Astro Malaysia Holdings Berhad
6399.KL · KLS
Company research
Astro Malaysia Holdings Berhad (6399.KL) is Malaysia's leading content and entertainment company, founded in 1996 and headquartered at the All Asia Broadcast Centre in Kuala Lumpur. The company operates across Television, Radio, and Digital segments, serving approximately 5.3 million homes — representing about 67% of Malaysian TV households — through its Pay-TV, NJOI prepaid satellite TV, and sooka OTT streaming platforms, while also reaching 18.2 million weekly radio listeners and over 15.6 million monthly digital visitors. As Malaysia's largest content creator, Astro produces original local programming, live sports, and entertainment, while aggregating international streaming services such as Netflix, Disney+ Hotstar, and HBO GO into a seamless viewing experience. Listed on Bursa Malaysia's Main Market since October 2012 under stock code 6399, the company is led by CEO Euan Smith and continues to evolve its business by expanding digital and adjacent revenue streams, including enterprise services, broadband via Astro Fibre, and data-driven advertising solutions.
Research reports
Kenanga reviews 1QFY27, noting that weaker TV subscription revenue, ARPU erosion and softer advertising caused a pretax loss, with reported earnings supported mainly by a one-off deferred tax asset and staff redundancy charges. The note cuts FY27–FY28 forecasts, highlights loss of World Cup rights as a headwind to subscriber acquisition, but sees partial offset from content IP monetisation and a broader sports portfolio, leading to a MARKET PERFORM stance at a sharply de-rated valuation.
Kenanga Investment Bank Berhad · March 26, 2026Astro Malaysia Holdings – FY26 Results Note: “FY26 In-line, Signs of Stabilization”This results note reports FY26 core net profit broadly in line with Kenanga’s estimates but sharply lower year-on-year due to ARPU compression, weaker adex and elevated operating costs. It upgrades the stock to MARKET PERFORM with a target price of RM0.08, arguing that depressed P/B-based valuations now reflect much of the structural subscriber and earnings risk while pointing to early signs of pay‑TV subscriber stabilisation and growing monetisation of Astro Shaw’s local film IP.
Kenanga Investment Bank Berhad · September 26, 2025Astro Malaysia Holdings – 1HFY26 Results Note: “Weighed by Weak ARPU and Churn”Kenanga’s 1HFY26 review flags underwhelming results, with core net profit down sharply on the back of persistent subscriber churn, ARPU dilution from lower-priced Astro One entry packages and broad-based adex weakness. The report slashes FY26–FY27 earnings forecasts, lowers the DCF-based target price to RM0.125 and maintains an UNDERPERFORM call, citing intense competition from OTT and FTA TV, a high legacy cost base and vulnerability to further advertising softness despite initiatives like the KULT digital marketing venture.
TA Securities / Pickastock · September 26, 2025Astro Malaysia Holdings Berhad – “Revenue Hit as New Packages Underperform” (1HFY26 Review)TA Securities’ report analyses 1HFY26, highlighting that Astro’s revamped Astro One pay‑TV strategy has led to cannibalisation, with customers migrating to cheaper tiers, lower ARPU and weaker subscription and adex revenue that pushed earnings below both house and consensus forecasts. It downgrades the stock to HOLD with a reduced DCF-based target price of RM0.145, cutting forward earnings projections materially while noting that a rerating would depend on clearer subscription growth and successful execution of cost rationalisation and content transformation plans.