MY : Media - Overall - The money isn’t in politics

We find entertainment and visual media players have a stronger ESG proposition than news producers because they have lower political risks. We conclude Astro and Media Prima are the two companies with minimal exposure to political risks, with CY22-23F yoy EPS growth of 4-44%. We are concerned with some of Malaysia’s archaic free-speech laws clouding news producers’ objectivity – thus, squeezing their drawing power.