February 12, 2014

Astro Malaysia Holdings (AMH MK)

Share Price: MYR3.00 MCap (USD): 4.7B Malaysia

Target Price: MYR3.48 (+16%) ADTV (USD): 2.1M Media Buy (unchanged)

Update Company Key Data

| Call this number on your screen Shariah status NO

. Astro’s new home shopping channel in Malaysia, partnering 52w high/low (MYR) 3.23/2.67 GS Home Shopping, is not expected to materially impact its Free float (%) 32.5 earnings negatively. GS’ other foreign ventures validate this. Issued shares (m) 5,198 . Maintain BUY call and MYR3.48 TP. Its core business is still Market capitalization MYR15.6B

stable during this period of consumer sentiment weakness. Major shareholders: RESEARCH ASTRO NETWORKS 42.4% What’s New MALAY PANTAI CAHAYA BULAN 8.3% ALL ASIA MEDIA EQUIT 7.8% Astro has entered into a shareholders’ agreement with GS Home

Shopping to establish a home shopping channel in Malaysia, Astro Share Price Performance

COMPANY GS Shop (AGS). AGS will offer home shopping via TV, internet and mobile. Astro will hold 60% of AGS while GS will hold the balance. The total capitalisation of AGS will be MYR70m, of which Astro will contribute MYR42m (MYR70m X 60% shareholding).

What’s Our View

GS is the largest home shopping company in South Korea and has home shopping related investments in India, Thailand, China, Vietnam, Indonesia and Turkey. The aim of AGS is to deepen Astro’s share of the subscriber wallet. The AGS channel will be available on both the Pay-TV and NJOI platforms. The AGS channel is expected to commence operations only in 1 Mth 3 Mth 12 Mth 4QFY1/15. Astro proper will earn minimal fees for broadcasting 0.3 2.7 8.7 and renting studios and related production facilities to AGS. For Absolute(%) Relative to country (%) 0.5 0.6 (3.6) AGS proper, we understand that it may generate net losses in the

first two years although it may record revenues of >MYR100m p.a.. Maybankvs Market That said, we do not expect AGS to generate losses large enough to Positive Neutral Negative materially impact Astro’s earnings. Five of GS’ six other foreign Market Recs 17 6 3 ventures are either generating marginal losses or marginal profits Maybank Consensus % +/- (Figure 1). Only GS’ Indian venture is generating substantial losses Target Price (MYR) 3.48 3.27 6.5 (2013: -KRW20.9b or -MYR65m). 2014 Net Profit 465.7 456.2 2.1 On that note, we do not believe that investors should be overly (MYRm) concerned on this venture. We leave our estimates, BUY call and 2015 Net Profit 600.4 578.5 3.8 MYR3.48 DCF based TP unchanged. (MYRm) Source: Bloomberg; Maybank

FYE Jan(MYR m) 2012A 2013A 2014F 2015F 2016F Sales 3,846.7 4,265.0 4,852.9 5,375.0 5,768.6 EBITDA 1,414.7 1,387.6 1,627.2 2,008.7 2,238.0 Core net profit 636.7 418.0 465.7 600.7 763.0 Core EPS (sen) 12.2 8.0 8.9 11.5 14.6 Core EPS growth (%) N/A (34.3) 11.4 29.0 27.0 Net DPS (sen) - 4.0 8.0 8.6 11.0 BVPS (MYR) 0.09 0.10 0.11 0.14 0.17 Core P/E (x) 24.6 37.4 33.6 26.1 20.5 EV/EBITDA (x) 13.3 12.7 10.7 8.9 8.0 Net dividend yield (%) - 1.3 2.7 2.9 3.7 P/BV (x) 32.3 30.5 27.8 21.9 17.2 Yin Shao Yang Net debt/equity (%) 669.2 405.2 322.2 307.6 248.6 (603) 22978916 ROAE (%) 77.9 84.1 86.8 94.2 94.2 ROAA (%) 13.0 6.4 6.8 7.9 9.8 [email protected]

SEE PAGE 5 FOR IMPORTANTDISCLOSURES AND ANALYST CERTIFICATIONS PP16832/01/2013 (031128)

Astro Malaysia Holdings

Table 1: GS Home Shopping investments outside South Korea Country Company Partner Commencement Investment Shareholding Gross sales/Net profit (KRWb) 2012 2013 India Home Shop18 Network 18 Nov 2009 USD32.6m 15.4% 172.0/-26.9 228.7/-20.9 Thailand True Select True Visions May 2011 USD2.8m 35.0% 18.5/-1.4 23.0/-2.0 China Hui Mai China Home Shopping Group May 2012 USD40.0m 20.0% 305.5/+7.7 412.0/+13.6 Vietnam VGS Shop Vision 21 Media Corp. May 2012 USD1.5m 30.0% 3.3/-0.1 5.4/-0.2 Indonesia MNC Shop Global Mediacom Aug 2012 USD3.0m 40.0% 2.8/-0.0 8.8/-1.5 Turkey MNG Shop MNG May 2013 USD6.0m 30.0% N/A 3.5/-9.4

