[ASTRO MALAYSIA HOLDINGS BHD：订阅和广告收入的减少，这季度的收入受到COVID-19大流行的影响]
1Q21 vs 1Q20:
本季度的收入为10.529亿令吉，较上一季度的12.344亿令吉减少了1.815亿令吉或14.7％，这主要是由于订阅和广告收入的减少。该季度的收入受到COVID-19大流行的影响。
EBITDA利润率较上一季度下降4.5％。这主要是由于较高的内容成本，商品成本和与员工相关的成本（占收入的百分比）。由于EBITDA下降和净财务成本上升，净利润较去年同期减少了9,640万令吉或56.9％。
电视：
本季度的收入为9.204亿令吉，较上一季度的10.914亿令吉降低了1.710亿令吉或15.7％，主要是由于订阅和广告收入的减少。该季度的收入受到COVID-19大流行的影响。电视EBITDA较去年同期减少9,710万令吉或23.3％。这是由于较低的收入。
广播：
广播电台本季度的收入为3,720万令吉，较上一季度的5,950万令吉减少了2,230万令吉或37.5％。收入的下降受到COVID-19大流行的影响，导致顾客降低了广告和促销支出。尽管收入下降，但本季度的运营成本与相应季度持平。
家庭购物：
本季度EBITDA较高是由于本季度收入增加。
1Q21 vs 4Q20:
本季度的收入为10.529亿令吉，较上一季度的12.256亿令吉减少了1.727亿令吉或14.1％。这主要是由于订阅收入，广告收入和商品销售下降。该季度的收入受到COVID-19大流行的影响。净利减少6480万令吉或47.1％至7290万令吉。净利减少是因为EBITDA减少和净财务成本增加。
电视：
本季度的收入为9.204亿令吉，较上一季度的10.481亿令吉降低了1.277亿令吉或12.2％。这主要是由于订阅收入，广告收入，节目版权销售和制作服务收入减少所致。该季度的收入受到COVID-19大流行的影响。 EBITDA较上季减少2190万令吉或6.4％，主要是由于收入减少和应收账款减值增加。
广播：
广播电台本季度的收入为3,720万令吉，较上一季度的7,700万令吉，减少3,980万令吉或51.7％，主要是由于季节性因素和广告支出减少，因为顾客推迟了广告和促销支出，因受今年COVID-19大流行的影响。尽管收入下降，但本季度的运营成本与上一季度持平。
家庭购物：
本季度的家庭购物收入为9,530万令吉，较上一季度的1.004亿令吉减少了510万令吉或5.1％。收入下降的原因是有节日以及上一季度有各种战术促销活动。家居购物的EBITDA比上一季度增加420万令吉。
截至2020年4月30日，集团总资产为61.606亿令吉，而2020年1月31日为61.984亿令吉，减少了3780万令吉或0.6％。
前景：
全球的家庭和企业继续面临由COVID-19大流行带来的前所未有的社会和经济破坏。 Astro也不例外，并准备迎接充满挑战的FY21，因不确定性依然存在。这集团预期将面对其广告及商业收入的阻力，以及收款风险上升，并因此提高了应收款准备金。
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James Ng Stock Pick Performance:
Since Recommended Return:
a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM2.56 (dividend RM0.04) in 1 year 10 months 7 days, total return is 263.6%
b) TOPGLOV (TOP GLOVE CORP BHD), recommended on 1 July 18, initial price was RM12.14, rose to RM30.80 (adjusted)(dividend RM0.32) in 1 Year 11 months 18 days, total return is 156.3%
c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.80 (adjusted)(dividend RM0.055) in 1 Year 17 days, total return is 130.8%
d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.67 (dividend RM0.04) in 1 year 11 months 18 days, total return is 115.1%
e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.91 in 1 year 4 months 30 days, total return is 58.3%
f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.26 (dividend RM0.188) in 1 Year 8 months 12 days, total return is 54%
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[ASTRO MALAYSIA HOLDINGS BHD: Decrease in subscription and advertising revenues. Revenue during the quarter was impacted by COVID-19 pandemic]
1Q21 vs 1Q20:
Revenue for the current quarter of RM1,052.9m was lower by RM181.5m or 14.7% against corresponding quarter of RM1,234.4m, mainly arising from a decrease in subscription and advertising revenues. Revenue during the quarter was impacted by COVID-19 pandemic.
EBITDA margin decrease by 4.5% against corresponding quarter. This is mainly due to higher content costs, merchandise costs and staff related costs, as a percentage of revenue. In line with drop in EBITDA and higher net finance costs, net profit decreased by RM96.4m or 56.9% compared with the corresponding quarter.
Television:
Revenue for the current quarter of RM920.4m was lower by RM171.0m or 15.7% against corresponding quarter of RM1,091.4m, mainly arising from a decrease in subscription and advertising revenues. Revenue during the quarter was impacted by COVID-19 pandemic. Television EBITDA decreased by RM97.1m or 23.3% against corresponding quarter. This is due to lower revenue.
Radio:
Radio’s revenue for the current quarter of RM37.2m drop by RM22.3m or 37.5% compared with corresponding quarter of RM59.5m. The decrease in revenue was impacted by COVID-19 pandemic resulting in lower advertising spend as companies held back their advertising and promotional spend. Albeit the drop-in revenue, operating costs for current quarter is on par with the corresponding quarter.
Home-shopping:
The higher EBITDA during the quarter is due to the higher revenue during the quarter.
1Q21 vs 4Q20:
Revenue for the current quarter of RM1,052.9m decrease by RM172.7m or 14.1% compared to the preceding quarter of RM1,225.6m. This was mainly due to drop in subscription revenue, advertising revenue and merchandise sales. Revenue during the quarter was impacted by COVID-19 pandemic. Net profit decreased by RM64.8m or 47.1% to RM72.9m during the quarter. The decrease was in tandem with the decrease in EBITDA and higher net finance costs.
Television:
Revenue for the current quarter of RM920.4m was lower by RM127.7m or 12.2% against preceding quarter of RM1,048.1m. This was mainly due to decrease in subscription revenue, advertising revenue, sales of programming rights and production service revenue. Revenue during the quarter was impacted by COVID-19 pandemic. EBITDA decreased by RM21.9m or 6.4% against the preceding quarter mainly due to lower revenue and higher impairment of receivables.
Radio:
Radio’s revenue for the current quarter of RM37.2m drop by RM39.8m or 51.7% as compared with the preceding quarter of RM77.0m, primarily due to seasonality factors and lower advertising spend as companies held back their advertising and promotional spend impacted by COVID-19 pandemic. Albeit the drop-in revenue, operating costs for current quarter is on par with the preceding quarter.
Home-shopping:
Home-shopping’s revenue for the current quarter of RM95.3m was lower by RM5.1m or 5.1% compared with the preceding quarter of RM100.4m. The decrease in revenue was due to the festive season and various tactical campaigns during the preceding quarter. Home-shopping’s EBITDA improved by RM4.2m against the preceding quarter.
As at 30 April 2020, the Group had total assets of RM6,160.6m against RM6,198.4m as at 31 January 2020, a decrease of RM37.8m or 0.6%.
Prospects:
Households and businesses globally continue to face unprecedented social and economic disruption brought about by the COVID-19 pandemic. Astro is no exception to this and is braced for a challenging FY21, with uncertainties prevailing. The Group expects to face headwinds in its advertising and commercial revenue as well as elevated collection risk, and has accordingly raised provisions on receivables.
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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
I wish to convince readers to learn FA in order to make money from stock market.
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James Ng
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