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A. Stotz Investment Research

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Astro: Malaysia LockDown Beneficiary - Long Term

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

Astro Malaysia Holdings / Equity Bottom-Up

<ul><li>Cheap on a gross profit basis, sales on an upcycle trend, and good price momentum relative to its sector</li><li>TV household penetration expected to be 90% in FY22 from current 71% based on recent subscription CAGR of 4.5% in FY13 to FY17</li><li>Management targets to grow Go Shop 7x by FY22, riding its 38% YoY growth in FY17</li><li>ASTRO trades high at 18CE* 21.8x PB but offers an ROE above 100% and a nice 5% dividend yield</li><li>Risks: Competition after 20 years of exclusivity in the domestic satellite TV industry, other regulatory changes</li></ul><p><em>* Consensus Estimates</em></p>

Cheap on a gross profit basis, sales on an upcycle trend, and good price momentum relative to its sectorTV household penetration expected to be 90% in FY22 from current 71% based on recent subscription CAGR of 4.5% in FY13 to FY17Management targets to grow Go Shop 7x by FY22, riding its 38% YoY growth in FY17ASTRO trades high at 18CE* 21.8x PB but offers an ROE above 100% and a nice 5% dividend yieldRisks: Competition after 20 years of exclusivity in the domestic satellite TV industry, other regulatory changes* Consensus Estimates

Astro Malaysia Holdings

ASTRO: Media Company with ROE Above 100%