* MYRKRW exchange rate: 321.74 Source: GS Home Shopping

Table 2: DCF valuation Equity value Comments MYRm MYR/sh DCF 18,858.0 3.63 9.2% WACC, g=2.5% Net debt ex-finance lease liabilities (816.6) (0.16) End-FY15 Total 18,041.4 3.48

Source: Maybank KE

February 12, 2014 2

Astro Malaysia Holdings

INCOME STATEMENT (MYR m) BALANCE SHEET (MYR m) FY Jan 2013A 2014F 2015F 2016F FY Jan 2013A 2014F 2015F 2016F

Revenue 4,265.0 4,852.9 5,375.0 5,768.6 Fixed Assets 1,915.8 2,289.8 2,959.6 2,868.1 EBITDA 1,387.6 1,627.2 2,008.7 2,238.0 Other LT Assets 2,075.5 2,081.4 2,087.4 2,093.3 Depreciation &Amortisation (602.5) (790.8) (959.5) (961.1) Cash/ST Investments 1,607.8 1,799.3 1,795.4 1,524.9 Operating Profit (EBIT) 785.2 836.4 1,049.2 1,276.9 Other Current Assets 918.7 1,020.9 1,113.3 1,183.0 Interest (Exp)/Inc (216.1) (201.8) (228.8) (233.3) Total Assets 6,517.8 7,191.5 7,955.7 7,669.3 Associates 5.9 5.9 5.9 5.9 One-offs (0.0) - - - ST Debt 125.2 280.5 417.3 454.2 Pre-Tax Profit 574.9 640.5 826.3 1,049.5 Other Current Liabilities 1,450.4 1,725.3 2,139.2 2,283.2 Tax (155.1) (172.8) (223.0) (283.2) LT Debt 3,556.4 3,328.6 3,572.7 3,324.4 Minority Interest (1.8) (2.0) (2.6) (3.3) Other LT Liabilities 869.7 1,289.2 1,104.0 688.8 Net Profit 418.0 465.7 600.7 763.0 Minority Interest 4.3 6.3 8.8 12.1 Recurring Net Profit 418.0 465.7 600.7 763.0 Shareholders' Equity 511.8 561.7 713.6 906.6 Total Liabilities-Capital 6,517.8 7,191.5 7,955.7 7,669.3 Revenue Growth % 10.9 13.8 10.8 7.3 EBITDA Growth (%) (1.9) 17.3 23.4 11.4 Share Capital (m) 5,198.3 5,198.3 5,198.3 5,198.3 EBIT Growth (%) (21.2) 6.5 25.4 21.7 Gross Debt/(Cash) 3,681.6 3,609.1 3,990.0 3,778.5 Net Profit Growth (%) (33.6) 11.4 29.0 27.0 Net Debt/(Cash) 2,073.8 1,809.8 2,194.6 2,253.7 Recurring Net Profit Growth (34.3) 11.4 29.0 27.0 Working Capital 950.9 814.5 352.2 (29.6) Tax(%) Rate % 27.0 27.0 27.0 27.0

