Stock Name: ASTRO
Company Name: ASTRO ALL ASIA NETWORKS PLC
Research House: OSK
KUALA LUMPUR: OSK Research has downgraded Astro All Asia Networks to Neutral with an unchanged target price of RM4.30, which is the privatisation offer. It said on Wednesday, March 31 that Astro's FY10 results were below its estimates but in line with consensus, with net profit coming in at about 82% of its full year forecast, as it had under-estimated its tax expenses and losses from associates. Numbers at the EBIT level were broadly in line with its expectation. For the full year, revenue grew 9.7% y-o-y while core EBITDA jumped 24% y-o-y on margin improvements. After imputing higher content cost and operating expenses, OSK Research said it was cutting its FY11 earnings forecast by 28%. "Due to the limited price upside, we are downgrading our recommendation from Buy to NEUTRAL at an unchanged TP of RM4.30, which is based on the privatisation offer price," it said.
Company Name: ASTRO ALL ASIA NETWORKS PLC
Research House: OSK
KUALA LUMPUR: OSK Research has downgraded Astro All Asia Networks to Neutral with an unchanged target price of RM4.30, which is the privatisation offer. It said on Wednesday, March 31 that Astro's FY10 results were below its estimates but in line with consensus, with net profit coming in at about 82% of its full year forecast, as it had under-estimated its tax expenses and losses from associates. Numbers at the EBIT level were broadly in line with its expectation. For the full year, revenue grew 9.7% y-o-y while core EBITDA jumped 24% y-o-y on margin improvements. After imputing higher content cost and operating expenses, OSK Research said it was cutting its FY11 earnings forecast by 28%. "Due to the limited price upside, we are downgrading our recommendation from Buy to NEUTRAL at an unchanged TP of RM4.30, which is based on the privatisation offer price," it said.
No comments:
Post a Comment