KUALA LUMPUR, July 15 — Maybank Investment Bank Research has reiterated its ‘buy’ call on Astro Malaysia Holdings Bhd , raising its discounted cash flow -based target price on Astro’s shares by two per cent to RM1.36.
Maybank IB believes that the Intellectual Property High Court Kuala Lumpur’s ruling on May 24 that the sale of TV boxes with pirated content is illegal could potentially be a potentially positive turning point for Astro. “We estimate that every RM100 million of TV subscription revenue that Astro recoups will accrete RM51 million to our core net profit estimates and 10 sen to our DCF-based TP.
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