CASH FLOW (MYR m) RATES & RATIOS FY Jan 2013A 2014F 2015F 2016F FY Jan 2013A 2014F 2015F 2016F

Profit before taxation 574.9 640.5 826.3 1,049.5 EBITDA Margin % 32.5 33.5 37.4 38.8 Depreciation 928.9 1,156.4 1,365.0 1,396.1 Op. Profit Margin % 18.4 17.2 19.5 22.1 Net interest 216.1 201.8 228.8 233.3 Net Profit Margin % 9.8 9.6 11.2 13.2 Workingreceipts/(payments) capital change (338.6) (274.6) (436.9) (433.5) ROE % 84.1 86.8 94.2 94.2 Cash tax paid (251.3) (156.8) (208.9) (266.3) ROA % 6.4 6.8 7.9 9.8 Others (incl'd exceptional 35.1 (5.9) (5.9) (5.9) Net Margin Ex. El % 9.8 9.6 11.2 13.2 Cashitems) flow from operations 1,165.1 1,561.3 1,768.3 1,973.2 Dividend Cover (x) 0.7 1.1 1.3 1.3 Capex (314.3) (485.3) (537.5) (403.8) Interest Cover (x) 3.6 4.1 4.6 5.5 Payment of STBs (230.0) (194.4) (276.6) (619.3) Asset Turnover (x) 0.7 0.7 0.7 0.8 Disposal/(purchase) 4.5 - - - Asset/Debt (x) 1.8 2.0 2.0 2.0 Others 1.6 68.6 75.5 83.0 Debtors Turn (days) 62.7 62.9 62.9 62.9 Cash flow from investing (538.2) (611.0) (738.6) (940.1) Creditors Turn (days) 143.9 148.4 148.4 148.4 Debt raised/(repaid) (60.9) (72.5) (280.5) (417.3) Inventory Turn (days) 2.0 1.6 1.6 1.6 Equity raised/(repaid) 1,386.9 - - - Net Gearing % 405.2 322.2 307.6 248.6 Dividends (paid) (632.6) (415.9) (448.8) (570.0) Debt/ EBITDA (x) 2.7 2.2 2.0 1.7 Interest payments (190.8) (270.4) (304.3) (316.4) Debt/ Market Cap (x) 0.2 0.2 0.3 0.2 Others - - - - Cash flow from financing 502.6 (758.7) (1,033.6) (1,303.7) Change in cash 1,129.5 191.6 (3.9) (270.5)

