Outlook On Astro Still Unfavourable Despite Tax Reduction
ASTRO will still be able to claim its production costs against taxable income, but over a longer period. Maybank IBG believes the cash flow impact is negative in the short term but neutral in the long term, and there is no earnings impact.
ASTRO仍然能够将其生产成本抵扣应税收入，但需要更长的时间。Maybank IBG相信，现金流的影响在短期内是负面的，但在长期内是中立的，并且没有收益影响。
Previously, Maybank raised its WACC to 12.4% from 11.8% on a higher Beta of 1.3x from 1.2x due to the tax case. The house has now reversed its and raised its DCF-TP to MYR0.12 from MYR0.11. With >10% downside risk still, the house maintains its SELL call, believing the outlook remains challenging for Astro.
此前，马来亚银行将其加权平均资本成本（WACC）从11.8%上调至12.4%，因为贝塔值从1.2倍上升至1.3倍，原因是税务案件。该公司现在已恢复并将其折现现金流目标价格（DCF-TP）从MYR0.11上调至MYR0.12。尽管依然存在超过10%的下行风险，但该公司维持卖出评级，认为Astro的前景依然充满挑战。
Production costs claimable but over a longer period
Recall ASTRO was served with additional tax assessments of MYR734.9m on 9 Aug 2024 due to the disallowance of production costs incurred. On 24 Apr 2025, ASTRO and the Inland Revenue Board (IRB) settled that production costs incurred can be claimed but over 6 years versus 3 years previously. Relative to the previous position, ASTRO has to incur more tax in the first 3 years due to less production costs claimed but less tax in the subsequent 3 years due to more production costs claimed (nil previously).
生产成本可申报，但需要更长时间
请回想一下，Astro在2024年8月9日因不允许抵扣的生产成本而被评估额外税费MYR73490万。2025年4月24日，Astro与国内税务局（IRB）达成协议，可以申报发生的生产成本，但需在6年内申报，而之前是3年。与之前的情况相比，Astro在头3年需要支付更多税款，因为申报的生产成本减少，但在后3年因申报的生产成本增加（之前为零）而支付更少的税款。
Neutral long term cash flow and nil earnings impact
Pursuant to this, ASTRO will have to pay the IRB MYR115m but will not have to charge this amount in its income statement as its future tax payable will be reduced by a similar amount due to production costs claimed in years 4 to 6 against revenue when they were previously not allowed to. Essentially, ASTRO is bringing forward the payment of future tax expenses. Thus, the earnings estimates are unchanged. Maybank IBG said it understands that the MYR115m tax payable will be settled over the next 18 months
长期现金流中立且无盈利影响
据此，Astro将需向IRB支付MYR11500万，但不需要在其收入报表中计入此金额，因为未来应付的税款将因第4至6年申报的生产成本而减少相似金额。实质上，Astro是提前支付未来的税费。因此，盈利预测保持不变。马来亚银行投资银行表示，它了解到MYR11500万的应付税款将在接下来的18个月内结清。
Earnings outlook still unsure
Following that and earnings permitting, ASTRO will consider reinstating dividends (forecast nil dividends going forward). Recall that ASTRO hopes to narrow net Pay-TV churn to nil this year and hopefully turn it into net Pay-TV additions thereafter.
盈利前景依然不明
在此之后，若盈利允许，Astro将考虑恢复分红（预计未来不派发分红）。请回想，Astro希望今年将净付费电视流失率降至零，并希望在此后将其转变为净付费电视新增用户。
The house believes Pay-TV additions could be hampered if consumers need to consider higher electricity tariffs and RON95 subsidy rationalisation in 2HCY25. Thus, the house expects ASTRO's earnings outlook to remain challenging. Estimates are premised on net Pay-TV churn of 3% p.a
该机构认为，如果消费者需要考虑更高的电力价格和RON95补贴的合理化，付费电视的用户增加可能会受到阻碍。因此，该机构预计ASTRO的盈利前景将保持挑战。估计基于每年净付费电视流失率为3%。
译文内容由第三方软件翻译。
