Astro Malaysia

Re: Astro Malaysia

Postby winston » Thu Dec 08, 2016 7:52 am

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Astro aims to increase household penetration to 75% next year

KUALA LUMPUR: Astro Malaysia Holdings Bhd (Astro) aims to increase its TV services household penetration in the country to 75% by end of next year from 71% or five million households at present.

Group chief executive officer Datuk Rohana Rozhan (pic) said the growth would be driven by the increasing demand for NJOI, the subscription-free satellite TV.

She said Astro was seeing growth in its reach and engagement across all platforms, its TV services reaching five million households, which included pay TV (3.4 million) and NJOI (1.6 million), with average viewing of four hours.

“We will continue growing NJOI while retaining our subscription-based customers.

“We feel that there is no reason for customers not to subscribe to NJOI as we had every intention to make its proposition more attractive in the coming years,” she told reporters when announcing Astro’s nine months results for financial year ending Jan 31, 2017.

More Astro customers are also watching Astro contents on mobile devices and on demand, she said, adding that Astro on the go (AOTG) saw its registered users increased 31% year-on year to 1.1 million with an average viewing time of 130 minutes per week.

“To date there had been about 2.7 million downloads on AOTG and we are eyeing to grow to five million downloads by end of next year,” she said.

Rohana said Astro’s share of the TV viewership also increased by 1% to 77% as it continued to offer comprehensive and compelling content proposition to viewers with focus on original signature intellectual property, local and Asean movies, sports, and Korean entertainment.

She said this spurred the groups relevance among advertisers with an advertising expenditure (Adex) grew by 13% year-on-year to RM524mil with its share of TV advertising and radio advertising increased to 37% and 73%, respectively.

Astro’s average revenue per user for the nine months period had also increased to RM99.9 from RM99.3 underpinned by higher take-up of value added products and services.

On its content cost this year, Rohana said it was expected to be about 36% of Astro’s TV revenue following a heavy sports year, while next year, the cost was expected to be maintained at the same level or slightly reduced.

Moving forward, for the full financial year 2017, the company is expected to continue growing its revenue by 3% with Adex revenue contribution trajectory around 13%.

Source: Bernama
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Re: Astro Malaysia

Postby winston » Thu Dec 08, 2016 8:56 am

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AmInvestment Research retains Hold on Astro

KUALA LUMPUR: AmInvestment Research is maintaining its Hold call on Astro Malaysia, with an unchanged fair value of RM3.05 a share, based on a discounted cashflow valuation.

It had on Thursday raised its FY17F by 24% on account of Astro's gain in adex market shares in the TV and radio segments.

“The strong on-year improvement in the nine months net profit stemmed from smaller losses in the home shopping business, lower depreciation and lower finance cost.

“We note that Astro had a lower depreciation because most of the HD set-top boxes were fully depreciated,” it said.

AmInvestment Research said notwithstanding a soft advertising expenditure (adex) market, Astro's 9MFY17 revenue saw a 3.5% uptick on-year.

Astro's year-to-date TV adex and radio expenditure (radix) were up 5% and 6% on-year respectively despite total gross adex in Malaysia declining 1%.

This was attributed to a three percentage point gain in share of both TV adex and radex on the back of higher radio listenership and TV viewership respectively.

In the TV segment, the Pay-TV subscriber base recorded a negative net addition for third straight quarters, with a net churn of 50k subscribers this quarter.

“On another positive note, 9MFY17's home shopping revenue grew by 59% on-year while profit before tax (PBT) margin narrowed from -14% to -6%.

“Quarter-on-quarter, we understand that the revenue fell 16% due to festive season promotion in the preceding quarter.

“Management guided that GoShop is expected to break even by the end of FY17 and swing into the black next year,” it said.

AmInvestment Research said Astro will also continue to expand in Asean via its OTT VOD service, Tribe, which was recently launched in the Philippines and currently operating in Indonesia.

This will allow Astro to tap into another growth segment and reduce reliance on Pay-TV subscription.

“Astro is trading at a CY17F PE of 20 times, two standard deviation below its three-year historical average, while Sky UK trades at a CY17F PE of 13 times,” it said.

Source: The Star

http://www.thestar.com.my/business/busi ... -on-astro/
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Re: Astro Malaysia

Postby winston » Thu Dec 08, 2016 11:01 am

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Astro Malaysia posts 43% rise in quarterly profit

Despite softer market, company marks improvements in all segments

by CK TAN

HANOI -- Astro Malaysia Holdings, the dominant pay-TV operator in Malaysia said Wednesday net profit in the quarter ended October improved 43% year-on-year to 151 million ringgit ($34 million), thanks to better performance in all business divisions.