February 12, 2014 3

Astro Malaysia Holdings

Research Offices

REGIONAL HONG KONG / CHINA INDONESIA Surachai PRAMUALCHAROENKIT (66) 2658 6300 ext 1470 WONG Chew Hann, CA Howard WONGHead of Research WiliantoIEHead of Research [email protected] Regional Head of Institutional Research (852) 2268 0648 (62) 21 2557 1125 • Auto • Conmat • Contractor • Steel (603) 2297 8686 [email protected] [email protected] [email protected] • Oil & Gas - Regional • Strategy SuttatipPEERASUB ONG SengYeow Alexander LATZER RahmiMARINA (66) 2658 6300 ext 1430 Regional Head of Retail Research (852) 2268 0647 (62) 21 2557 1128 [email protected] (65) 6432 1453 [email protected] [email protected] • Media • Commerce [email protected] • Metals & Mining - Regional • Banking & Finance SutthichaiKUMWORACHAI Alexander GARTHOFF Alison FOK AurelliaSETIABUDI (66) 2658 6300 ext 1400 Institutional Product Manager (852) 2268 0630 [email protected] (62) 21 2953 0785 [email protected] (852) 2268 0638 • Consumer [email protected] • Energy • Petrochem [email protected] • Property Jacqueline KO, CFA TermpornTANTIVIVAT (852) 2268 0633 [email protected] Anthony YUNUS ECONOMICS (66) 2658 6300 ext 1520 • Consumer (62) 21 2557 1136 [email protected] Suhaimi ILIAS [email protected] Karen KWAN • Property Chief Economist • Consumer • Poultry (852) 2268 0640 [email protected] Singapore | Malaysia • Property & REITs IsnaputraISKANDAR WoraphonWIROONSRI (603) 2297 8682 (62) 21 2557 1129 (66) 2658 6300 ext 1560 [email protected] Osbert TANG, CFA [email protected] [email protected] (852) 21 5096 8370 • Metals & Mining • Cement • Banking & Finance Luz LORENZO [email protected] • Transport & Industrials PanduANUGRAH Philippines JaroonpanWATTANAWONG (62) 21 2557 1137 (63) 2 849 8836 (66) 2658 6300 ext 1404 Philip TSE, CFA FRM [email protected] [email protected] [email protected] (852) 2268 0643 [email protected] • Infrastructure • Construction • Transport • Property & REITs • Transportation • Small cap Tim LEELAHAPHAN JanniASMAN Thailand Ricky WK NG, CFA (62) 21 2953 0784 Chatchai JINDARAT (662) 658 1420 [email protected] (852) 2268 0689 [email protected] [email protected] (66) 2658 6300 ext 1401 • Utilities & Renewable Energy • Cigarette • Healthcare • Retail [email protected] JUNIMAN • Electronics Chief Economist, BII Simon QIAN, CFA Lucky ARIESANDI,CFA Indonesia (852) 2268 0634 (62) 21 2557 1127 VIETNAM [email protected] [email protected] (62) 21 29228888 ext 29682 LE Hong Lien, ACCA • Telecom & Internet • Telcos • Media [email protected] Head of Institutional Research Steven ST CHAN PHILIPPINES (84) 844 55 58 88 x 8181 Josua PARDEDE (852) 2268 0645 [email protected] [email protected] Economist / Industry Analyst, BII • Banking & Financials Luz LORENZOHead of Research • Strategy • Consumer • Diversified • Utilities Indonesia (63) 2 849 8836 (62) 21 29228888 ext 29695 Warren LAU [email protected] THAI QuangTrung, CFA, Deputy Manager, [email protected] (852) 2268 0644 • Strategy Institutional Research [email protected] (84) 844 55 58 88 x 8180 trung.thai@maybank- MALAYSIA • Technology – Regional Laura DY-LIACCO kimeng.com.vn (63) 2 849 8840 • Real Estate • Construction • Materials WONG Chew Hann, CA Head of Research William YANG [email protected] (603) 2297 8686 [email protected] (852) 2268 0675 • Utilities • Conglomerates • Telcos TRUONG Thanh Hang • Strategy • Construction & Infrastructure [email protected] (84) 844 55 58 88 x 8085 hang.truong@maybank- • Technology – Regional Lovell SARREAL kimeng.com.vn Desmond CH’NG, ACA (63) 2 849 8841 • Consumer (603) 2297 8680 INDIA [email protected] • Consumer • Media • Cement [email protected] Jigar SHAH Head of Research Le Nguyen NhatChuyen • Banking & Finance (84) 844 55 58 88 x 8082 chuyen.le@maybank- (91) 22 6623 2601 Rommel RODRIGO kimeng.com.vn LIAW Thong Jung [email protected] (63) 2 849 8839 • Oil & Gas [email protected] (603) 2297 8688 [email protected] • Oil & Gas • Automobile • Cement • Oil & Gas - Regional • Shipping • Conglomerates • Property • Gaming NGUYEN ThiNganTuyen, Head of Retail Research Anubhav GUPTA • Ports/ Logistics (84) 8 44 555 888 x 8081 ONG Chee Ting, CA (91) 22 6623 2605 Katherine TAN [email protected] (603) 2297 8678 [email protected] [email protected] (63) 2 849 8843 • Food & Beverage • Oil&Gas • Banking • Plantations - Regional • Metal & Mining • Capital Goods • Property [email protected] NGUYEN TrungHoa, Dy Head of Retail Research Mohshin AZIZ • Banks • Construction Urmil SHAH (84) 8 44 555 888 x 8088 (603) 2297 8692 [email protected] (91) 22 6623 2606 [email protected] Ramon ADVIENTO [email protected] • Aviation - Regional • Petrochem (63) 2 849 8845 • Macro • Steel • Real estate • Technology • Media [email protected] YIN Shao Yang, CPA • Mining (603) 2297 8916 [email protected] SINGAPORE TRINH Thi Ngoc Diep (84) 4 44 555 888 x 8208 • Gaming – Regional • Media THAILAND NG Wee SiangHead of Research [email protected] • Technology • Utilities • Construction TAN Chi Wei, CFA (65) 6432 1467 [email protected] Maria LAPIZ Head of Institutional Research (603) 2297 8690 [email protected] • Banking & Finance Dir (66) 2257 0250 | (66) 2658 6300 ext 1399 • Power • Telcos [email protected] TRUONG QuangBinh Gregory YAP • Consumer / Materials (84) 4 44 555 888 x 8087 WONG Wei Sum, CFA (65) 6432 1450 [email protected] [email protected] (603) 2297 8679 [email protected] • SMID Caps – Regional JesadaTECHAHUSDIN, CFA • Rubber plantation • Tyres and Tubes • Oil&Gas • Property & REITs • Technology & Manufacturing • Telcos (66) 2658 6300 ext 1394 [email protected] PHAM NhatBich LEE Yen Ling Wilson LIEW (65) 6432 1454 [email protected] • Financial Services (84) 8 44 555 888 x 8083 (603) 2297 8691 [email protected] [email protected] • Building Materials • Glove Producers • Property Developers KittisornPRUITIPAT, CFA, FRM • Consumer • Manufacturing • Fishery CHAI Li Shin ONGKian Lin (66) 2658 6300 ext 1395 (603) 2297 8684 [email protected] (65) 6432 1470 [email protected] [email protected] NGUYEN Thi Sony TraMi • Plantation • Construction & Infrastructure • S-REITs • Real Estate (84) 8 44 555 888 x 8084 [email protected] KANG Chun Ee James KOH SittichaiDUANGRATTANACHAYA • Port operation • Pharmaceutical (603) 2297 8675 [email protected] (65) 6432 1431 [email protected] (66) 2658 6300 ext 1393 • Food & Beverage • Consumer • Consumer - Regional [email protected] Ivan YAP YEAKCheeKeong, CFA • Services Sector (603) 2297 8612 [email protected] (65) 6432 1460 • Automotive [email protected] SukitUDOMSIRIKULHead of Retail Research • Offshore & Marine (66) 2658 6300 ext 5090 LEE Cheng HooiRegional Chartist [email protected] (603) 2297 8694 Derrick HENG [email protected] (65) 6432 1446 [email protected] • Transport (Land, Shipping & Aviation) MayureeCHOWVIKRAN Tee SzeChiahHead of Retail Research (66) 2658 6300 ext 1440 (603) 2297 6858 [email protected] WEI Bin [email protected] (65) 6432 1455 [email protected] • Strategy • Commodity • Logistics • S-chips PadonVANNARAT John CHEONG (66) 2658 6300 ext 1450 (65) 6432 1461 [email protected] [email protected] • Small &Mid Caps• Healthcare • Strategy

