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Author: Tan KW   |   Latest post: Tue, 20 Oct 2020, 7:11 AM

 

【行家论股/视频】Astro 3年财测下修

Author:   |    Publish date:


分析:达证券

目标价:1.07令吉

最新进展:

Astro(ASTRO,6399,主板电信与媒体股)截至4月底2020财年首季,净利大跌58.09%,至7384万1000令吉,但仍派息1仙。 

首季营业额按年下跌14.7%,至10亿5289万4000令吉。

 

行家建议:

若剔除3300万令吉汇兑损失,首季核心净利报1亿700万令吉,按年劲挫42%,按季跌15.8%,低于我们和市场的预期,分别占全年预测的17.9%和17.4%。

目前派息率为48.8%,虽然低于至少75%盈利的承诺,但在疫情风波未了之前,我们认为这是个审慎的决定。

有体育和方言节目、提高顾客体验及不断更新内容的努力,我们仍然相信Astro能够强力保住付费电视业务。

我们下调2021至2023财年的订户营收预估,幅度为5%到7%,以及下砍下财年广告收入24%。随后,将明后财年盈利预测,分别调降14.7%和10.1%,2023财年预估下调10.4%。

假设下财年的派息率为51%,我们下修该年的周息率预估,从6仙降至5仙。

根据82%和77%派息率,2022和2023财年周息率预测各别从10仙下调至8仙。

根据10.4%的加权平均资本成本(WACC)及1%的长期增长,我们将目标价调低至1.07令吉;维持“买入”。

 

 

https://www.enanyang.my/行家论股/【行家论股视频】astro-3年财测下修

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Labels: ASTRO

Related Stocks

Chart Stock Name Last Change Volume 
ASTRO 0.765 -0.005 (0.65%) 795,000 

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