Results were above our expectations. 4QFY22 operations ought to better QoQ as the FMCO ends but there will likely be a one-off negative impact from Cukai Makmur. We trim our FY22E EPS by 4% but raise FY23E/FY24E EPS by 7%/9%. Our DCF-TP is tweaked to MYR1.38 from MYR1.36 as we roll forward valuation base year to end-FY23E from end-FY22E. We continue to like ASTRO as an earnings turnaround and high dividend yield offering.