[ASTRO MALAYSIA HOLDINGS BHD：员工相关的费用降低]

4Q20 vs 4Q19:
EBITDA利润率比上一季度提高了3.5％。这是由于去年相应季度有离职计划引起的付款，而今年与员工相关的费用降低。与EBITDA的增长一致，净利润比同期增加了1,910万令吉或16.1％，主要是由于去年同期有软件减值，今年较低的摊销以及活动许可权的摊销。

电视：
电视EBITDA较去年同期减少1,750万令吉或4.9％。因去年相应季度有离职计划的付款，使今年较低的收入被内容成本和员工相关成本的降低所抵消。

广播：
较低的运营成本对EBITDA产生了正面影响，与去年同期的4,360万令吉相比增加了510万令吉或11.7％。

家庭购物：
本季度的家庭购物收入增长了160万令吉或1.6％，至1.004亿令吉，而上一季度为9880万令吉，这主要是由于本季度的节日旺季和战术营销活动。本季度的EBITDA较低是由于战术营销活动，而利润率较低是由于节日期间的产品组合。

4Q20 vs 3Q20：
本季度的收入为12.256亿令吉，比上一季度的12.154亿令吉提高了1,020万令吉或0.8％。这归因于商品销售，节目版权销售和广告收入的增长。净利在本季度减少3200万令吉或18.9％至1.377亿令吉，被较低的净财务成本和软件摊销所抵销。

电视：
较低的收入被节目版权销售的增加所抵消。 EBITDA较上一季度减少7870万令吉或18.8％，主要是由于内容成本，营销和分销费用，专业及顾问费增加。

广播：
广播电台本季度的收入为7700万令吉，比上一季度的7180万令吉增加520万令吉或7.2％。得益于年终假期和节日庆祝活动，连续不断的强劲听众评分推动了更高的收入表现。较高的收入导致EBITDA达到4,870万令吉，比上一季度增加430万令吉或9.7％。

家庭购物：
本季度的家庭购物收入为1.004亿令吉，较上一季度的9,310万令吉增加730万令吉或7.8％。收入的增加归因于节日和各种战术营销活动。居家购物的EBITDA与上一季度相比提高了10万令吉，这主要是由于本季度的收入增加。

YTD20 vs YTD19：
息税折旧摊销前利润率较上年同期增长5.8％，主要是由于FIFA世界杯的内容成本降低，去年相应年度有离职计划的付款导致员工相关成本降低，以及营销和分销费用成本降低。净利于年内增加1.838亿令吉或39.9％至6.446亿令吉。该增加主要是由于EBITDA的增加，净财务成本的降低以及物业，厂房和设备的折旧。

电视：
EBITDA比去年增加1.160亿令吉或7.9％，主要是由于内容成本，员工相关成本以及市场营销和分销费用的降低。

广播：
较低的成本对1.578亿令吉的EBITDA产生积极影响，与去年同期的1.567亿令吉相比，增加了110万令吉或0.7％。

家庭购物：
较低的收入导致本年度的EBITDA减少530万令吉或94.6％。

截至2019年1月31日，集团的总负债减少到52.597亿令吉，较上一年度的55.807亿令吉减少3.21亿令吉或5.8％。总负债减少主要是由于应付账款减少。

前景：
该公司已制定了业务连续性计划，并在不同地点分散了团队，并在家工作。 Astro正在提供更多内容，并正在改变内容阵容，以不断传播资讯和娱乐马来西亚人。 Astro继续致力于加强客户价值主张和忠诚度，同时追求更深入的成本优化和更强大的反盗版推动力，并利用其客户群在商业，宽带，数字和OTT领域建立新的收入。
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James Ng Stock Pick Performance:
Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM2.13 (dividend RM0.04) in 1 year 8 months 12 days, total return is 203.5%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.61 (dividend RM0.04) in 1 year 9 months 23 days, total return is 107.5%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.00 (adjusted)(dividend RM0.055) in 10 months 22 days, total return is 82.9%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.03 in 1 year 3 months 4 days, total return is 79.1%

e) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.21 (dividend RM0.148) in 1 Year 6 months 17 days, total return is 48.3%