In the first nine months of the fiscal year, net profit increased 16% to 478 million ringgit on revenue of 4.2 billion ringgit. For the third quarter, revenue rose 4% to 1.42 billion ringgit helped by higher subscriptions, advertising and home-shopping, the company said in a filing to the stock exchange.

With a subscriber base of about 5 million customers, or over two-third penetration of TV households, Astro said average revenue per user grew from 99.3 ringgit to 99.9 ringgit, pushing TV revenue up by 2.6% to 1.3 billion ringgit.

Revenue from home-shopping, a collaboration with South Korea's GS Home Shopping that is available in Malaysia and Singapore, grew by 19% to 62 million ringgit due to a wider range of products offered. The unit sold roughly 337,000 products, up from 260,000 in the same quarter last year on a customer base of about 228,000 people.

Amid a softer consumer market, Astro said it would continue to provide "differentiated content and unique line-up" of TV programs to attract customers. It will also roll out video services with regional partners.

Astro's shares ended 1.15% higher at 2.65 ringgit, while the benchmark FTSE Bursa Malaysia KLCI rose 0.17% to 1632.47 on Wednesday.

Source: Asian Nikkei Review

http://asia.nikkei.com/Business/AC/Astr ... rly-profit
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Re: Astro Malaysia

Postby winston » Wed Mar 29, 2017 9:16 am

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Astro expects better year

BY TOH KAR INN

Group CEO Datuk Rohana Rozhan(filepic) is targeting to increase the number of household customers for its TV services by an additional 400,000 customers, and hoping to translate that into a bigger market share in the advertising market

PETALING JAYA: Astro Malaysia Holdings Bhd expects its revenue and net profit growth to expand faster in the current financial year ending Jan 31, 2018 (FY18) after a flattish FY17.

Group CEO Datuk Rohana Rozhan is targeting to increase the number of household customers for its TV services by an additional 400,000 customers, and hoping to translate that into a bigger market share in the advertising market.

She also aims to increase the average revenue per user (Arpu) of its pay-TV services to RM103 this year, up from RM100.40 previously.

At a briefing to announce Astro’s full year results yesterday, Rohana said revenue in FY18 is projected to grow by 6% to 8%, and guided that net profit growth this year will be in the “mid to high” single digit range.

“The increase in household growth will come from subscription-free TV services NJOI,” she told reporters at the the company’s results briefing yesterday.

“This will in turn increase our marketable base and reach for Go Shop. When we get a greater reach, we can then get a larger share of the adex market,” she added.

Astro achieved a net profit of RM623.7mil in FY17, up 1.3% from the previous year on revenue of RM5.6bil.

Total adex in FY17 grew 10% year-on-year to RM705mil, with digital adex registering a growth of 15%.

With a current TV service penetration rate of 71% of Malaysian households, of which 3.4 million to 3.5 million are households make up the pay-TV base, Astro intends to focus on customer spend through pay per view products like Astro Best and Astro First.

In FY17, Arpu was RM100.40, driven by higher take-up of value-added products and services, as well as the re-pricing of sports pack.

“We want to create the best home viewing experience at home.

“Hence, we will work on delivering the highest quality and sound experience, as well as high definition resolution – all to create the big screen experience.

“To drive personalised individual and mobile viewing, we are amplifying our Astro GO and on demand proposition, to ensure that our platform is as good as anyone else’s and make our content proposition stronger,” Rohana added.

More than 507,000 set top boxes have been connected to broadband and Astro aims to have at least one million connected by year-end.

In turn, the group targets to achieve five million viewers on Astro GO, which is available to all customers as an extension of their subscriptions, providing an interactive multi-screen experience over iOS and Android mobile devices.

Apart from that, the group hopes to see two or three new regional markets launched this year, in terms of its over-the-top (OTT) streaming platform, Tribe.

Tribe has been launched in Indonesia and the Philippines last year.

Yesterday, the group posted a revenue and net profit of RM5.6bil and RM624mil for FY17 ended January 31.

Its earnings before interest, taxes, depreciation and amortisation (Ebitda) fell 6% on a year-on-year basis to RM1.8bil due to investments in key sports content and currency depreciation impacting content costs.

Meanwhile, the group’s Go Shop grew its scale and reach with the launch of its Mandarin-channel in partnership with Singapore’s StarHub Cable Vision Ltd.

The revenue contribution from Go Shop increased 38% to RM261mil, selling 1.5 million products to 912,000 customers.

