• 1Q09 adex data point south. Although total gross adex for Jan-Mar 09 shrank 3.9%, it was better than the 20% contraction seen after the 1997-8 Asian financial crisis. The worst performer was the newspaper segment which saw a 9% decline compared with a 3.7% growth for TV adex. But ad volume visibility extends only 2-3 months out, leaving question marks over advertising commitments for 2H09. • Downbeat expectations. The lacklustre adex showing in Jan-Mar 09 ties in with the 1Q09 results reported by Media Prima and NSTP. It also confirmed the generally bearish expectations of the media companies since the beginning of the year, with a few being taken by surprise by the magnitude of the deceleration. Our previous 2009 projection of an adex range of 1.1% contraction to 6% growth does not hold and we now revise it to 6-10% adex contraction. • Newspapers at risk. Fundamental risks could be more severe for newspaper companies as newspaper adspend continues to take a hit from depressed GDP data. Although there are signs of resilience in the Malay newspaper segment, this does not mean total immunity against the potential worsening of adex volume in the coming months. The top Malay newspaper NST’s Harian Metro is the main winner but this is not expected to help the group much given that Harian Metro is a small contributor. • Indicators leading at inflection point? We concur with our economic research team’s view that the CLI could hit the trough in Jun-Aug 09 and that the economic recovery from the trough is likely to take at least 12 months given the severity of the current global crisis. Advertisers should reposition their spending for a gradual recovery from 2010. Historical trends suggest that adex in Malaysia should recover in 1Q2010 based on a 3-6 months’ lag period. • End-2009 a good potential entry point. We believe end-09 will be a good re-entry point for exposure to selected media stocks as positives such as earnings visibility, improved sentiment of advertisers, cheaper newsprint and gradual economic recovery are likely to kick in as catalysts then. We will monitor closely the situation on the ground and official stats but so far, adex for the months ahead appears to be southbound. The share prices of media companies have recovered somewhat since the start of the year and we fail to see any additional near-term re-rating catalysts. • Staying NEUTRAL on media sector for now. In view of this, we maintain our NEUTRAL stance on the media sector but recommend investors to switch to Astro (Trading Buy) which has very little exposure to adex and minimal downside risks to its Malaysian operations where the subscriber trend could turn out to be resilient. We remain NEUTRAL on Media Prima (MPR MK), Star Publications (STAR MK) and Media Chinese International (MCIL MK). NSTP is kept as an UNDERPERFORM

1. SECTOR UPDATE
20 May 2009
MALAYSIA
CIMB Research Report
NEUTRAL Maintained
Media
AD-amantly southbound
Sharizan Rosely +60 (3) 2084 9864 - sharizan.rosely@cimb.com
• 1Q09 adex data point south. Although total gross adex for Jan-Mar 09 shrank
3.9%, it was better than the 20% contraction seen after the 1997-8 Asian financial
crisis. The worst performer was the newspaper segment which saw a 9% decline
compared with a 3.7% growth for TV adex. But ad volume visibility extends only 2-3
months out, leaving question marks over advertising commitments for 2H09.
• Downbeat expectations. The lacklustre adex showing in Jan-Mar 09 ties in with
the 1Q09 results reported by Media Prima and NSTP. It also confirmed the
generally bearish expectations of the media companies since the beginning of the
year, with a few being taken by surprise by the magnitude of the deceleration. Our
previous 2009 projection of an adex range of 1.1% contraction to 6% growth does
not hold and we now revise it to 6-10% adex contraction.
• Newspapers at risk. Fundamental risks could be more severe for newspaper
companies as newspaper adspend continues to take a hit from depressed GDP
data. Although there are signs of resilience in the Malay newspaper segment, this
does not mean total immunity against the potential worsening of adex volume in the
coming months. The top Malay newspaper NST’s Harian Metro is the main winner
but this is not expected to help the group much given that Harian Metro is a small
contributor.
• Indicators leading at inflection point? We concur with our economic research
team’s view that the CLI could hit the trough in Jun-Aug 09 and that the economic
recovery from the trough is likely to take at least 12 months given the severity of the
current global crisis. Advertisers should reposition their spending for a gradual
recovery from 2010. Historical trends suggest that adex in Malaysia should recover
in 1Q2010 based on a 3-6 months’ lag period.