February 12, 2014 4

Astro Malaysia Holdings

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Astro Malaysia Holdings

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As of February 12, 2014, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.

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Definition of Ratings Maybank Kim Eng Research uses the following rating system BUY Return is expected to be above 10% in the next 12 months (excluding dividends) HOLD Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends) SELL Return is expected to be below -10% in the next 12 months (excluding dividends)

Applicability of Ratings The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies.

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Astro Malaysia Holdings

 Malaysia  Singapore  London  New York Maybank Investment Bank Berhad Maybank Kim Eng Securities Pte Ltd Maybank Kim Eng Securities Maybank Kim Eng Securities USA (A Participating Organisation of Maybank Kim Eng Research Pte Ltd (London) Ltd Inc Bursa Malaysia Securities Berhad) 9 Temasek Boulevard 6/F, 20 St. Dunstan’s Hill 777 Third Avenue, 21st Floor 33rd Floor, MenaraMaybank, #39-00 Suntec Tower 2 London EC3R 8HY, UK New York, NY 10017, U.S.A. 100 JalanTun Perak, Singapore 038989 50050 Kuala Lumpur Tel: (44) 20 7621 9298 Tel: (212) 688 8886 Tel: (603) 2059 1888; Tel: (65) 6336 9090 Dealers’ Tel: (44) 20 7626 2828 Fax: (212) 688 3500 Fax: (603) 2078 4194 Fax: (65) 6339 6003 Fax: (44) 20 7283 6674

Stockbroking Business:  Hong Kong  Indonesia  India Level 8, Tower C, DataranMaybank, Kim Eng Securities (HK) Ltd PT Maybank Kim Eng Securities Kim Eng Securities India Pvt Ltd No.1, JalanMaarof Level 30, Plaza Bapindo 2nd Floor, The International 16, 59000 Kuala Lumpur Three Pacific Place, Citibank Tower 17th Floor Maharishi Karve Road, Tel: (603) 2297 8888 1 Queen’s Road East, Jl Jend. Sudirman Kav. 54-55 Churchgate Station, Fax: (603) 2282 5136 Hong Kong Jakarta 12190, Indonesia Mumbai City - 400 020, India

Tel: (852) 2268 0800 Tel: (62) 21 2557 1188 Tel: (91).22.6623.2600 Fax: (852) 2877 0104 Fax: (62) 21 2557 1189 Fax: (91).22.6623.2604

 Philippines  Thailand  Vietnam  Saudi Arabia Maybank ATR Kim Eng Securities Inc. Maybank Kim Eng Securities Maybank Kim Eng Securities Limited In association with 17/F, Tower One & Exchange Plaza (Thailand) Public Company Limited 4A-15+16 Floor Vincom Center Dong Anfaal Capital Ayala Triangle, Ayala Avenue 999/9 The Offices at Central World, Khoi, 72 Le Thanh Ton St. District 1 Villa 47, Tujjar Jeddah Makati City, Philippines 1200 20th - 21st Floor, Ho Chi Minh City, Vietnam Prince Mohammed bin Abdulaziz Rama 1 Road Pathumwan, Street P.O. Box 126575 Tel: (63) 2 849 8888 Bangkok 10330, Thailand Tel : (84) 844 555 888 Jeddah 21352 Fax: (63) 2 848 5738 Fax : (84) 8 38 271 030 Tel: (66) 2 658 6817 (sales) Tel: (966) 2 6068686 Tel: (66) 2 658 6801 (research) Fax: (966) 26068787

 South Asia Sales Trading  North Asia Sales Trading Kevin FOY Alex TSUN [email protected] [email protected] Tel: (65) 6336-5157 Tel: (852) 2268 0228 US Toll Free: 1-866-406-7447 US Toll Free: 1 877 837 7635 www.maybank-ke.com | www.maybank-keresearch.com

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