The group experiences a cut in target prices and earnings forecasts from research houses.
The continued uncertain economic outlook could continue to hamper Astro Malaysia Holdings Bhd’s outlook, say research houses.
In addition, its quarterly revenue dropped 5.56% to RM869.82 million, as compared to RM921.12 million previously, due to a decrease in subscription revenue and merchandise sales. The company saw 21.46 million shares exchanging hands, compared to its 200-day average volume of 7.52 million shares. “Astro has done much to turn the group around, acquiring many excellent streaming platforms, along with launching Astro Fibre, as well as addressable advertising.
Meanwhile, Kenanga Research also cut its FY2024-FY2025 earnings forecast for Astro to reflect higher content costs and interest expense. Nonetheless, Kenanga noted that consumer sentiment remains tepid amid inflationary pressures and a sluggish economic outlook.
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