Top Calls
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Company Update � Astro (ADD, maintain)
- Rising household penetration and ARPU MEASAT Global Berhad has deferred the launch of MEASAT-3b to Sept-14, mainly due to manufacturer of MEASAT-3b co-passenger requesting time to repair their satellite. Due to this, the delivery of 8 transponders for Astro in the first year has been postponed, and the Group might have to delay their plans to increase more HD channels this year. Meanwhile, Astro�s NJOI has been gaining popularity and we believe that the Group�s target for 20% TV household penetration in 5 years� time is achievable for the NJOI segment. The pay TV subscribers and ARPU are also still on an upward trend. We opine that Astro�s ARPU is likely to grow further on the back of increased take-up of its HD channels, PVR, multiroom and Superpack & Valuepack packages. Maintain our ADD recommendation on Astro and DCF-derived target price unchanged at RM3.70.
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Other Calls
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Economy � US Outlook � Weekly Wrap (14 � 18 July 2014)
- US housing starts and permits unexpectedly fell in June
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