• End-2009 a good potential entry point. We believe end-09 will be a good re-entry
point for exposure to selected media stocks as positives such as earnings visibility,
improved sentiment of advertisers, cheaper newsprint and gradual economic
recovery are likely to kick in as catalysts then. We will monitor closely the situation
on the ground and official stats but so far, adex for the months ahead appears to be
southbound. The share prices of media companies have recovered somewhat since
the start of the year and we fail to see any additional near-term re-rating catalysts.
• Staying NEUTRAL on media sector for now. In view of this, we maintain our
NEUTRAL stance on the media sector but recommend investors to switch to Astro
(Trading Buy) which has very little exposure to adex and minimal downside risks to
its Malaysian operations where the subscriber trend could turn out to be resilient.
We remain NEUTRAL on Media Prima (MPR MK), Star Publications (STAR MK)
and Media Chinese International (MCIL MK). NSTP is kept as an
UNDERPERFORM.
Sector comparisons
Target Core 3-yr EPS P/BV ROE Div
Bloomberg Price price Mkt cap P/E (x) CAGR (x) (%) yield (%)
Ticker Recom. (Local) (Local) (US$ m) CY2009 CY2010 (%) CY2009 CY2009 CY2009
Media Prima MPR MK N 1.26 1.40 305 13.8 12.0 (6.5) 3.6 28.7 3.6
Astro ASTR MK TB 2.58 3.00 1,414 16.3 12.3 53.4 5.2 24.5 6.4
Star Publications STAR MK N 3.20 3.50 670 12.9 11.9 8.3 1.8 14.1 6.6
MCI MCIL MK N 0.57 0.60 272 12.0 11.4 (5.4) 0.8 7.2 3.5
NSTP NST MK U 1.18 0.90 73 13.2 13.3 (21.0) 0.3 2.1 4.2
Simple average 13.6 12.2 5.8 2.3 15.3 4.9
O = Outperform, N = Neutral, U = Underperform, TB = Trading Buy and TS = Trading Sell
Source: Company, CIMB Research
Please read carefully the important disclosures at the end of this publication.

2. Reality check
Looking beyond 1Q09’s adex contraction of 4%, we still expect ad volume to remain
under pressure and stay southbound in the months ahead. The industry is unlikely to
bottom out any earlier than end-09, at which point the risk-reward ratio is likely to turn
positive for investors as advertisers reposition their spending for a gradual recovery in
2010. Media stocks were bombed-out last year and have recovered somewhat since
the start of year. As of now, we fail to see any additional near-term re-rating catalysts.
Adex contraction in 2009 could range between 6% and 10%.
1Q09 adex report card
4% contraction, led by newspapers. According to Nielsen Media Research (NMR),
total adex pulled back by 4% yoy in 1Q09, mainly because of a 9% decline in
newspaper ad volume. The post Chinese New Year (CNY) month of Feb 09 was the
worst month for almost all mediums, which saw ad volume drops of between 13% and
37%. Ad volume for newspapers and TV dipped 13-14% in Feb but only the TV
segment recovered in Mar 09. Chinese newspapers witnessed the worst February
month in five years while the Malay segment showed some signs of resilience
compared to the English segment. Newspapers’ share of total adex continued to
shrink from 59% in 1Q08 to 56% in 1Q09 while TV’s market share reached an all-time
high of 33%.
Decline was not as bad as in 1998. The 4% contraction in total ad volume in 1Q09,
amidst the global economic slowdown, is muted compared to the 20% plunge in 1Q98
adex during the Asian financial crisis. The 1Q09 contraction came largely from a 30%
slump in adex in Feb, led by the TV segment. Newspapers held the biggest market
share of 60% but remained the worst-performing segment for that quarter.
For 2009, while adex volume is likely to continue shrinking for the rest of the year, the
deceleration does not appear to be mirroring the 1998 downshift. Furthermore, the 4%
decline in 1Q09 reflects the high base from the election-driven adspend that occurred
in 1Q08.
Media players have low expectations. The lacklustre adex showing in Jan-Mar 09
ties in with the 1Q09 results reported by Media Prima and NSTP. This also confirmed
the generally bearish expectations of the media companies since the beginning of the
year, with a few being taken by surprise by the magnitude of the deceleration. Our
previous 2009 projection for an adex range of 1.1% contraction to 6% growth does not
hold.