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％

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有兴趣的朋友，可以电邮或PM FB page联络我
email：jamesngshare@gmail.com
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这个分享纯属讨论以及领域的分析，买或卖自负。请Like和Share这个post。最终决定永远是你的，谢谢。

James Ng
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[ASTRO MALAYSIA HOLDINGS BHD: lower staff related costs arising from separation scheme payments in the corresponding quarter]

4Q20 vs 4Q19:
EBITDA margin improved by 3.5% against corresponding quarter. This is contributed by lower staff related costs arising from separation scheme payments in the corresponding quarter. In line with increase of EBITDA, net profit increased by RM19.1m or 16.1% compared with the corresponding quarter mainly due to impairment of software in the corresponding quarter, lower amortisation of software and
amortisation of event license rights.

Television:
Television EBITDA decreased by RM17.5m or 4.9% against corresponding quarter. Lower revenue was mitigated by lower content costs and staff related costs arising from separation scheme payments in the corresponding quarter.

Radio:
The lower operating cost positively impacted EBITDA with an increase of RM5.1m or 11.7% as compared with the corresponding quarter of RM43.6m.

Home-shopping:
Home-shopping’s revenue for the current quarter grew by RM1.6m or 1.6% to close at RM100.4m compared with the corresponding quarter of RM98.8m, primarily due to the festive season during the quarter and tactical campaigns. The lower EBITDA during the quarter is due to tactical campaigns and lower margin due to product mix for the festive season.

4Q20 vs 3Q20:
Revenue for the current quarter of RM1,225.6m improved by RM10.2m or 0.8% compared to the preceding quarter of RM1,215.4m. This was contributed by increase in merchandise sales, sales of programming rights and advertising revenue. Net profit decreased by RM32.0m or 18.9% to RM137.7m during the quarter, offset by lower net finance costs and amortisation of software.

Television:
Lower revenue was offset by increase in sales of programming rights. EBITDA decreased by RM78.7m or 18.8% against the preceding quarter mainly due to higher content costs, marketing and distribution expenses, professional and consultancy fees.

Radio:
Radio’s revenue for the current quarter of RM77.0m was higher by RM5.2m or 7.2% compared with the preceding quarter of RM71.8m. The higher revenue performance was driven by the continuous strong listenership ratings that benefited from the year-end holidays and festive celebration. The higher revenue resulted in higher EBITDA of RM48.7m, an increase of RM4.3m or 9.7% compared with the
preceding quarter.

Home-shopping:
Home-shopping’s revenue for the current quarter of RM100.4m was higher by RM7.3m or 7.8% compared with the preceding quarter of RM93.1m. The increase in revenue was due to the festive season and various tactical campaigns. Home-shopping’s EBITDA improved by RM0.1m against the preceding quarter, primarily due to higher revenue during the quarter.

YTD20 vs YTD19:
EBITDA margin increased by 5.8% against the corresponding year mainly due to lower content costs from FIFA World Cup, lower staff related costs arising from separation scheme payment in corresponding year and marketing and distribution expenses. Net profit increased by RM183.8m or 39.9% to RM644.6m during the year. The increase was mainly due to an increase in EBITDA, lower net finance costs and depreciation of property, plant and equipment.

Television:
EBITDA increased by RM116.0m or 7.9% against the corresponding year mainly due to lower content costs, staff related costs and marketing and distribution expenses.

Radio:
The lower cost positively impacted EBITDA of RM157.8m which was higher by RM1.1m or 0.7% compared with the corresponding year of RM156.7m.

Home-shopping:
The lower revenue has resulted in lower EBITDA in the current year of RM5.3m or 94.6%.

The Group’s total liabilities reduced by RM321.0m or 5.8% to RM5,259.7m against RM5,580.7m as of 31 January 2019. The decrease in total liabilities was mainly due to lower payables.

Prospects:
The Company has instituted its Business Continuity Plan and has teams split across different sites and working from home. Astro is giving more content and changing content line up to keep informing and entertaining Malaysians. Astro remains focused on strengthening its customer value proposition and loyalty, while pursuing deeper cost optimisation and stronger anti-piracy push, as well as leveraging on its customer base to build new revenue adjacencies in commerce, broadband, digital, and OTT.
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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.

This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.

James Ng