WHO could imagine that once deemed Malaysia’s pioneering pay satellite TV station Astro Malaysia Holdings Bhd could be in such a dire strait today with its share price currently hovering at 13.5 sen which is just a whisker away from its all-time low of 12.5 sen?
As reflected by its dismal 2Q FY1/2026 ended July 31, 2025 results, the group’s net earnings shrunk 70% to RM16.39 mil (2Q FY1/2025: RM54.71 mil) while that of 1H FY1/2026 edged down 58.4% to a mere RM29.87 mil (2Q FY1/2025: RM71.72 mil).
Structural headwinds from cord-cutting and Over-the-Top (OTT) streaming services and apps competition have continued to erode Astro’s subscription revenue and ARPU (average revenue per user) while adex (advertising expenditure) remains muted amid soft consumer sentiment.
This has led to Hong Leong Investment Bank (HLIB) Research summed up Astro’s bleak future as follows:
“Although Astro has launched lower-priced “Astro One” bundles and its new KULT digital marketing venture to reinvigorate its ecosystem, these initiatives will likely only partially offset structural pressures,” deduced analyst Syifaa’ Mahsuri Ismail in a recent results review.
“With earnings visibility clouded amid limited catalysts, we cut its FY1/2026f/2027F/2028F earnings by -78%/-60%/-42% while maintaining its SELL rating with lower DCF (discounted cash flow)-based target price of 10 sen.”
Such harsh reality was highlighted by digital creator Roman Akramovichv (@SyedAkramin) with a stinging one-liner on X: “[sic] Tables turned. You used to flex on customers, now life flexing on you.”
Tables turned. You used to flex on customers, now life flexing on you. pic.twitter.com/5cAI0EWGdt
— Roman Akramovich (@SyedAkramin) September 28, 2025
Referencing an earlier Berita Harian Online news piece of Astro being squeezed by the trend of consumers cancelling their subscription, the poster even admitted that he was “one of the victims 😌” who have to endure Astro’s ‘complicated’ cancellation process.
This came about as one commenter claimed that subscribers still have to pay for the subsequent month following their service cancellation “because the decoder yet to be collected”.
“They won’t call you to pick up. Delay²!” he added.
Another even advised Astro “to accept the downfall by moving on”.
“There’re many more businesses that can be explored in Malaysia. Such is the era of disruption in the VUCA (volatility, uncertainty, complexity and ambiguity) world, fast economy, digital AI (artificial intelligence), etc,” proffered the commenter.
“Staying relevant isn’t easy. It’s just business as usual. There are ups and downs.”
Interestingly, one commenter defended Astro in the sense that “many will lose out” without Malaysia largest pay TV operator.
“You’re stuck paying with Netflix, HBO, YouTube for movies. Apple Music, Spotify for music. Separate subs for football and sports, etc. End result, same cost, more subscriptions to maintain,” she projected. – Oct 2, 2025
