MEDIA
 [%aMol%] [%hlOk%] [%OcSq%] [%HtTz%] 
Research by Kenanga
Underweight

“Adex Rout Weighs on 4QCY23 Results”

4QCY23 results came in mostly below our full year forecasts (3 out of 4) due to weak adex, lower subscription revenues, and high overheads. YoY weakness in 4QCY23 adex was prevalent for media companies under our coverage. Additionally, pay-TV subscription revenues sustained its quarterly rout amidst subscriber churn. We maintain our UNDERWEIGHT stance as we wait for traditional media players to adapt and compete effectively within the new landscape that is dominated by digital media. We do not have any stock picks for the sector.

Analyst(s):
Kylie Chan Sze Zan
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MEDIA
 $KLSE-ASTRO $KLSE-MEDIA $KLSE-MEDIAC $KLSE-STAR 
Research by Kenanga
Underweight

“Adex Rout Weighs on 4QCY23 Results”

4QCY23 results came in mostly below our full year forecasts (3 out of 4) due to weak adex, lower subscription revenues, and high overheads. YoY weakness in 4QCY23 adex was prevalent for media companies under our coverage. Additionally, pay-TV subscription revenues sustained its quarterly rout amidst subscriber churn. We maintain our UNDERWEIGHT stance as we wait for traditional media players to adapt and compete effectively within the new landscape that is dominated by digital media. We do not have any stock picks for the sector.

Analyst(s):
Kylie Chan Sze Zan
kyliechan@kenanga.com.my

$MEDIAC / 5090 (MEDIA CHINESE INTERNATIONAL LIMITED)

$ASTRO / 6399 (ASTRO MALAYSIA HOLDINGS BERHAD)