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Research by Kenanga
Underperform – TP RM0.25

“Slapped with RM735m Extra Tax Bill"

The Inland Revenue Board (IRB) has served ASTRO with notices of additional assessment for 2019-23 totalling RM735m. ASTRO has 30 days to appeal and it will do so, and if required, initiate legal proceedings. In the worst case, this additional tax liability will push ASTRO’s negative NTA by 14 sen deeper to -27 sen (from -13 sen as at end-Apr 2024). We maintain our forecasts, TP of RM0.25 and UNDERPERFORM call.

Analyst:
Kylie Chan Sze Zan 
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$KLSE-ASTRO
Research by Kenanga
Underperform – TP RM0.25

“Slapped with RM735m Extra Tax Bill"

The Inland Revenue Board (IRB) has served ASTRO with notices of additional assessment for 2019-23 totalling RM735m. ASTRO has 30 days to appeal and it will do so, and if required, initiate legal proceedings. In the worst case, this additional tax liability will push ASTRO’s negative NTA by 14 sen deeper to -27 sen (from -13 sen as at end-Apr 2024). We maintain our forecasts, TP of RM0.25 and UNDERPERFORM call.

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

$ASTRO / 6399 (ASTRO MALAYSIA HOLDINGS BERHAD)