[ASTRO MALAYSIA HOLDINGS BHD：媒体行业结构性变化的全球趋势下，这集团预计会遇到一些收入挑战]

3Q19 vs 3Q18:
本季度的收入为13.838亿令吉，较上一季度的13.967亿令吉略微下降了1290万令吉或0.9％。这主要是由于订阅收入减少，被商品销售和广告收入的增加抵消。订阅收入减少的主要原因是package购买率下降。 EBITDA利润率较上季度增加4.3％，主要是由于内容成本，许可证，版权和忠诚度费用以及应收账款减值减少，而商品销售成本增加抵消了这一影响。较高的财务净融资成本主要是由于未对冲融资租赁负债和供应商融资以及借款利息支出增加导致的不利未实现外汇变动。

电视：
本季度的营业额为12.15亿令吉，相对于相应季度的12.452亿令吉，较上年同期减少3,020万令吉或2.4％。这主要是由于订阅收入减少，而广告收入增加抵消了这一点。订阅收入减少的主要原因是package购买率下降。

广播：
Radio的当前季度收入为7,050万令吉，较上一季度的7,930万令吉低880万令吉或11.1％。收入表现较低是由于不利的运营环境导致客户广告支出减少。收入减少导致息税折旧摊销前利润减少到4,040万令吉，较同期4,400万令吉减少360万令吉或8.2％，部分被营销成本下降所抵销。

家庭购物：
家庭购物EBITDA与相应季度相比录得260万令吉的改善，主要是由于收入增加。

3Q19 vs 2Q19：
本季度的收入为13.838亿令吉，较上一季度的14.165亿令吉减少了3,270万令吉或2.3％。这主要是由于订阅收入和许可收入的减少，而广告收入和商品销售的增加抵消了这一点。订阅收入减少的主要原因是上一季度的国际足联世界杯通行证的package购买和销售额下降。 EBITDA利润率增长13.8％，主要是由于上一季度FIFA世界杯的内容成本较高。本季度净利润增加1.389亿令吉或944.9％至1.536亿令吉。

电视：
本季度的营业额为12.15亿令吉，较前一季度的12.475亿令吉减少了3,250万令吉或2.6％。这主要是由于订阅收入和许可收入减少。订阅收入减少的主要原因是上一季度的国际足联世界杯通行证的package购买和销售额下降。EBITDA的增长被收入减少所抵消。

广播：
Radio的当前季度收入为7,050万令吉，较上一季度的7520万令吉低了470万令吉或6.3％。本季度收入表现较低的原因在于季节性因素。

家庭购物：
家庭购物EBITDA与上一季度相比增长了490万令吉，主要是由于收入增加。

YTD19 vs YTD18：
本期收入为41.112亿令吉，较去年同期的41.425亿令吉减少3,130万令吉或0.8％。这主要是由于订阅和广告收入减少，被商品销售，许可收入和节目转播权销售的增加抵消。订阅收入减少的主要原因是package购买率下降以及由于广告市场放缓，广告收入减少。息税折旧摊销前利润率较同期下降4.8％，主要原因是国际足联世界杯的内容成本较高以及商品成本增加。

期内净利润减少2.412亿令吉或41.3％至3.422亿令吉。减少主要是由于EBITDA减少和净财务成本增加，被较低的税收支出抵消。净融资成本增加乃由于未对冲融资租赁负债产生的不利外汇变动及借款及融资租赁负债的利息开支增加所致。

电视：
本期收入为36.221亿令吉，较同期的36.968亿令吉减少7,470万令吉或2.0％。这主要是由于订阅和广告收入减少，而许可收入的增加和节目转播权的销售抵消了这一点。订阅收入减少的主要原因是package购买率下降以及由于广告市场放缓，广告收入减少。由于收入减少，EBITDA与同期相比减少了2.032亿令吉或15.4％，也因为FIFA世界杯产生的更高内容成本。

广播：
广播目前的收入为2.132亿令吉，较同期的2.395亿令吉低2630万令吉或11.0％。收入表现较低是由于不利的运营环境导致客户广告支出减少。较低的收入导致较低的EBITDA为1.131亿令吉，较去年同期的1.283亿令吉减少1520万令吉或11.8％，被营销及促销成本下降抵销。

