Friday, August 17, 2012

IPO ... Astro


It intends to pay at least 75% of its consolidated profits annually. The IPO is expected to raise over US$1 billion, the board also promised to adopt an active management policy. Annual dividend payouts will commence in the fiscal year starting Feb 1, 2013.

The IPO will involve a combination of new shares as well as an offer for sale of existing shares by its promoter.

Some 58% of the proceeds raised from the new IPO shares is earmarked for capital expenditure, while 29.3% will go towards repaying bank borrowings to save on interest costs that had doubled year on year to rm194.7 million in the year ended Jan 31, 2012.

For fiscal year ended Jan 31, its profits dropped 23.9% to rm629 million from the same period last year.

Given that Astro Malaysia expects to star elevated as it migrate the remaining 1.7 million of its 3.1 million customers onto the new Beyond platform by Jan 2014, expectations that pricing of Astro’s IPO would rely on its dividend promise rather than growth potential in the near term.

Astro is making a comeback without its overseas operations in Indonesia and India .

As at April 2012, Astro had rm480 million cash. Borrowings and finance lease liabilities stood at rm3.69 billion, of which rm3.66 billion is long term liability.

Astro Malaysia had also approved rm201.4 million in capex as at end April 2012 and further approved rm2.27 billion, largely earmarked for new businesses as well as investments in additional satellite transponder capacity on Measat-3B that is slated for launch in calendar year 2014.

It also intends to invest in content of some rm1 billion annually. It also intends to derive new income stream from smart and targeted marketing of additional products to its existing customer base.

Astro Malaysia , which had previously been listed under the name Astro All Asia Networks Plc, provides SatTV services to both Malaysian and Bruneian homes.

Its total intangible assets stood at RM1.76bil against the next biggest asset component of property, plant and equipment at RM1.71bil.

Astro Malaysia ’s total equity as at April 30 was a negative RM1.13bil while it said its total indebtedness, which also comprised contingent liabilities, was at RM4.56bil. The deficit position is primarily due to the reorganisation, whereby for accounting consolidation purposes, our acquisition of Measat Broadcast Network Systems Sdn Bhd (MBNS), our largest operating subsidiary, was accounted for as a capital reorganisation of MBNS and the difference between the consideration for MBNS and the net assets of MBNS at the date of acquisition has been taken to capital reorganisation reserve.

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