Equity Analysis /
Malaysia

MY : Star Media Group Bhd - First quarterly core net profit since 4Q19

    Ahmad Kamarul Anwar Kamaruddin
    CGS-CIMB
    25 May 2022
    Published by

    Star sprang a surprise core net profit in 1Q22 of RM2.5m. Nevertheless, this is in line with our expectation as we portend tougher quarters ahead. Its 1Q22 yoy ad-sale growth was powered by the economic reopening. We worry the latter’s novelty could wear off over time. Reiterate Add. Its 47.8 sen/share net cash at end-1Q22 is 54% higher than its share price. A general election could give Star’s earnings a much-needed jolt.