[ 2 ]

3. Figure 1: 1Q adex in 1998, 2008 and 2009
Segments (RM'm) 1998 1Q98 2008 1Q08 2009 1Q09
Jan Feb Mar YTD Jan Feb Mar YTD Jan Feb Mar YTD
FTA TV 63.1 31.0 40.0 134.2 129.2 140.3 146.4 416.0 145.1 121.7 164.8 431.6
Newspapers 102.4 67.2 106.5 276.1 268.3 242.5 292.0 802.9 258.2 208.1 264.7 731.0
Magazines 9.0 7.0 7.8 23.9 10.3 10.4 12.9 33.5 10.5 9.0 10.7 30.2
Radio 6.7 4.0 4.8 15.5 21.4 19.0 20.7 61.2 24.7 16.9 25.3 66.8
Cinema 1.3 0.7 0.6 2.6 2.2 2.0 1.0 5.2 2.7 1.3 1.1 5.0
Outdoor 0.8 0.8 1.0 2.6 7.8 7.9 8.2 23.9 8.3 8.2 8.0 24.5
Point Of Sale 2.4 1.6 1.5 5.4 6.7 5.9 6.3 18.9 7.1 6.1 6.5 19.7
Total 185.8 112.4 162.2 460.3 445.9 428.0 487.7 1,361.6 456.6 371.3 481.1 1,308.9
Growth (yoy) 1998 1Q98 2008 1Q08 2009 1Q09
Jan Feb Mar YTD Jan Feb Mar YTD Jan Feb Mar YTD
FTA TV 6% -41% -28% -20% 49% 43% 37% 43% 12% -13% 13% 4%
Newspapers -20% -25% -19% -21% 16% 17% 17% 17% -4% -14% -9% -9%
Magazines 1% -18% -14% -10% -4% 1% 4% 0% 2% -13% -17% -10%
Radio -15% -25% -19% -19% 30% 5% 23% 19% 15% -11% 22% 9%
Cinema 117% -15% 37% 38% 17% -17% -40% -13% 19% -37% 10% -4%
Outdoor -42% -12% -15% -25% -13% -9% -4% -9% 7% 4% -3% 3%
Point Of Sale 2% -7% 1% -1% 52% 34% 36% 41% 7% 4% 3% 5%
Total -11% -30% -21% -20% 24% 23% 22% 23% 2% -13% -1% -4%
Market share (%) 1998 1Q98 2008 1Q08 2009 1Q09
Jan Feb Mar YTD Jan Feb Mar YTD Jan Feb Mar YTD
FTA TV 34% 28% 25% 29% 29% 33% 30% 31% 32% 33% 34% 33%
Newspapers 55% 60% 66% 60% 60% 57% 60% 59% 57% 56% 55% 56%
Magazines 5% 6% 5% 5% 2% 2% 3% 2% 2% 2% 2% 2%
Radio 4% 4% 3% 3% 5% 4% 4% 4% 5% 5% 5% 5%
Cinema 1% 1% 0% 1% 0% 0% 0% 0% 1% 0% 0% 0%
Outdoor 0% 1% 1% 1% 2% 2% 2% 2% 2% 2% 2% 2%
Point Of Sale 1% 1% 1% 1% 1% 1% 1% 1% 2% 2% 1% 2%
Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
1998 : Asian Financial Crisis
2008 : Second strongest adex growth afther the slump in 2005
2009 : Impact of global economic slowdown
Source: NMR, CIMB/CIMB-GK Research
6-10% contraction in 2009
2009 previous worst-case scenario compromised. It appears that we had
underestimated the degree of adex contraction in 2009. In our Jan 09 sector note, we
outlined our worst-case scenario of a 1.1% adex decline as we applied a 2.2x adex-
GDP growth multiplier to our previous worst-case estimate of a 0.5% GDP contraction.
Applying our revised 3% GDP contraction for 2009 to an unchanged 2.2x multiplier,
we now get an adex decline of 6.6% for this year. We would consider this as a base
case considering that media players are expecting declines of as much as 10%. This
gives a range which is still lower than the 17% plunge in 1998 when monthly double-
digit adex contractions lasted for the entire year (Figures 2 and 3 below).
Newspaper segment to suffer the most. Fundamental risks could be more severe
for newspaper companies as newspaper adspend continues to take a hit from
depressed GDP data. Although there are signs of resilience in the Malay newspaper
segment, this does not mean total immunity against the potential worsening of adex
volume in the coming months. The top Malay newspaper Harian Metro is the main
winner but this is not expected to help the group much given that Harian Metro is a
small contributor. The TV segment’s bundling strategy will mitigate the weakness in ad
volume, which may allow this segment to show ad volume recovery earlier than
newspapers.
