KUALA LUMPUR (Feb 20): Astro Malaysia Holdings Bhd (KL:ASTRO) saw its share price surge as much as 3.5 sen or 46.6% on Friday, as investors poured into the media and entertainment group.
The stock opened at its record low of 7.5 sen, and climbed to a high of 11 sen, before closing at 10 sen at the end of Friday’s trading day.
It was the most traded stock on Bursa Malaysia with about 127.2 million shares changing hands, a volume last seen more than seven years ago in November 2018.
At Thursday’s closing price of 7.5 sen, AskEdge data shows that the company trades at a price-to-earnings ratio of 7.9 multiples and price-to-net asset value (P/NAV) of 0.3 times, both below most peers, with P/NAV at a multi-year low.
It was not clear if the spike in price and volume on Friday morning was due to value play or fresh speculation about a potential corporate exercise. The group paid dividends of 0.25 sen per share for its previous financial year.
Astro’s shares have fallen 63.4% over the past year, which is about a RM547.4.3 million drop in market capitalisation. At its current closing price, the company is valued at RM522.6 million.
The rout extended back years, with the most significant decline since 2023 as quarterly earnings fell below RM100 million on weakening subscriber base on the face of competition with global online streaming platforms as well as illegal TV boxes.
For the third quarter ended Oct 31, 2025 (3QFY2026), Astro’s net profit decreased to RM9.19 million from RM46.94 million a year earlier, weighed down by higher financing costs and operating expenses.
Quarterly revenue fell 7.2% to RM695.6 million from RM749.7 million, mainly due to lower subscription and advertising income. Both television and radio segments recorded declines in revenue and profit. Its fourth quarter results are only due on March 25, 2026.
Astro also recently announced it will discontinue HBO channels from March 1, 2026, ending a nearly 30-year broadcast following changes in its partnership model with content provider Warner Bros Discovery. The channels remain available through HBO Max.
The pay-TV operator is introducing four new channels under its Movies and Astro One Epic Packs: Astro Showtime, Rock Action, Rock X Stream from March 1, and Astro FAM Time from April 1.
There are four analysts' coverage on Astro, with two ‘hold’ ratings and two ‘sell’ calls, according to Bloomberg data. The 12-month average target price is 8.3 sen.
The Edge has reached out to analysts but only Astro’s most bearish analyst, from Maybank Investment Bank, responded with “no comments to make for now”.
Astro’s major shareholders are Pantai Cahaya Bulan Ventures Sdn Bhd (20.62%), which is a wholly owned unit of Khazanah Nasional Bhd, and All Asia Media Equities Ltd (19.39%).