The board has also declared a fourth interim dividend of 3 sen per share and to recommend for shareholders’ approval a final dividend of 50 sen per share.
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Re: Astro Malaysia

Postby winston » Mon Jun 11, 2018 5:45 am

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Astro's low valuations offer bargain-hunting opportunities

7 Jun 2018

KUALA LUMPUR: Kenanga Research said Astro Malaysia Holdings Bhd's sharp share price correction so far this year could offer bargain-hunting opportunities to yield-seeking and long-term investors.

The research house maintained its outperform rating on the counter with a target price of RM2.30

Commneting on Astro's recent financial results, it said the pay TV broadcaster's 1Q19 core profit after tax after minority interests of RM179mil came in within its and consensus expectations.

"YoY, 1Q19 revenue weakened by 1%, due to the lower subscription revenue (more lower package taken up) but partially offset by higher merchandise and advertising revenue (due to CNY spending)," it said.

Kenanga said Astro recorded a total of 5.5mil customer base in 1Q19, mainly supported by its NJOI product package.

"The higher NJOI take-up rate suggested that subscribers continued to downplay their TV subscription plan, leading the group’s TV subscription revenue to record negative sequential growth for five consecutive quarters.

"The trend, however, is not expected to reverse in the near-term, in our view, judging from the change in consumer behavior."

The research house added that Astro is keeping its FY19 pay-TV subscription average revenue per user unchanged at RM101 but is set to incur a higher content cost as a result of sports events.

With regards to talk of the company being taken private, Astro has clarified that it has not received confirmation of any such privatisation proposal.

Source: The Star

https://www.thestar.com.my/business/bus ... HVLZo1f.99
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Re: Astro Malaysia

Postby winston » Mon Jun 11, 2018 5:46 am

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Astro’s 1QFY19 net profit slipped 10.77% year-on-year to RM174.73mil in the first quarter ended April 30, 2018 from RM195.82mil previously due to higher net finance costs.

Its revenue for the quarter slipped 1.14% to RM1.31bil against RM1.33bil last year.

Source: JF Apex Research
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Re: Astro Malaysia

Postby winston » Mon Jun 11, 2018 5:51 am

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Burdensome finances needed to privatise Astro

6 Jun 2018

KUALA LUMPUR: Tycoon T. Ananda Krishnan, who controls a 40.9% stake in Astro Malaysia via his private vehicle Usaha Tegas, would require onerous finances if he plans to take the pay-TV operator private, says UOB Kay Hian Malaysia Research.

The research house said on Wednesday Astro was taken private in June 2012 and thereafter re-listed in October that same year at RM3 a share.

“Given current attractive valuation at 12.3 times FY19F PE and above-market yield of 7.3%, we are not ruling out the possibility that Ananda Krishnan would consider privatising the company.

“Nevertheless, the probability of this remain moderate given Usaha Tegas’s focus outside of Malaysia plus the onerous finances needed for a privatisation,” it pointed out.

UOB Kay Hian Research expects FY19 core net profit to fall marginally by 0.4% on-year to RM675mil on the back of a shrinking pay-TV subscriber base and higher content costs (2018 World Cup).

Consequently, it expects earnings before interest, tax, depreciation and amortisation (Ebitda) margin to fall 1.6 percentage points on-year to 31.3%.

It retained its buy call with an unchanged target price of RM2.21, based on -0.5% earnings compounded annual growth rate in its discounted cashflow model, implying 17 times FY19F price-to-earnings (PE) and 7.4 times enterprise value/Ebitda (EV/Ebitda).

Source: The Star

https://www.thestar.com.my/business/bus ... x8uORw1.99
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Re: Astro Malaysia

Postby winston » Mon Jun 11, 2018 9:41 am

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End of an ERA

Group CEO Dato’ Rohana Rozhan announces she will leave Astro after 31 Jan 2019.

Henry Tan will succeed Rohana. We expect the group to continue with its current business direction.

Astro anticipates record viewership for World Cup 2018, a positive for subscription revenue and adex.

stro’s major shareholder reportedly mulling taking it private, again, according to Bloomberg. Astro’s hammered share price makes it an attractive buyout.

Maintain Add and target price. Rebound in consumer sentiment and bigger dividends are among the key potential re-rating catalysts.

We keep our earnings forecasts. Maintain Add with an unchanged DCF-based RM2.70 target price. Pick-up in consumer sentiment from a strengthening of the ringgit, better content monetisation strategy and higher dividend payout are potential re-rating catalysts.


Source: CIMB

https://brokingrfs.cimb.com/UN3EUsrmCRA ... UjO0g2.pdf
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