This document provides an analysis of Astro's performance. It begins with an outline and overview of Astro, including its background, corporate structure, products and services, workforce, and financial performance over several years. It then discusses Astro's market analysis and future plans, which include expanding channel offerings, investing in new satellites, and pursuing new initiatives like home shopping. The conclusion states that Astro is a worthwhile company to invest in due to its strong management, reputation, brand, growth trends, and promising new businesses. An analyst view is included citing Astro as an attractive investment due to completing its investment phase and representing Malaysia's consumption growth.

1. 1
AN ANALYSIS OF ASTRO’S
PERFORMANCE

2. 2
BACKGROUND AND COMPANY PROFILE
1
PRESENTATION OUTLINE
PRODUCTS AND SERVICE OFFERINGS
2
HUMAN CAPITAL AND CORPORATE
SOCIAL RESPONSIBILITY
3
FINANCIAL REVIEW
4
MARKET ANALYSIS AND MOVING FORWARD PLANS
5
CONCLUSION
6

3. 3
BACKGROUND AND COMPANY
PROFILE

4. BACKGROUND
 wholly-owned subsidiary of Astro All Asia Networks plc.and operated by
MEASAT Broadcast Network Systems.
 Subsidiary of Astro Malaysia Holdings Berhad
 Operations are located at:-
Bukit Jalil
 Kuala Lumpur
 Cyberjaya
 Started operations in 1996, comprised of 22 televisions & radio platforms.
 1995,MEASAT launched ASTRO
 After the launch of the MEASAT-1 satellite as part of Malaysia’s
commercialization of space, Astro commenced broadcasting in 1996
 over 3.1 million residential pay-TV subscribers in Malaysia
4

5. CORPORATE STRUCTURE
5

6. ORGANISATION CHART
6

7. • Tun Dato’ Seri Zaki Bin Tun Azmi
Independent Non-Executive Chairman
Former Chief Justice of Malaysian Courts
• Augustus Ralph Marshall
Non-Independent Non-Executive Deputy Chairman
Associate of the Institute of Chartered Accountants in England and Wales and a member of
the Malaysian Institute of Certified Public Accountants.
• Dato' Rohana Binti Tan Sri Datuk Haji Rozhan
Executive Director/Chief Executive Officer
financial, marketing and business management
• Chin Kwai Yoong
Senior Independent Director
Director of Deleum Berhad, Genting Berhad and Fraser and Neave Holdings Berhad (all listed
on Bursa Securities).Director of Bank Negara Malaysia.
BOARD OF DIRECTORS
7

8. • Dato' Rohana Binti Tan Sri Datuk Haji Rozhan
Executive Director/Chief Executive Officer
Member of Chartered Institute of Management Accountants, UK and Malaysian
Institute of Accountants. She has also completed the Advanced Management
Programme at Harvard Business School, US.
• Liew Swee Lin - Chief Commercial Officer
Master of Science (MSc) in International Marketing from University of Strathclyde,
UK and is an accredited Certified Financial Planner (CFP, US).
• Raymond Tan - Chief Investment Officer
Member of the Institute of Chartered Accountants Australia and a Fellow of the
Financial Services Institute of Australasia.
• Grace Lee Hwee Ling - Group Financial Controller
Australian Certified Practising Accountant, a Certified Information Systems Auditor
(CISA, US) and is Certified in the Governance of Enterprise IT (CGEIT, US).
MANAGEMENT TEAM

9. 1996
 Through the launch of the MEASAT-1 satellite, MBNS, one of
our wholly owned subsidiaries, commenced digital DTH
satellite pay-TV services with 22 TV channels and 5 radio
stations
• Introduced format radio programming, the
first broadcaster to do so in Malaysia
1997
• MBNS was granted a renewable 25-year broadcasting
licence for the provision of broadcasting services in
Malaysia, with exclusivity on DTH satellite TV services
until 2017 and non-exclusivity until 2022
2003
Surpassed 1 million residential
pay-TV subscribers
2007
• Surpassed 2 million residential pay-TV subscribers
• Introduced Astro On DemandMalaysia’s First TV NVOD
service
2009
• launched the Astro
B.yond initiative which
comprises hybrid DTH
& broadband –enabled
STBs and distribution
platform to provide
HD services
• Won the “CASBAA
Chairman’s Award” for
our outstanding
contribution to the pay
tv industry in the region
2010
• Introduced the first 3D
broadcast in Malaysia &
Southeast Asia for 2010 FIFA
World Cup
• Launched the Astro B.yond
PVR service
• Received the “Gold” award
in Media and Entertainment
category at the Putra Brands
Awards 2010,Malaysia’s premier
consumer brand awards
2012
• Launched NJOI, Malaysia’s first non-subscription based
DTH satellite TV & Received the “Brand of the Year”
and the “Gold” awards in the Media & Entertainment
category at the Putra Brand Awards 2012, Malaysia’s
premier consumer brand awards
• Launched AOTG, our entertainment service for tablets
smartphones & PCs, as well as broadband-based VOD
• Astro Malaysia Holdings Berhad was listed on the Main
Market of Bursa Securities
KEY MILESTONE