[ 3 ]

4. Figure 2: Adex growth in Malaysia (1997-2008)
30%
Start of global
20%
Asian Financial Crisis economic slowdown
10%
0%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Nov-08
-10%
Adex contracted by
-20%
17.2% in 1998 adex growth GDP growth
.
Source: NMR, CIMB Research
Figure 3: Monthly total adex growth (1997 vs. 1998)
20%
13.0% 13.4%
15% 12.4% 11.8% 11.7% 12.5% 12.1% 11.2% 10.1%
8.6% 8.9%
10% 6.5%
5%
0%
-5% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
-10%
-15% -11.2%
-20% -17.2%
-19.3% -19.9% -19.5% -19.1% -18.5% -17.8% -17.9% -18.4% -18.7% -18.2%
-25%
1997 1998
.
Source: NMR, CIMB Research
Spotting the inflection point
Indicators at inflection point. Leading economic indicators suggest that the
decelerating adex, which tracks GDP performance, could come to a turning point
sometime towards the end of 2H09. According to our economic research team, the
bottom of this economic downturn will be reached when we see (i) stabilising financial
markets and no further systemic events, (ii) restoration of investor confidence in asset
valuations and alleviation of counterparty concerns, (iii) normalisation of credit
markets, especially in the inter-bank market, (iv) resumption of borrowing and lending
activities, and (v) an end to the US housing correction.
The OECD CLI is designed to provide early signals of turning points (peaks and
troughs) between upswings and downswings in the growth cycle of economic activity.
Cyclical turning points are directly captured in the ratio to trend form of the CLI.
When the CLI is increasing and above 100, it signals an expansion; decreasing but
above 100 signals a downturn; decreasing and below 100 signals a slowdown; and
increasing but below 100 signals a recovery. Typically, turning points in industrial
production or GDP have been found about six months after the signals of turning
points had been detected in the CLI.
[ 4 ]

5. Figure 4: OECD CLI very close to the low in Jan 75
CLI
105
100
95
90
1961
1964
1967
1970
1973
1976
1979
1982
1985
1988
1991
1994
1997
2000
2003
2006
2009
Source: Organisation for Economic Co-operation and Development (OECD)
Figure 5: Malaysia’s leading index vs. OECD leading index
Annualised 6M Malay sia's Leading Index OECD CLI (RHS)
% chg Leading Index (trend line) CLI
25 104
20 102
15 100
98
10
96
5 94
0 92
-5 90
Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09
Source: DOS, Organization for Economic Co-operation and Development (OECD)
What it means. While the CLIs will continue to fall, the pace of decline should
continue to ease. Our economic research team believes the CLI could hit the trough in
Jun-Aug 09. Due to the severity of the current global crisis, the recovery process –
from the CLI hitting bottom and stabilising and eventually moving into positive territory
– is likely to take at least 12 months from the estimated trough in Jun-Aug 09.
For now, the situation could get worse before small improvements are evident in the
later part of the year. Taking into account the 6-month lag between the CLIs and the
real economy, the projected trough in CLI means that the real economy should begin
recovering at end-09 or early-2010. The recovery process is expected to be gradual
before settling on a healthy rate of expansion.
Positive signs for advertisers
Turning the corner at the end of 2009. What does this mean for advertisers?
Business conditions and the advertising environment are set to improve moderately
over the next 6-12 months from the estimated trough in Jun-Aug 09. Advertisers
should view this positively and reposition their spending for a gradual recovery from
2010. The potential shift in advertisers’ sentiment should arrest further deterioration in
ad volume in 2010.
BSI and CSI. After plunging 38-55% in 2008, the Business Condition Index (BSI) and
Consumer Sentiment Index (CSI) recovered 11-13% in Mar 09. The BSI and CSI
should continue to track a mild recovery path as long as economic data continue to
show an easing in the pace of deterioration. In view of this, we look beyond the 1Q09
adex contraction of 4% and foresee adex volume weakness to bottom out sometime
at end-09.
