Johannes Salim, CFA

Event-Driven

<ul><li>Our revisit on the previous tender offer (TO) case reveals that <a href="https://www.smartkarma.com/entities/1143" target="_blank" data-smartkarma-citation="entities:1143:1">Astro Malaysia Holdings Bhd (ASTRO MK)</a> now trades at a much more attractive valuation (6.6x EV/EBITDA, vs. 10.8x at previous TO price).</li><li>The controlling shareholder has a good track record in executing TO tactics, especially when share prices slump.</li><li>Fundamentals at ASTRO are weakening though given industry headwinds.</li></ul>

Our revisit on the previous tender offer (TO) case reveals that Astro Malaysia Holdings Bhd (ASTRO MK) now trades at a much more attractive valuation (6.6x EV/EBITDA, vs. 10.8x at previous TO price).The controlling shareholder has a good track record in executing TO tactics, especially when share prices slump.Fundamentals at ASTRO are weakening though given industry headwinds.

Astro Malaysia: Is Tender Offer/Privatization Coming?