10. PRODUCTS AND SERVICE
OFFERINGS
10

11. OVERVIEW OF ASTRO PRODUCTS OFFERINGS
Note :
MEASAT Satellites
As of July 2014, Astro customers are currently using two MEASAT satellites to receive channels, MEASAT 3 and MEASAT
3A. MEASAT 3 satellite only provides SD channels. MEASAT 3A satellite provides only HD channels (Maximum HD channels:
Approx. 37 HD channels)
11

12. OVERVIEW OF ASTRO CHANNELS
12

13. 13
HUMAN CAPITAL AND
CORPORATE SOCIAL RESPONSIBILITY

14. Astro is driven by over 4,700 strong talent with 80% coming
from the young aged group population
14
8 of 10 workforce aged
below 39 years old

15. CORPORATE SOCIAL RESPONSIBILITY
15

16. 16
FINANCIAL REVIEW

17. ASTRO: 4 YEAR FINANCIAL PERFORMANCE
Jan 31 2011 Jan 31 2012 Jan 31 2013 Jan 31 2014
Operating Results (RM Million)
Total Revenues 3,378.30 3,846.70 4,265.00 4,790.70
Gross Income 1,470.00 1,634.00 1,655.00 1,769.00
Profit Before Tax 1,007.80 869.4 574.9 569.2
Net Income 748.1 629.1 418 448
Key Balance Sheet Data (RM
Million)
Property, Plant, Equipment 1,427.50 1,654.20 1,915.80 2,157.00
Total Assets 3,269.40 6,513.80 6,517.80 7,103.50
Total Liabilities 2,118.50 6,022.40 6,001.70 6,486.40
Total Equity 1,150.90 491.4 516.1 617.1
17

18. ASTRO: 5 YEAR FINANCIAL PERFORMANCE
Jan 31 2011 Jan 31 2012 Jan 31 2013 Jan 31 2014
Share Information
Per share (sen)
Basic Earnings 0.50 0.41 0.22 0.09
Gross Dividend - 0.15 0.10 0.08
Share Price as at financial year end
(RM)
- 2.71 2.94 3.00
Financial Ratios
Return on Revenue
0.22 0.16 0.10 0.09
Return on Equity 1.52 1.22 0.68 0.73
Return on Total Asset 1.03 0.59 0.65 0.67
Debt to Equity Ratio 1.84 12.26 11.63 10.51
18

19. ASTRO: 4 YEAR FINANCIAL PERFORMANCE ANALYSIS
0
1000
2000
3000
4000
5000
6000
Jan 31 2010 Jan 31 2011 Jan 31 2012 Jan 31 2013 Jan 31 2014
Revenue (RM Million)
Operating Results (RM Million) Total Revenues
0
1000
2000
3000
4000
5000
6000
7000
8000
Jan 31 2011 Jan 31 2012 Jan 31 2013 Jan 31 2014
Total Asset
Key Balance Sheet Data (RM Million) Total Assets
0
200
400
600
800
1000
1200
Jan 31 2010 Jan 31 2011 Jan 31 2012 Jan 31 2013 Jan 31 2014
Profit Before Tax (RM Million)
Operating Results (RM Million) Profit Before Tax
0
1000
2000
3000
4000
5000
6000
7000
Jan 31 2011 Jan 31 2012 Jan 31 2013 Jan 31 2014
Total liabilities
Key Balance Sheet Data (RM Million) Total Liabilities
19

