Competition, Tax Arrears Weigh Down On Astro
Competition, Tax Arrears Weigh Down On Astro
Based on Kenanga Research's disclosed figures, Astro's 9-month YTD core net profit of RM52.7 million underwhelmed, compared to RM106 million recorded during the corresponding financial period in FY2023/24, coming in at 46% of its full-year forecast and 58% of the full-year consensus estimate. The less-than-expected Q3 profit figure was mainly due to higher marketing costs to support the launch of its new Astro One product line-up.Astro Malaysia Holdings Bhd's disappointing year-to-date (up to nine months) results for FY2024/25 given weak TV subscription revenues, coupled with an uptick of the third-quarter marketing cost applied towards the launch of the new TV package, Astro One, have led to a downward revision of the group's target price, reported Kenanga Investment Bank Bhd (Kenanga Research). Note: FY2024/25 refers to financial year ending 31 January 2025
肯南加投資銀行有限公司（Kenanga Research）報告稱，由於電視訂閱收入疲軟，馬來西亞天文控股有限公司2024/25財年迄今爲止（長達九個月）的業績令人失望，再加上用於推出新電視套餐Astro One的第三季度營銷成本上漲，導致該集團的目標價格向下修正。注意：2024/25 財年是指截至 2025 年 1 月 31 日的財政年度
While maintaining the UNDERPERFORM call, Kenanga Research has lowered Astro's target price by 14% to RM0.20 from RM0.23.
在維持表現不佳的看漲期權的同時，Kenanga Research已將Astro的目標價格從0.23令吉下調了14％，至0.20令吉。
As at 11:05am Dec 12, Astro's shares traded at RM0.23. (Stock updates from Bursa Malaysia)
截至12月12日上午11點05分，Astro的股票交易價格爲0.23令吉。（來自馬來西亞證券交易所的最新股票）
Based on Kenanga Research's disclosed figures, Astro's 9-month YTD core net profit of RM52.7 million underwhelmed, compared to RM106 million recorded during the corresponding financial period in FY2023/24, coming in at 46% of its full-year forecast and 58% of the full-year consensus estimate. The less-than-expected Q3 profit figure was mainly due to higher marketing costs to support the launch of its new Astro One product line-up.
根據Kenanga Research披露的數據，Astro9個月的年初至今核心淨利潤爲5270萬令吉，相比之下，2023/24財年相應財政期的10600萬令吉不如人意，佔其全年預測的46％，佔全年共識估計的58％。第三季度利潤數字低於預期，主要是由於爲支持其新Astro One產品系列的推出而增加的營銷成本。
On a brighter note, Astro's quarterly adex (advertising expenditure) recovered from its historical low recorded in the previous quarter, and sequential subscriber base expanded for the first time in three years (since Q3FY2020/21). Kenanga Research has reduced the FY2024/25 and FY2025/26 earnings forecast by 23% to 24%.
好消息是，Astro的季度adex（廣告支出）從上一季度的歷史低點回升，連續訂戶群三年來（自2020/21財年第三季度以來）首次擴大。Kenanga Research已將2024/25財年和2025/26財年的收益預測下調了23％至24％。
Astro revealed that total action value from fines, settlements and prosecutions of sellers' illicit streaming devices and illegitimate subscription gains totalled at RM809,000 in the first half of FY2024/25. Additionally, in a recent piracy civil case against a local pub, the court awarded ASTRO RM75,000 in statutory damages without prior settlement.
Astro透露，在2024/25財年上半年，對賣家非法流媒體設備的罰款、和解和起訴以及非法訂閱收益的總訴訟價值共計809,000令吉。此外，在最近針對當地一家酒吧的盜版民事案件中，法院未經事先和解，判給ASTRO75,000令吉的法定賠償金。
Analysts remain cautious for a number of reasons. For one, the potentially hefty erosion in shareholders' funds of an estimated 63% if ASTRO is unsuccessful in its appeal against the IRB's additional assessment totalling RM735 million. Also, Astro faces intense competition from OTT streaming platforms for international content and FTA TV for vernacular content and the group's inflated cost base that includes expenses such as ongoing payment of lease costs to the MEASAT satellite. In addition, competition is coming from digital music streaming platforms that leverage artificial intelligence (AI) to offer curated content and targeted commercials. (IRB: Inland Revenue Board; OTT: Over the top; FTA: Free to air)
分析師出於多種原因保持謹慎。首先，如果ASTRO對IRB總額爲73500萬令吉的額外評估的上訴不成功，股東資金可能會受到約63％的嚴重損失。此外，Astro還面臨着來自國際內容的OtT流媒體平台和FTA電視在本地內容方面的激烈競爭，以及該集團膨脹的成本基礎，包括持續支付MeaSat衛星租賃費用等費用。此外，競爭來自數字音樂流媒體平台，這些平台利用人工智能（AI）提供精選內容和有針對性的廣告。（IRB：稅務局；OTT：頂部；FTA：免費播出）
譯文內容由第三人軟體翻譯。