[ 5 ]

6. Figure 6: Business Condition Index (BSI) and Consumer Sentiment Index (CSI)
140.0
120.0
100.0
80.0
60.0
Turning point
40.0
20.0
0.0
Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09
Business Condition Index Consumer Sentiment Index
Source: CEIC
The auto and property industries, which are among the top 20 major advertisers in
Malaysia and make up 20-30% of total industry adex, have also showed signs of a
turnaround based on the Auto Industry Index (AII) and Residential Property Index
(RPI).
Figure 7: Auto Industry Index (AII) and Residential Property Index (RPI)
175.0
150.0
125.0
100.0
75.0
50.0
Turning point
25.0
0.0
Mar-03 Nov-03 Jul-04 Mar-05 Nov-05 Jul-06 Mar-07 Nov-07 Jul-08 Mar-09
Auto Industry Index Residential Property Index
Source: CEIC
Medium-term outlook is weak
Ad spending trails GDP data by 3-6 months. We observe that over the past 10
years, ad volume growth followed the trend of both the leading indicators and GDP
growth, but with roughly a time lag of 3-6 months. Using the Jun-Aug 09 trough for
both CLI and Malaysian GDP as a reference point, the historical trend suggests a
recovery path for adex from 1Q2010 (Figure 8).
But medium-term outlook remains weak. From our industry checks, it appears that
advertisers are still cautious and retain a wait-and-see attitude. On yoy basis, 2Q09
adspend is likely to contract by around 8-10%. Visibility of adspend in 2H09 is even
murkier as there are no major events to drive advertising this year compared to 2008
which featured the Olympics and Euro 2008.
Figure 8: Adex growth tracks leading index and GDP
20.0 40
15.0 Adex growth lags GDP 30
growth by 3-6 months
10.0 20
5.0 10
0.0 0
1Q98
3Q98
1Q99
3Q99
1Q00
3Q00
1Q01
3Q01
1Q02
3Q02
1Q03
3Q03
1Q04
3Q04
1Q05
3Q05
1Q06
3Q06
1Q07
3Q07
1Q08
3Q08
1Q09
-5.0 -10
-10.0 -20
-15.0 -30
Leading index (RHS) Malaysia GDP Adex growth (LHS)
Source: DOS, Organization for Economic Co-operation and Development (OECD)
[ 6 ]

7. 1Q09 results set the tone
2009 earnings likely to remain weak. We expect the upcoming 1Q09 results for the
media companies under our coverage to set the tone for media companies’ earnings
for 2009. Data from NMR already indicate the weakness of ad volume in 1Q09 which
should be reflected in the numbers for these companies. We would not be surprised if
other companies like Star and Media Chinese reported disappointments in their
numbers. We are maintaining our earnings forecasts and target prices for these
stocks while noting the possibility of a downgrade after the release of their quarterly
results. Earlier indications from NMR are negative, with both English and Chinese
newspaper adex falling 15% yoy in 1Q09.
For newspaper companies, the benefits of cheaper newsprint prices can only be felt in
2010 when newsprint inventories run out. Newsprint spot prices have dropped by 18%
to US$623/tonne from a peak of US$756/tone at end-Dec 08. It will take a few months
to confirm the downtrend as prices could pull back due to plant shutdowns in North
America and rising oil prices.
Figure 9: Newsprint price (US$/tonne)
779
729
679
629 Peaked at
US$756/tonne in end-08
579
529
Jan-08
May-08
Jun-08
Jul-08
Oct-08
Nov-08
Dec-08
Jan-09
May-09
Feb-08
Mar-08
Apr-08
Aug-08
Sep-08
Feb-09
Mar-09
Apr-09
Source: Bloomberg
Valuation and recommendation
End 2009 a good potential entry point. We believe end-09 will be a good re-entry
point for exposure to selected media stocks as positives such as earnings visibility,
improved sentiment of advertisers, benefits of cheaper newsprint and gradual
economic recovery are likely to kick in as catalysts then. We will monitor closely the
situation on the ground and official stats but so far, adex for the months ahead
appears to be southbound. The share prices of media companies have recovered
somewhat since the start of the year and we fail to see any additional near-term re-
rating catalysts. Short-term correction would not be a good buying opportunity. We
look beyond the 1Q09 adex contraction of 4% and foresee adex volume to stay
southbound in the months ahead. A bottoming-out will probably occur no earlier than
end-09, a point when we think the long-term risk-reward ratio is likely to turn positive.
