QMS: Upside risk to consensus forecasts

George Boubouras

Contango Asset Management

QMS Media Ltd is a company that offers outdoor advertising services to customers in the Asia Pacific region. The reasons we like this stock are as follows: 1) Outdoor advertising is a good growth sector in a market where many companies are struggling to grow their revenue. The story also has a positive structural element as there is a move away from static to digital billboard advertising, which should continue over the medium term. This phenomenon will drive a substantial revenue uplift 2) QMS enjoys a high and growing return on capital as the static to digital conversion unfolds 3) We believe that there is upside risk to current consensus forecasts. 4) The company is priced at the lowest multiple as against its peer group 5) The Managing Director is very experienced and has operated in this industry for a long period of time.

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George Boubouras
Chief Investment Officer
Contango Asset Management


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