20. ASTRO: 2014 FINANCIAL SUMMARY
4,000.00
4,100.00
4,200.00
4,300.00
4,400.00
4,500.00
4,600.00
4,700.00
4,800.00
4,900.00
FY 2013 FY 2014
Revenue (RM Million)
Revenue Linear (Revenue)
405000
410000
415000
420000
425000
430000
435000
440000
445000
450000
FY 2013 FY 2014
Profit After Tax
Revenue up 12% from RM4,265
million to RM4,791 million
Profit After Tax up 7% from RM420
million to RM448 million
20

21. ASTRO: 2014 FINANCIAL HIGHTLIGHTS
COMPREHENSIVE INCOME
Revenue was RM4,791 million, an
increase of RM4,265 million or 12%
Profit After Tax increase 7% from
RM420 million to RM448 million
FINANCIAL POSITION
Total assets increase by 9%
from RM 6,517.80 million to
RM 7,103.50 Million
KEY RATIOS As at 31/12/2013 As at 31/12/2014
Return on Revenue (%) 0.10 0.09
Return on Equity (%) 0.68 0.73
Return on Total Asset (%) 0.65 0.67
21

22. ASTRO STOCK PRICE AS AT 7th OCTOBER @4pm
22
Source : Malaysia Stock Business, 7th Oct 2014

23. Consistently strong Free Cash Flow continues to exceed PAT…
23

24. MARKET ANALYSIS AND
MOVING FORWARD PLANS
24

25. KEY FACTS AT GLANCE
25
 Nearly 2/3 Malaysian household
penetration
 4 out of 10 viewers choose ASTRO as
compared to Free TV Air. Astro stands at
47% viewership share.
 Average Revenue Per User increased by
3% in 2014.
 Advertising income increased 15%
growth steadily in 2014.

26. 26
OVERALL VIEW OF YoY PERFORMANCE
+ 30% + 18%
+ 33%
+ 13% +450%
Source : Astro Q4 FY2014, Jan2014

27. 27
Source : Astro Q2FY2015, September 2014
KEY HIGHLIGHTS OF 1H FY2015

28. 28
Source : Astro Q2 FY2015, Sept 2014
Strong revenue growth across all segments

29. 29
Source : Astro Q4 FY2014, June and Sept 2014
Local content remains as the key driver for the sustainable of
Astro’s market leadership
Hit shows that exceeded 1
million viewership

30. 30
Source : Astro Q4 FY2014, March 2014
Strong and reputable brand - with Astro remains as the top of
mind amongst Malaysians

31. 31
Sports channel i.e. FIFA world cup boosts up subscription in
June 2014

32. 32
Launched of Bollywood movies on HD Channel as an additional
offering targeting at Malay and Indian market segment

33. 33
Astro On The Go – Multiple platforms to engage and provide
better consumer experience to consumers

34. 34
Astro to invest RM500 million for M3C satellite’s transponder
capacity utilisation
 The M3c satellite is expected to be launched by September 2015.
 The additional transponders on the M3c satellite are expected to expand the group’s
broadcasting capacity to support the transmission of additional high definition
channels to its subscribers.
 Upon completion of the utilisation of M3c transponders, Astro will have up to 161
standard definition channels and 114 high-definition channels in the future.
“The launching of the new channels will allow us to widen and deepen
our relationship with our customers, existing as well as new ones”
– Astro’s CEO-

35. 35
Tied up deal with NBS Universal with more strong titles

36. 36
Strategic collaboration as an exclusive TV production service
provider for world class Pinewood Iskandar Malaysia Studios

37. 37
HOME SHOPPING IS THE NEXT IN LINE….

38. 38
CONCLUSION

39. AWARDS & RECOGNITIONS
39
AND MANY MORE….

40. ASTRO is a worth company to invest…
40
1. Lead by a strong and experience Management team,
2. Reputable integrated consumer media entertainment service
provider;
3. Strong and reputable brand;
4. Steady growth in all key indicators - market penetration, viewership
share subscription base, revenue, dividend, generate strong cash
flow etc.
5. Promising company to invest with bright long term returns, after the
heavy capex investments. It will yield positive returns based on the
deals made, and the upcoming Home Shopping business.

41. The analyst view…
41
“Astro is an “attractive” investment due to a combination of
the completion of its investment phase and its lagging share
price performance. We maintain our view that the company
remains one of the best proxies for Malaysia’s consumption
growth story; that is, a young, rapidly urbanising population
base, with an increasing propensity to consume amid rising
income levels”
- Analyst from UBS
- (a global financial services company headquartered in Basel and Zurich)

42. 42

43. 43
APPENDICES