[%EdDT%]
Research by TA
Sell – TP RM0.30

“TV Subscription Revenue Encounters Persistent Downward Pressure"

Corresponding to our earnings downgrade, our TP for Astro is lowered to RM0.30 (previously RM0.36) based on a WACC of 10.4% and LT growth rate of 0.5%. Astro remains committed to its strategic initiatives to reverse and stabilise the prolonged decline in Pay-TV subscription revenue. However, progress has been gradual, underscoring the challenging nature of the transformation efforts. Moreover, we anticipate that persistent macroeconomic challenges will hinder the near-term recovery of its crucial Pay-TV subscription and advertising revenue streams. Maintain Sell.

Analyst:
Li Hsia Wong 
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$KLSE-ASTRO
Research by TA
Sell – TP RM0.30

“TV Subscription Revenue Encounters Persistent Downward Pressure"

Corresponding to our earnings downgrade, our TP for Astro is lowered to RM0.30 (previously RM0.36) based on a WACC of 10.4% and LT growth rate of 0.5%. Astro remains committed to its strategic initiatives to reverse and stabilise the prolonged decline in Pay-TV subscription revenue. However, progress has been gradual, underscoring the challenging nature of the transformation efforts. Moreover, we anticipate that persistent macroeconomic challenges will hinder the near-term recovery of its crucial Pay-TV subscription and advertising revenue streams. Maintain Sell.

Analyst:
Li Hsia Wong 
liwong@ta.com.my

$ASTRO / 6399 (ASTRO MALAYSIA HOLDINGS BERHAD)