家庭购物：
家庭购物EBITDA与同期相比增加了340万令吉或39.5％，主要是由于收入增加。

于二零一八年十月三十一日，这集团总资产为67.838亿令吉，而同期二零一八年一月三十一日为68.479亿令吉，减少了6410万令吉或0.9％。与2018年1月31日相比，这季非流动资产总额为47.553亿令吉，减少5,150万令吉。这是由于物业，厂房及设备减少1.541亿令吉，主要是由于折损3.861亿令吉，被额外增加租赁转发器RM76.6m和收购机顶盒RM125.7m所抵销。

流动资产总额为20.285亿令吉，较2018年1月31日减少1,260万令吉。这是由于应收账款，预付款及合约资产减少3亿1050万令吉，主要是因为国际足联世界杯的预付款已计入损益表所致。现金和银行结余的增加是由于经营活动产生的现金流量和Synthetic Foreign Currency Loan（“SFCL”）和定期贷款的获取，但被股息支付，偿还借款和融资租赁负债以及购买物业，厂房和设备所抵消。

借款减少乃由于期内偿还借款所致，但被非流动负债重新分类及额外转发器租赁负债所抵销。截至2018年10月31日，非流动负债总额增加了2.11亿令吉，增加5.6％至4亿190万令吉。增加的原因是由于当期部分定期贷款重新分类导致借款增加1.705亿令吉，但被SFCL的3.064亿令吉和定期贷款3亿8,000万令吉以及更高的供应商融资相关应付款4,040万令吉的获取所抵销。

前景：
在媒体行业结构性变化的全球趋势下，这集团预计会遇到一些收入挑战，他们正在用收入多元化努力，业务策略检讨及更深层次的成本优化计划来缓解。
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James Ng Stock Pick Performance:
Since Recommended Return:

1) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.88 in 5 months 5 days, total return is 10.7%

2) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.785 in 3 months 24 day, total return is 9.8%

3) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.07 in 1 month 22 days, total return is 9.5%

我希望将我的策略分享给读者，希望他们在阅读后能够表现出色。我正在使用基本面分析（Fundamental Analysis）：

预计公司每年的增长率必须> 14％

我想说服读者学习基本面分析FA以便能从股市赚钱。

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James Ng
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[ASTRO MALAYSIA HOLDINGS BHD: amid the global trend of structural change in the media industry, the Group is expecting to encounter some revenue challenges]

3Q19 vs 3Q18:
Revenue for the current quarter of RM1,383.8m was marginally lower by RM12.9m or 0.9% against corresponding quarter of RM1,396.7m. This was mainly due to a decrease in subscription revenue, offset by higher merchandise sales and advertising revenue. The decrease in subscription revenue was mainly due to lower package take-up. EBITDA margin increased by 4.3% against corresponding quarter mainly contributed by lower content costs, license, copyright and loyalty fees and impairment of receivables, offset by higher cost of merchandise sales. Higher net finance cost was mainly due to unfavourable unrealised forex movement arising from unhedged finance lease liabilities and vendor financing and increase in interest expenses from borrowings.

Television:
Revenue for the current quarter of RM1,215.0m was lower by RM30.2m or 2.4% against corresponding quarter of RM1,245.2m. This was mainly due to a decrease in subscription revenue, offset by increase in advertising revenue. The decrease in subscription revenue was mainly due to lower package take-up.

Radio:
Radio’s revenue for the current quarter of RM70.5m was lower by RM8.8m or 11.1% compared with the corresponding quarter of RM79.3m. The lower revenue performance was due to an unfavourable operating environment leading to lower client advertising spend.
The lower revenue resulted in lower EBITDA of RM40.4m, a decline of RM3.6m or 8.2% compared with the corresponding period of RM44.0m, partially offset by lower marketing cost.

Home-shopping:
Home-shopping EBITDA recorded an improvement of RM2.6m against corresponding quarter, primarily due to the increase in revenue.

3Q19 vs 2Q19:
Revenue for the current quarter of RM1,383.8m was lower by RM32.7m or 2.3% against preceding quarter of RM1,416.5m. This was mainly due to decrease in subscription revenue and licensing income, offset by increase in advertising revenue and merchandise sales. The decrease in subscription revenue was mainly due to lower package take-up and sales of FIFA World Cup passes in the preceding quarter. EBITDA margin increased by 13.8% mainly due to higher content costs from FIFA World Cup in the preceding quarter. Net profit increased by RM138.9m or 944.9% to RM153.6m during the quarter.

Television:
Revenue for the current quarter of RM1,215.0m was lower by RM32.5m or 2.6% against preceding quarter of RM1,247.5m. This was mainly due to decrease in subscription revenue and licensing income. The decrease in subscription revenue was mainly due to lower package take-up and sales of FIFA World Cup passes in the preceding quarter. The increase of EBITDA was offset by lower revenue.