Staying NEUTRAL on media sector for now. In view of this, we maintain our
NEUTRAL stance on the media sector. We recommend investors to switch to Astro
whose appeal lies in its limited exposure to adex and minimal downside risks to its
Malaysian operations where the subscriber trend could turn out to be resilient. Astro
remains a TRADING BUY with a higher DCF-based target price of RM3.00 (RM2.40
previously), tagged to an unchanged 10% discount to DCF, which we now base on a
WACC of 13% (15.5% previously). Its dividend yield of over 6% is among the highest
in the sector. We remain NEUTRAL on Media Prima (MPR MK), Star Publications
(STAR MK) and Media Chinese International (MCIL MK). NSTP is kept as an
UNDERPERFORM.
[ 7 ]

8. QUICK TAKES
20 May 2009
MALAYSIA
CIMB Research Report
TRADING BUY Maintained
Astro All Asia Networks Plc RM2.58 Target: RM3.00
Switch to this channel Mkt.Cap: RM4,990m/US$1,414m
TV - Satellite
ASTR MK / AAAN.KL Sharizan Rosely +60 (3) 2084 9864 – sharizan.rosely@cimb.com
1Q09 adex
Firmly southbound. Although industry gross adex for Jan-Mar 09 shrank 3.9%, it
was better than the 20% contraction seen after the 1997-8 Asian financial crisis. The
worst performer was the newspaper segment which saw a 9% decline compared to a
3.7% growth for TV adex. But ad volume visibility extends only 2-3 months out, which
leaves question marks over advertising commitments for 2H09.
Not a major concern for Astro. We do not expect the weakening adex in 2009 to
have a material impact on Astro as adex constitutes less than 10% of its total revenue,
the bulk of which comes from subscription fees. A projected 6-10% slowdown in
adspend in 2009 will, therefore, not have a substantial impact on Astro. Astro’s
domestic pay TV operations remain the group’s key driver and could turn out to be
more resilient than expected.
Valuation and recommendation
Maintain TRADING BUY with higher target price of RM3.00. We retain our
forecasts which already reflect lower EBITDA margins from higher content costs and a
higher churn of 9%. Considering that this will be a challenging year for adex, Astro
looks appealing as it has very little exposure to adex and the downside risks for its
Malaysian operations are minimal as the subscriber trend could turn out to be resilient.
Using a lower WACC of 13% (15.5% previously), we get a higher target price of
RM3.00 (RM2.40 previously), still pegged to a 10% discount to its DCF value.
We reiterate our TRADING BUY recommendation on Astro as the outlook continues to
shift to its core Malaysian pay TV operations and India, where execution and
regulatory risks are much lower than in Indonesia. From a recent news report, it
appears that the preliminary ruling by the Singapore International Arbitration Centre
(SIAC) favoured Astro in that it urged PT Ayunda Prima Mitra, a subsidiary of Lippo
Group, to discontinue its lawsuit against Astro. While this may not mark the end of
what is likely to be a long-drawn legal process, we view this progress positively.
Potential re-rating catalysts for Astro are (i) continued progress in sorting out the
legalities in Indonesia, (ii) stronger-than-expected performance for its Malaysian
operations, and (iii) investors’ switch from adex-centric companies. Astro’s dividend
yield of over 6% is among the highest in the sector.
