| MAYBANK KIM ENG | RHB |
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Astro Malaysia (ASTRO MK) Sends out positive vibes
Maintain BUY call and MYR1.24 DCF-based TP Being a media company, ASTRO has a large social footprint. It broadcasts thousands of hours of public service announcements every year. ASTRO is also a major provider of education, reaching ~5m Malaysian students via its learning channels. As the largest local content creator in Malaysia, ASTRO is also a much needed incubator for local talent. To be sure, ASTRO does carry out related party transactions but we do not believe that they are detrimental to minority shareholders.
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Venture Corp (VMS SP) A Clearer Path Ahead; Maintain BUY
Maintain BUY and SGD22.60 TP, 17% upside and c.4% yield. Venture Corp has continued its recovery trajectory (NPAT: +14.2% YoY), in line with our estimates. Management expects to deliver a stronger 2H20 vs 1H20 – provided COVID-19-induced lockdowns and disruptions do not deteriorate further. The group is currently fulfilling its backlog of existing orders while its research & development (R&D) labs have plans to subsequently release a number of newly developed products into manufacturing early 2021.
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