STOCKS NEWS MALAYSIA-Kenanga ups Astro to "outperform", lifts target price

Wed May 1, 2013 9:38pm EDT

Kenanga Research raised its call on Astro Malaysia Holdings Bhd to "outperform" from "market perform" after the pay-TV company launched a home fibre broadband internet and home voice service tie-up with Malaysia's largest mobile phone operator Maxis Berhad.

"We are sanguine on this collaboration as it has bundles of win-win benefits for the subscribers and synergistic benefits for Astro and Maxis," Kenanga said in a note on Thursday.

The research house also raised its target price on Astro to 3.38 ringgit per share from 3.10 ringgit, and lifted its net profit forecast for the 2014 and 2015 financial years by 2.4 percent and 9.9 percent respectively.

Shares in Astro rose 0.34 percent against the Malaysian benchmark stock index's 0.37 percent loss.

0931 (0132 GMT)

(Reporting by Anuradha Raghu; Editing by Anupama Dwivedi)(anuradha.raghu@thomsonreuters.com)(Reuters Messaging: anuradha.raghu.thomsonreuters.com@reuters.net)