Radio:
Radio’s revenue for the current quarter of RM70.5m was lower by RM4.7m or 6.3% compared with the preceding quarter of RM75.2m. The lower revenue performance for the quarter was due to the seasonality factors.

Home-shopping:
Home-shopping EBITDA recorded an improvement of RM4.9m against the preceding quarter, which was mainly due to the increase in revenue.

YTD19 vs YTD18:
Revenue for the current period of RM4,111.2m was lower by RM31.3m or 0.8% against corresponding period of RM4,142.5m. This was mainly due to a decrease in subscription and advertising revenue, offset by increase in merchandise sales, licensing income and sales of programme broadcast rights. The decrease in subscription revenue was mainly due to lower package take-up and the decrease in advertising revenue was due to a slowing advertising market. EBITDA margin decreased by 4.8% against the corresponding period mainly due to higher content costs from FIFA World Cup and increase in merchandise costs.

Net profit decreased by RM241.2m or 41.3% to RM342.2m during the period. The decrease was mainly due to decrease in EBITDA and increase in net finance costs, offset by lower tax expenses. The increase in net finance costs was due to unfavourable forex movement arising from unhedged finance lease liabilities and increase in interest expenses for borrowings and finance lease liabilities.

Television:
Revenue for the current period of RM3,622.1m was lower by RM74.7m or 2.0% against corresponding period of RM3,696.8m. This was mainly due to a decrease in subscription and advertising revenue, offset by increase in licensing income and sales of programme broadcast rights. The decrease in subscription revenue was mainly due to lower package take-up and the decrease in advertising revenue was due to a slowing advertising market. EBITDA decreased by RM203.2m or 15.4% against the corresponding period due to lower revenue, as highlighted above and higher content costs arising from FIFA World Cup.

Radio:
Radio’s revenue for the current period of RM213.2m was lower by RM26.3m or 11.0% compared with the corresponding period of RM239.5m. The lower revenue performance was due to an unfavourable operating environment leading to lower client advertising spend. The lower revenue resulted in lower EBITDA of RM113.1m which was lower by RM15.2m or 11.8% compared with the corresponding period of RM128.3m, offset by lower marketing and promotional costs.

Home-shopping:
Home-shopping EBITDA improved by RM3.4m or 39.5% against corresponding period, which was mainly due to higher revenue.

As at 31 October 2018, the Group had total asset of RM6,783.8m against RM6,847.9m as at 31 January 2018, a decrease of RM64.1m or 0.9%. Total non-current assets of RM4,755.3m was lower by RM51.5m as compared to 31 January 2018. This was due to decrease from property, plant and equipment by RM154.1m mainly arising from depreciation of RM386.1m and offset by additional lease transponder of RM76.6m and acquisition of set-top boxes by RM125.7m.

Total current assets of RM2,028.5m was lower by RM12.6m as compared to 31 January 2018. This was due to decrease in receivables, prepayment and contract assets by RM310.5m mainly arising from prepayment for FIFA World Cup being expensed to income statement. Increase in cash and bank balances was due to cash flow from operating activities and drawdown of Synthetic Foreign Currency Loan (“SFCL”) and Term Loan, offset by dividend payment, repayment of borrowings and finance lease liabilities and purchase of property, plant and equipment.

The decrease in borrowings was due to repayment of borrowings during the period, offset by reclassification from noncurrent liabilities and additional transponder lease liabilities. Total non-current liabilities increased by RM211.0m, 5.6% to RM4,001.9m as at 31 October 2018. The increase was due to higher borrowings by RM170.5m due to reclassification of current portion of term loan, offset by drawdown of SFCL of RM306.4m and Term loan of RM380.0m and higher payables by RM40.4m from vendor financing.

Prospects:
Amid the global trend of structural change in the media industry, the Group is expecting to encounter some revenue challenges, which they are cushioning against revenue diversification efforts, strategic review of their business and deeper cost optimisation initiatives.
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

1) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.88 in 5 months 5 days, total return is 10.7%

2) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.785 in 3 months 24 day, total return is 9.8%

3) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.07 in 1 month 22 days, total return is 9.5%

I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:

the forecasted growth of a company must > 14% per year

I wish to convince readers to learn FA in order to make money from stock market.

I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page https://web.facebook.com/jamesshareinvest/

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James Ng