Star Media shines after The Edge, Tong snap up 5.4% stake

Star Media shines after The Edge, Tong snap up 5.4% stake FMTNews FMTBusiness

The Edge Communications Sdn Bhd owner Tong Kooi Ong sees Star Media Group as a good investment as it is debt free and “clearly undervalued”.

This buy-in made them the second largest shareholder in the nation’s largest English daily, behind political party MCA which owns 44.5%. The article said that oftentimes companies trade at discounts to their value because investors are not patient enough to wait for the value of the assets to crystallise. As an example, land-banking takes years to develop, before it can be translated into earnings, cash flow, and returns to shareholders.

Whether The Edge and Tong will acquire a bigger chunk of Star Media moving forward remains to be seen. The renewed interest in Star Media in recent days may indicate that some investors are banking on that possibility.Before the share acquisition, Star Media was already one of the best-performing stocks on Bursa Malaysia, with its shares surging 105% since the beginning of the year.

While the turnaround has been promising, Star Media’s financial performance has been far below its historical levels, with revenue tumbling from RM706 million in 2014 to about RM184 million in 2022.

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