External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

TA Securities Holdings Berhad (TASH) was incorporated in Malaysia on 1 July 1973 and is a wholly-owned subsidiary of TA Enterprise Berhad which is listed on the Main Market of Bursa Malaysia Securities Berhad (BMSB). Currently, the company has an issued and paid-up share capital of RM250 million.

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External broker reports(aggregated public sources)

Astro (ASTRO): Netflix Is Included Soon and High FCF Yield.

Equity Bottom-Up

Astro Malaysia Holdings / Equity Bottom-Up

<p>Astro’s 1HFY22 core net profit of RM248mn (+9.2% YoY) came within ours and consensus full-year estimates at 46.9% and 44.9%, respectively. We expect a stronger 2HFY22 as adex improves alongside the reopening of the economy and content cost moderates post the two major sporting events in 2QFY22 (UEFA Euro 2020 and Tokyo 2020 Olympic Games). [...] The marginal decline in revenue was mainly attributed to lower Pay-TV subscription and home shopping revenue, albeit largely offset by stronger adex and sales of programming rights. [...] Malaysia’s vaccination programme and the reopening of the economy which in turn would augur well for Pay-TV subscription revenue and adex. [...] Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Astro’s 1HFY22 core net profit of RM248mn (+9.2% YoY) came within ours and consensus full-year estimates at 46.9% and 44.9%, respectively. We expect a stronger 2HFY22 as adex improves alongside the reopening of the economy and content cost moderates post the two major sporting events in 2QFY22 (UEFA Euro 2020 and Tokyo 2020 Olympic Games). [...] The marginal decline in revenue was mainly attributed to lower Pay-TV subscription and home shopping revenue, albeit largely offset by stronger adex and sales of programming rights. [...] Malaysia’s vaccination programme and the reopening of the economy which in turn would augur well for Pay-TV subscription revenue and adex. [...] Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pay-TV Subscription Revenue Resilient QoQ