[ASTRO MALAYSIA HOLDINGS BHD：媒体行业结构性变化的全球趋势下，预计有收入的挑战]
2Q19 vs 2Q18:
本季度的收入为14.165亿令吉，略微下降320万令吉或0.2％，去年相应季度为14.197亿令吉。这主要是由于订阅和广告收入减少，而被增加的商品销售额，执照许可收入和节目转播权销售额所抵消。订阅收入减少的主要原因是配套购买率下降以及广告收入减少，因为与去年相应季度相比，庆祝活动期间支出减少。
EBITDA利润率较上季度下降18.4％，主要原因是FIFA世界杯的内容成本较高以及商品销售成本较高。由于上述EBITDA减少及净财务成本增加，净利润较去年同期减少2.304亿令吉或94.0％。较高的财务净融资成本主要是由于未对冲融资租赁负债，供应商融资，借款利息支出增加，和不利未实现外汇变动导致的。
电视：
本季度的收入为12.475亿令吉，相对于去年相应季度的12.595亿令吉，减少1,200万令吉或1.0％。这主要是由于订阅和广告收入减少，而增加的执照许可收入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配套购买率下降以及广告收入减少，因为与去年相应季度相比，庆祝活动期间支出减少。电视EBITDA较去年相应季度减少2.603亿令吉或50.8％，主要由于国际足联世界杯的内容成本较高。
无线电：
无线电当前季度的收入为7520万令吉，较去年同期的8,870万令吉低了1350万令吉或15.2％。收入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3,960万令吉，较去年同期的4,790万令吉减少830万令吉或17.3％，被营销及推广成本下降抵销。
家庭购物：
EBITDA与去年相应季度的差异为190万令吉，主要是由于本季度额外波道和推销活动产生的成本。
2Q19 vs 1Q19：
本季度的收入为14.165亿令吉，较上一季度的13.109亿令吉增加了1.056亿令吉或8.1％。 EBITDA利润率较上一季度下降14.8％，主要原因是FIFA世界杯的内容成本较高。本季度净利润减少1.592亿令吉或91.5％至1,470万令吉。减少的主要原因是EBITDA减少，如上所述，净融资成本增加。较高的净融资成本是由于未对冲融资租赁负债，供应商融资，和不利的未实现外汇变动导致的。
电视：
EBITDA较上一季度减少1.774亿令吉或41.3％，主要是由于FIFA世界杯的内容成本增加，应收账款减值增加，但被收入增加抵消。
无线电：
收入增加导致EBITDA增加到3,960万令吉，较上一季度增加650万令吉或19.6％。
家庭购物：
EBITDA与上一季度相比减少了160万令吉，这主要是由于本季度的推销运动。
YTD19 vs YTD18：
本期间的收入为27.274亿令吉，较去年同期的27.458亿令吉减少1,840万令吉或0.7％。这主要是由于订阅和广告收入减少，但被增加的商品销售，执照许可收入和节目转播权销售所抵消。订阅收入减少的主要原因是配套购买率下降以及广告收入减少（广告市场放缓）。
息税折旧摊销前利润率较同期下降9.3％，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。期内净利润减少了2.489亿令吉或56.9％至1.886亿令吉。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。净融资成本的增加是由于未对冲融资租赁负债产生的外汇变动，供应商融资，和借款的利息支出增加所致。
电视：
本期间的收入为24.071亿令吉，较同期的24.516亿令吉减少4,450万令吉或1.8％。这主要是由于订阅和广告收入减少，而增加的执照许可收入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配套购买率下降以及广告收入减少（广告市场放缓）。由于收入减少，EBITDA与同期相比减少了2.608亿令吉或27.7％，如上所述，以及国际足联世界杯更高的内容成本。
无线电：
电台目前的收入为1.427亿令吉，较同期的1亿6,020万令吉低1750万令吉或10.9％。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7,270万令吉，较去年同期的8,430万令吉减少1,160万令吉或13.8％，被营销及推广成本下降抵销。
家庭购物：
息税折旧摊销前利润同比增长80万令吉或11.4％，主要原因是收入增加。
于二零一八年七月三十一日，这集团资产总额为67.193亿令吉，而二零一八年一月三十一日的68.479亿令吉减少1.286亿令吉或1.9％。与2018年1月31日相比，非流动资产总额为47.939亿令吉，减少1,290万令吉。这是由于应收账款，预付款及合约资产减少720万令吉，而物业，厂房及设备减去8260万令吉，主要来自折旧2.59亿令吉，被额外租赁转发器7,660万令吉及机顶盒8780万令吉抵消。流动资产总额为19.254亿令吉较2018年1月31日减少1.157亿令吉。这是由于应收账款，预付款及合约资产减少2.694亿令吉，主要是因为国际足联世界杯的预付款项为损益表支出。
借款增加乃由于非流动负债重新分类和额外转发器，但被期内偿还借款抵销。截至2018年7月31日，非流动负债总额增加1.155亿令吉，增加3.0％至39.064亿令吉。增加的原因是借款额增加5,290万令吉，原因是当期部分定期贷款重新分类，被来自外币贷款额为3亿640万令吉和供应商融资的6,050万令吉应付款项抵销。
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，他们正用收入多元化努力和严谨的成本优化计划来缓解。
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James Ng Stock Pick Performance:
Since Recommended Return:
1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.91 in 1 month 16 day, total return is 27.3%
2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.945 in 2 month 27 days, total return is 18.9%
3) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.50 in 2 months 20 days, total return is 15.2%
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[ASTRO MALAYSIA HOLDINGS BHD: amid the global trend of structural change in the media industry, expecting to encounter revenue challenges]
2Q19 vs 2Q18:
Revenue for the current quarter of RM1,416.5m was marginally lower by RM3.2m or 0.2% against corresponding quarter of RM1,419.7m. This was mainly due to a decrease in subscription and advertising revenue, offset by higher 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 lower spending over festivities as compared to corresponding quarter.
