[%hEkJ%]
Research by RHB
Neutral – TP RM0.32

“Routine Weakness"

Maintain NEUTRAL and MYR0.32 TP (DCF), 6% downside and c.3% FY25F (Jan) yield. Astro Malaysia’s weak earnings streak continued into the 1QFY25 on the back of tightened purse strings and economic headwinds. The group’s multi-year transformation journey should see the removal of legacy costs over time, in our view. We lower FY25F-27F earnings by a further 16-26% post results. At 1SD under historical EV/EBITDA mean and 56% relative share price underperformance over the past year, valuations are fair.

Analysts:
Jeffrey Tan
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Cindy Lee
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$KLSE-ASTRO
Research by RHB
Neutral – TP RM0.32

“Routine Weakness"

Maintain NEUTRAL and MYR0.32 TP (DCF), 6% downside and c.3% FY25F (Jan) yield. Astro Malaysia’s weak earnings streak continued into the 1QFY25 on the back of tightened purse strings and economic headwinds. The group’s multi-year transformation journey should see the removal of legacy costs over time, in our view. We lower FY25F-27F earnings by a further 16-26% post results. At 1SD under historical EV/EBITDA mean and 56% relative share price underperformance over the past year, valuations are fair.

Analysts:
Jeffrey Tan
jeffrey.tan@rhbgroup.com
Cindy Lee
cindy.chin.hui@rhbgroup.com

$ASTRO / 6399 (ASTRO MALAYSIA HOLDINGS BERHAD)