It said in a note that the ongoing Covid vaccinations in Malaysia and other countries are expected to lead to a gradual recovery in the traditional media and travel segments as pandemic restrictions ease.
"Since Covid-19 hit Malaysia in 1QCY20 last year, weak adex sentiment and pandemic-related restrictions had impacted the performance of traditional media adex such as in print, TV, and radio, while circulation numbers continued to dwindle.
"Furthermore, offline events, travel and content production were also impacted by Covid-19 restrictions," said AmInvestment.
A shift in consumer habits during the movement control order however was positive for home shopping and digital, which recorded a positive performance.
The research house said the momentum in home shopping and digital channels is expected to continue, with a growing trend towards electronic and mobile commerce platforms.
"Our OVERWEIGHT recommendation is also supported by the cheap valuations of media companies under our coverage i.e. Astro Malaysia (BUY, RM1.83), Media Prima (BUY, RM0.80) and Star Media (BUY, RM0.53)," it added.