EBITDA margin decreased by 18.4% against corresponding quarter mainly due to higher content costs from FIFA World Cup and higher cost of merchandise sales. Net profit decreased by RM230.4m or 94.0% compared with the corresponding quarter due to decrease in EBITDA as explained above and higher net finance costs. 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 RM1,247.5m was lower by RM12.0m or 1.0% against corresponding quarter of RM1,259.5m. 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 lower spending over festivities as compared to corresponding quarter. The decrease in Television EBITDA by RM260.3m or 50.8% against corresponding quarter mainly due to higher content costs from FIFA World Cup.
Radio:
Radio’s revenue for the current quarter of RM75.2m was lower by RM13.5m or 15.2% compared with the corresponding quarter of RM88.7m. 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 RM39.6m, a decline of RM8.3m or 17.3% compared with the corresponding period of RM47.9m, offset by lower marketing and promotion costs.
Home-shopping:
EBITDA recorded an unfavourable variance of RM1.9m against corresponding quarter, primarily due to costs incurred for an additional channel and tactical campaigns for the current quarter.
2Q19 vs 1Q19:
Revenue for the current quarter of RM1,416.5m was higher by RM105.6m or 8.1% against preceding quarter of RM1,310.9m. EBITDA margin decreased by 14.8% against the preceding quarter mainly due to higher content costs from FIFA World Cup. Net profit decreased by RM159.2m or 91.5% to RM14.7m during the quarter. The decrease was mainly due to decrease in EBITDA, as explained above and higher net finance costs. Higher net finance cost was due to unfavourable unrealised forex movement arising from unhedged finance lease liabilities and vendor financing.
Television:
EBITDA decreased by RM177.4m or 41.3% against the preceding quarter mainly due to higher content costs from FIFA World Cup, increase in impairment of receivables, offset by higher revenue.
Radio:
The higher revenue resulted in higher EBITDA of RM39.6m, an increase of RM6.5m or 19.6% compared with the preceding quarter.
Home-shopping:
EBITDA decreased by RM1.6m against the preceding quarter, which was mainly due to tactical campaigns for the current quarter.
YTD19 vs YTD18:
Revenue for the current period of RM2,727.4m was lower by RM18.4m or 0.7% against corresponding period of RM2,745.8m. 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 9.3% against the corresponding period mainly due to higher content costs from FIFA World Cup and increase in merchandise costs. Net profit decreased by RM248.9m or 56.9% to RM188.6m 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 forex movement arising from unhedged finance lease liabilities and vendor financing and increase in interest expenses for vendor financing and borrowings.
Television:
Revenue for the current period of RM2,407.1m was lower by RM44.5m or 1.8% against corresponding period of RM2,451.6m. 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 RM260.8m or 27.7% 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 RM142.7m was lower by RM17.5m or 10.9% compared with the corresponding period of RM160.2m. 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 RM72.7m which was lower by RM11.6m or 13.8% compared with the corresponding period of RM84.3m, offset by lower marketing and promotion costs.
Home-shopping:
EBITDA improved by RM0.8m or 11.4% against corresponding period, which was mainly due to higher revenue.
As at 31 July 2018, the Group had total asset of RM6,719.3m against RM6,847.9m as at 31 January 2018, a decrease of RM128.6m or 1.9%. Total non-current assets of RM4,793.9m was lower by RM12.9m as compared to 31 January 2018. This was due to decrease in receivables, prepayment and contract assets by RM7.2m and decrease from property, plant and equipment by RM82.6m mainly arising from depreciation of RM259.0m and offset by additional lease transponder of RM76.6m and acquisition of set-top boxes by RM87.8m. Total current assets of RM1,925.4m was lower by RM115.7m as compared to 31 January 2018. This was due to decrease in receivables, prepayment and contract assets by RM269.4m mainly arising from prepayment for FIFA World Cup being expense of income statement.
The increase in borrowings was due to reclassification from non-current liabilities and additional transponder offset by repayment of borrowings during the period. Total non-current liabilities increased by RM115.5m, 3.0% to RM3,906.4m as at 31 July 2018. The increase was due to higher borrowings by RM52.9m due to reclassification of current portion of term loan, offset by drawdown of Synthetic Foreign Currency Loan of RM306.4m and higher payables by RM60.5m 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 and disciplined cost optimisation initiatives.
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:
1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.91 in 1 month 16 day, total return is 27.3%
2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.945 in 2 month 27 days, total return is 18.9%
3) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.50 in 2 months 20 days, total return is 15.2%
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
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