Astro holding

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Astro IPO to raise S$1.8 bln as Malaysia listings flourish
Updated 05:08 PM Oct 04, 2012
KUALA LUMPUR - Pay-TV firm Astro Malaysia Holdings will raise about US$1.5 billion (S$1.8 billion) by selling shares at the top end of a marketing range, as privatisation schemes and economic growth cement Malaysia's position as Asia's top destination for IPOs this year.

Astro priced the IPO at 3 ringgit per share, implying somewhat rich valuations, although analysts expect it to continue Kuala Lumpur's strong run of share debuts when the stock lists on Oct 19.

The deal will boost Malaysia's 2012 IPO tally to about US$7.3 billion, accounting for nearly one-quarter of all new listings in Asia-Pacific and well up from about US$1.8 billion in Malaysia in the same period last year.

Analysts are betting on a strong debut, helped by Astro's market dominance and the strong demand for the offer, which drew 16 cornerstone investors including US hedge fund Och-Ziff Capital Management.

"We do see the potential in the company, especially given its unofficial monopoly control over the Malaysia pay-TV market," said OSK Research analyst Kong Heng Siong.

"I do expect the opening price to be higher than 3, just looking from the demand itself ... If you talk about the overall IPO market, most of them have done fairly well, so I would expect a similar performance by Astro."

The IPO is Malaysia's third biggest in 2012, after Felda Global Ventures Holdings' US$3.3 billion offering and IHH Healthcare's US$2.1 billion flotation, and the year's sixth largest worldwide.

Astro, with a near-monopoly in Malaysia's residential pay-TV market and a subscriber base of 3.1 million, is returning to the public markets after it was privatised in 2010.

At the offer price, it will have a market value of 15.6 billion ringgit (S$6.3 billion), nearly double the 8.3 billion ringgit it was worth when it was privatised. REUTERS

Obtained from today online.
In my humble and amateur assessment ............. this Astro IPO is horribly over-priced. The pricing corresponds to a P/E north of 20. But I suspect the IPO will succeed because of a) Astro's monopoly in Malaysia, b) the relatively poor quality of other investment offerings available to local Malaysian Pension Funds and Institutions etc........... and c) the Ananda factor.

Not vested and no intention to vest.
RBM, Retired Botanic MatSalleh
Hi, I agree to what you say.

However having say that , I feel that Astro do have competitive advantage because its one of the few choices that Malaysian have. Beside, although they increase their price yearly, ppl still subscribe to it and its income is recurring so I think this might be a good type of business.

It's just my 2cent and I have not vested yet.
Anyone have link to get a copy of the prospectus of the IPO?

I tried to get from but not available there
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
You can trythislink
(06-10-2012, 11:23 AM)weiliamhoo Wrote: You can trythislink

I had tried, the link is available, but the download is always fail due to "File or directory not found"?

Issue on the website? Any alternative site?
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
(06-10-2012, 06:05 PM)CityFarmer Wrote:
(06-10-2012, 11:23 AM)weiliamhoo Wrote: You can trythislink

I had tried, the link is available, but the download is always fail due to "File or directory not found"?

Issue on the website? Any alternative site?

I found the prospectus from the following link
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
"Astro shares rose as much as 3.7 per cent before erasing gains to close at 3.00 ringgit, unchanged from the offer price in Malaysia’s third-biggest IPO this year. Analysts polled by Reuters had expected a rise of at least 6 per cent." -

With PE of 32 based on estimated earnings for FY2013, it is not difficult to understand its performance after IPO Big Grin
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
Astro awarded S$305 million in Singapore court$305-million-in-Singapore-court

Malaysian billionaire T Ananda Krishnan's Astro group won a Singapore court ruling upholding a US$250 million (S$305 million) arbitration award against Lippo Group, its former Indonesian partner.
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
It is disruptive to Astro, with the lowly charged iflix... The same might happen in Singapore, once supported by content providers...

(not vested)

iflix set to change the Malaysian pay-TV landscape, 11,000 hours for RM10

KUALA LUMPUR: iflix, the newly-launched Internet television service in Malaysia, is set to change the local pay-TV landscape, offering over 11,000 hours of programmes accessible for only RM10 a month, or RM96, a year.

iflix Malaysia chief executive officer Azran Osman-Rani said it was timely that such service be introduced here, given the higher smartphone ownership, increasing Internet access, improving bandwidth speed and growing disposable income.

Azran said the company planned to deepen its roots by establishing partnerships with telecommunications companies, banks and device manufacturers.

“We are holding talks with telecommunications companies because the service we provide is a good way to increase Internet usage.

“Besides increasing the hours of content, we also aim to have more local original programmes whereby we are discussing with local content producers to create original iflix TV shows,” he told Bernama.

iflix, a partnership between Catcha Group and Evolution Media Capital, aims to capitalise on the huge global trend of subscription video-on-demand service, targeting the 250 million people in South-East Asia with a smartphone.

Azran, who is also iflix group chief operating officer, said the company was still signing on new content partners and it aimed to double the number of hours available over the next few months, on top of adding more variety.

iflix’s content providers include Hollywood’s top studios such as Twentieth Century Fox Television Distribution, BBC Worldwide and Warner Bros International Television Distribution. — Bernama
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡

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