$ASTRO / 6399 (ASTRO MALAYSIA HOLDINGS BERHAD)
Research by Kenanga
Underperform – TP RM0.25

“Struggling to Stay Relevant"

ASTRO’s 1QFY25 results disappointed on a combination of continued pay-TV subscriber rout, ARPU pressure, weaker adex and high operating leverage drag on YoY bottomline. We cut our FY25-26F earnings forecasts by 37% and 29%, respectively, lower our TP by 7% to RM0.25 (from RM0.27) and maintain our UNDERPERFORM call.

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