attributable to owners of the Company of HK$20,550,000 as compared to the loss of HK$62,019,000 reported in the previous year.

Hong Kong and Taiwan
Turnover for the Hong Kong operation, which accounted for 95% of the Group’s turnover for the year, reported a slight increase of 0.5% from HK$94,510,000 to HK$94,971,000. The segment performed better where it managed to reduce its loss to HK$7,862,000 from HK$52,807,000 in the previous financial year. The significant improvement was due to the net effect of the gain on deemed disposal of investment in an associate of HK$21,317,000 and whilst the provision for impairment on trademarks for the year in review was HK$19,034,000 which was less than the provision made in last financial year. The segment loss before this net effect was HK$10,145,000.

Total advertising spending in 2017 was HK$41.9 billion, 4% more than in 2016. Advertising spending on online interactive and mobile accounted for 38% of all advertising spending, compared with 39% for TV and newspaper advertising combined.

With the shift of advertising spending to online and mobile platforms, “Ming Pao Weekly” (“MP Weekly”), the Group’s main revenue driver for its Hong Kong segment, was affected by the weak print advertising environment. This spurred the Group to launch “Ming’s” (“Ming’s”), which was the complimentary monthly title published with MP Weekly previously, as a standalone publication in March 2018 with its clear business positioning and direction of increasing the source of revenue.

“TopGear 極速誌” (“TopGear Hong Kong”) is a leading automobile magazine in Hong Kong with international editorial backing. During the year under review, its Facebook page ranked one of the top among other automobile online media in terms of the numbers of fans that created a positive impact on its digital performance. Its videos of which content are generated by the Group are also a favorite with the readers. “TopGear Taiwan 極速誌” (“TopGear Taiwan”), a monthly automobile magazine, continues to be well accepted by local readers since its launch in 2015. The revenue from this publication had improved for the financial year in review.

“MING Watch 明錶” (“Ming Watch Hong Kong”) is a professional high-end watch title offering feature stories while covering the latest industry trends. It delivers high quality content through its printed and digital platforms. During the year, it reported decline in performance due to the market’s weak demand in the sector.

As an ongoing regiment of cost control, the Group has also reviewed the scope of the printers of its publications and sourced new vendors which has the capacity to offer printing services and also provide paper supplies. This has reduced cost in warehousing and transportation. Further, the number of complimentary copies has also been reduced. These efforts would enable the Group to focus its resources on exploring new business opportunities.

The Group is also building up its resources and expanding its event management services which is receiving good response from the market.

Mainland China
During the current financial year, the Group’s Mainland China operation was badly affected by the softening of the luxury goods market which the Group’s publications relate to amidst the austerity drive in China. The segment recorded a decrease of 47% in its turnover from HK$9,584,000 reported in last financial year to HK$5,076,000. This resulted in the segment loss, growing significantly from last year’s HK$2,032,000 to HK$8,024,000.

“TopGear 汽車測試報告” (“TopGear China”) continues to attract Mainland Chinese readers with the latest infotainment and automobile news and trends. The soft Chinese retail market has affected its performance during the year.

Digital Media
The Group continues to allocate additional resources to develop its digital platforms and infrastructure in order to improve its performance on digital business. It has started the business of producing videos for advertisers and this has opened up the opportunity for it to provide creative advertising services. The reception to this new service is still in the investment stage.

Other Media Investments
ST Productions Limited, where the Group holds 80% equity interest, was set up for the businesses of artiste management, events management and music production and distribution as a new revenue stream for the Group. Connect Media Company Limited, the Group’s joint venture, continues to focus on multimedia channel advertising in passenger transportation in the Pearl River Delta region. Most Kwai Chung Limited is principally engaged in the publication of “100 Most” and a digital product, namely “TV Most”. It also publishes books and provides creative multimedia services mainly through its digital platform. It undertook an Initial Public Offering exercise in 2018 and was listed on 28th March 2018. The expenses in connection to the listing exercise reduced its earnings.

Sustainability
The Group continues to improve the sustainability practices embedded in its operations to ensure the sustainability and viability of its business. In order to achieve its sustainability vision of producing and providing credible and quality content, services and products with minimal impact on the environment, the Group continues to engage its stakeholders to obtain feedback on how to improve its sustainability efforts. In the area of environmental, the Group will monitor the usage of resources such as water and electricity by the Group. For social, the Group will focus on training and development, diversity and health and safety measures. It will also look into sound procurement practices and measures to ensure product reliability. Last but not least, the Group will continue to contribute to the community it operates in and enhances its reach out to its customers and investors.

Prospects:
According to figures from the latest Advertising Spending Projections Survey 2018 conducted by Nielsen in partnership with the Hong Kong Advertisers Association, 38% of the advertisers expect the Hong Kong economy to improve in 2018. The survey also shows that in 2018, 33% advertisers plan to increase their advertising spending, and another 53% said their budgets will remain unchanged. As many as 63% of surveyed advertisers reported that they will increase their online advertising budgets with projected advertising spending for online to be 59% and 41% for offline.

With the above as a reference, the Group expects the decline in its revenue to have stablilised and the advertising spending to improve in the coming year. The Group expects its digital advertising revenue continues to grow compared to other forms of advertising revenue. The Group believes that its efforts in further developing its digital media offerings and developing new products and marketing strategies will bring in improvements. The Group will continue to redeploy its manpower to the digital business and review ways to reduce costs and enhance productivity and profitability.
Information from the financial statements of listed companies
Last Update: 2018/07/11
 
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