KUALA LUMPUR (Dec 12): AffinHwang Capital Research has maintained its “Add” rating on Astro Malaysia Holdings Bhd at RM3.33 with  lower target price of RM3.60 (from RM3.70) and said Astro’s 9MFY15 core net profit of RM418 million (+5% y-o-y) was largely within expectations on an annualised basis, driven by higher TV household penetration, ARPU and adex revenue.

In a note Friday, the research house said it expects the market environment to be more challenging going forward, with lower pay TV net adds and higher costs.

“FY15-17E core EPS forecasts are cut by 5-9% and our DCF-derived target price is also lowered to RM3.60.

“At current price, Add rating is maintained,” it said.