Concert promoter and event producer Unusual will have to wait for its recovery, as there is “still some time” before concerts will stage a return, says RHB Group Research analyst Jarick Seet. 

In a Sept 22 note, Seet downgrades Unusual to “hold” from “buy” with a lowered target price of 14 cents from 16 cents previously. 

“We previously expected concerts and mass events to resume by 1H2021, but the resurgence of a new Covid-19 variant has dampened that anticipation. Consequently, despite the majority of Singaporeans having already been vaccinated, we expect mass events to only resume in end-4Q2021, or in 1Q2022. As a result, we downgrade our call on Unusual, as the recovery is not yet imminent,” writes Seet.

Established in 1997, Unusual is one of the leaders in concert promotions and events production in Asia. The group predominantly operates through two segments: production and promotion. It specialises in producing and promoting large-scale live events and concerts in Singapore and the region.


See: UnUsUaL expects to record further net loss in FY2021


Due to Covid-19 putting a stop to events and concerts, Unusual’s FY2021 revenue plunged 97.8% y-o-y, and it booked a $9.74 million net loss. “While we expect FY2022 to show a slight recovery, it will likely still be a weak year, as we do not expect Unusual to hold any large-sized concerts in Singapore in the near term,” says Seet.

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“We only expect events to resume from 1Q2022 onwards, if the pandemic remains controlled with no new variants thwarting the efficacy of existing vaccines,” he adds.

Unusual is moving towards producing live virtual concerts in a JV with JFJ Productions. It has already presented its first virtual concert, JJ Lin’s Sanctuary Finale, on July 10. “We expect this event to clock $1 million to $2 million in profits for Unusual, but this may not be enough to bring the company to profitability in FY2022.”

“Although the worst is over for Unusual, we still think concerts and events will likely not resume so soon. The earliest this can happen will only be in 1Q2022 in Singapore, we believe. However, there is a possibility that concerts may resume first in other parts of the world like China,” says Seet.


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As at 2.35pm, shares in Unusual are trading 1.5 cents higher, or 12.5% up, at 13.5 cents.