NEC -2.91%: the media group struggled today despite a decent 1H, weighed on by non-committal guidance at the result. Revenue of $1.4b was in line with consensus, as was NPAT at $189.5m with the result driven by market share gains in free-to-air and a beat by streaming platform Stan while radio was in line and 9Now missed slightly. The company shied away from any firm guidance, saying 3Q FTA revenues will be softer while costs will be higher. Stan is expected to do well, particularly on margins as price increases are passed through.
MM remains a patient holder of NEC sub $2
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