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Alliance IB Research maintains Neutral on Astro, cuts target price

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Alliance IB Research maintains Neutral on Astro, cuts target price Empty Alliance IB Research maintains Neutral on Astro, cuts target price

Post by Cals Thu 12 Sep 2013, 08:48

Alliance IB Research maintains Neutral on Astro, cuts target price
Business & Markets 2013
Written by theedgemalaysia.com   
Thursday, 12 September 2013 08:34

KUALA LUMPUR (Sept 12): Alliance IB Research has maintained its Neutral rating on Astro Malaysia Bhd at RM2.96 with a  lower target price of RM3.07 (from RM3.26) and said the behemoth Pay-TV operator’s 1HFY14 results generally came in within expectations.
In a note Thursday, the research house said Astro’s revenue growth remains healthy given strong subscribers net addition and take-up rate for HD services, though earnings are setback in the near term amid aggressive swap out of old set top boxes (STBs).
“No changes to our earnings forecast but we tweaked our DCF-derived target price to RM3.07 (from RM3.26) due to higher WACC assumptions.
“As the upside to our target price is limited, we remain Neutral on Astro,” it said.
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