[ 8 ]

9. Financial summary
FYE Jan 2008 2009 2010F 2011F 2012F
Revenue (RM m) 2,601.7 2,971.5 3,166.4 3,400.9 3,602.4
EBITDA (RM m) 556.5 541.4 743.0 823.9 982.5
EBITDA margins (%) 21.4% 18.2% 23.5% 24.2% 27.3%
Pretax profit (RM m) 136.6 (372.3) 416.7 569.9 768.5
Net profit (RM m) (6.2) (529.2) 313.8 428.7 577.7
EPS (sen) (0.3) (26.6) 15.6 21.4 28.8
EPS growth (%) (103.8%) (8,349.6%) 158.7% 36.6% 34.7%
P/E (x) nm nm 16.5 12.1 9.0
Core EPS (sen) (0.7) 8.0 16.5 21.4 28.8
Core EPS growth (%) (108.8%) 1,199.0% 107.7% 29.2% 34.7%
Core P/E (x) nm 32.4 15.6 12.1 9.0
Gross DPS (sen) 13.9 13.9 16.7 18.9 19.3
Dividend yield (%) 5.4% 5.4% 6.5% 7.3% 7.5%
Price chart
P/BV (x) 3.1 5.5 5.2 4.5 3.5
3.7
5.00 ROE (%) (0.4%) (41.4%) 32.6% 39.7% 44.2%
4.00 Net gearing (%) N/A 40.0% 20.8% N/A N/A
3.2
3.00 Net cash per share (RM) 0.10 N/A N/A 0.07 0.27
2.7
2.00 P/FCFE (x) (271.4) 35.3 12.9 8.4 7.5
2.2 1.00 EV/EBITDA (x) 9.2 10.7 7.9 6.8 5.4
1.7 0.00 % change in EPS estimates - - -
May-08 Oct-08 Mar-09
Volume 1m (R.H .Scale) As All As Networks Plc
tro ia
CIMB/Consensus (x) 1.46 1.47 0.99
Source: Bloomberg Source: Company, CIMB Research, Bloomberg
[ 9 ]

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(i) As of 20 May 2009, CIMB has a proprietary position in the following securities in this report:
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(ii) As of 20 May 2009, the analyst, Sharizan Rosely who prepared this report, has an interest in the securities in the following company or companies covered or
recommended in this report:
(a) -
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[ 10 ]

11. New Zealand: In New Zealand, this report is for distribution only to persons whose principal business is the investment of money or who, in the course of, and for the
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RECOMMENDATION FRAMEWORK #1*
STOCK RECOMMENDATIONS SECTOR RECOMMENDATIONS
OUTPERFORM: The stock's total return is expected to exceed a relevant OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is
benchmark's total return by 5% or more over the next 12 months. expected to outperform the relevant primary market index over the next 12
months.
NEUTRAL: The stock's total return is expected to be within +/-5% of a relevant NEUTRAL: The industry, as defined by the analyst's coverage universe, is
benchmark's total return. expected to perform in line with the relevant primary market index over the next
12 months.
UNDERPERFORM: The stock's total return is expected to be below a relevant UNDERWEIGHT: The industry, as defined by the analyst's coverage universe,
benchmark's total return by 5% or more over the next 12 months. is expected to underperform the relevant primary market index over the next 12
months.
TRADING BUY: The stock's total return is expected to exceed a relevant TRADING BUY: The industry, as defined by the analyst's coverage universe, is
benchmark's total return by 5% or more over the next 3 months. expected to outperform the relevant primary market index over the next 3
months.
TRADING SELL: The stock's total return is expected to be below a relevant TRADING SELL: The industry, as defined by the analyst's coverage universe,
benchmark's total return by 5% or more over the next 3 months. is expected to underperform the relevant primary market index over the next 3
months.
* This framework only applies to stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand and Jakarta Stock Exchange. Occasionally, it is permitted for the total expected returns to be
temporarily outside the prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons.
CIMB-GK Research Pte Ltd (Co. Reg. No. 198701620M)
[ 11 ]

12. RECOMMENDATION FRAMEWORK #2 **
STOCK RECOMMENDATIONS SECTOR RECOMMENDATIONS
OUTPERFORM: Expected positive total returns of 15% or more over the next OVERWEIGHT: The industry, as defined by the analyst's coverage universe,
12 months. has a high number of stocks that are expected to have total returns of +15% or
better over the next 12 months.
NEUTRAL: Expected total returns of between -15% and +15% over the next NEUTRAL: The industry, as defined by the analyst's coverage universe, has
12 months. either (i) an equal number of stocks that are expected to have total returns of
+15% (or better) or -15% (or worse), or (ii) stocks that are predominantly
expected to have total returns that will range from +15% to -15%; both over the
next 12 months.
UNDERPERFORM: Expected negative total returns of 15% or more over the UNDERWEIGHT: The industry, as defined by the analyst's coverage universe,
next 12 months. has a high number of stocks that are expected to have total returns of -15% or
worse over the next 12 months.
TRADING BUY: Expected positive total returns of 15% or more over the next 3 TRADING BUY: The industry, as defined by the analyst's coverage universe,
months. has a high number of stocks that are expected to have total returns of +15% or
better over the next 3 months.
TRADING SELL: Expected negative total returns of 15% or more over the next TRADING SELL: The industry, as defined by the analyst's coverage universe,
3 months. has a high number of stocks that are expected to have total returns of -15% or
worse over the next 3 months.
** This framework only applies to stocks listed on the Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Occasionally, it is permitted for the total expected returns to be temporarily outside the
prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons.
[ 12 ]