[%PBCi%] Astro Malaysia Holdings
Research by Kenanga
OUTPERFORM ; Target Price : RM2.00 

"Partnering with Maxis"
ASTRO has entered into a strategic partnership with MAXIS to provide fibre broadband bundled with TV content. Overall, we are positive on this development as it provides ASTRO an opportunity to: (i) up-sell better TV packages and (ii) promote its home shopping segment. However, we expect meaningful earnings impact only in the longer term. Hence, we leave our OP call with our DCF-driven TP of RM2.00 unchanged for now.

Clement Chua
[%wbbt%] 

$KLSE-ASTRO Astro Malaysia Holdings
Research by Kenanga
OUTPERFORM ; Target Price : RM2.00 

"Partnering with Maxis"
ASTRO has entered into a strategic partnership with MAXIS to provide fibre broadband bundled with TV content. Overall, we are positive on this development as it provides ASTRO an opportunity to: (i) up-sell better TV packages and (ii) promote its home shopping segment. However, we expect meaningful earnings impact only in the longer term. Hence, we leave our OP call with our DCF-driven TP of RM2.00 unchanged for now.

Clement Chua
clement.chua@kenanga.com.my 

$ASTRO / 6399 (ASTRO MALAYSIA HOLDINGS BERHAD)