Asian Pay TV Trust *Official* (SGX:S7OU)

[Dyhalt]

Due to corona virus outbreak which has far surpass my capability to evaluate its potential impact on the market, I have decided to exit all my position in APTT.

Hope fortune smile on those who are braver and smarter.

Cheers

 

[Lkpccl]

Finally, something positive coming out of the review.
Da Da buying 65% of Trust Manager.
Mid-long term to increase stake in APTT.
Lai liao.....lai liao.

 

[Toni90]

Does it mean no more selling of TBC?

 

[Dyhalt]

Financial result of APTT in Q4 continues to decline, which echos my expectation that it will continue to face headwinds in 2020. With the exception of a good takeover bid, in my humble opinion APTT is now too speculative for my flavor.

As for Da Da buying over 65% stake in dynami.. honestly I wouldn't view this as positive for APTT unit holders...especially with a not so good track record of da da legally in the past year. Dada is also a much smaller operator in Taiwan compare to TBC in a similar business with much less value add compare to a strong company like Foxconn.

I'm no longer a unit holder of APTT, but hope those invested could see better result with some change in management.

Cheers

 

[Shion]

APTT declares 0.3 S cent DPU for Q1, proposes 1-for-4 rights issue to pare debt

APTT declares 0.3 S cent DPU for Q1, proposes 1-for-4 rights issue to pare debt

https://www.businesstimes.com.sg/co...q1-proposes-1-for-4-rights-issue-to-pare-debt

PAY TV firm Asian Pay Television Trust (APTT) on Tuesday declared an ordinary interim distribution per unit (DPU) of 0.30 Singapore cent for its first quarter ended March 31, 2020, unchanged from a year ago.

The DPU will be paid on May 15, after books closure on May 8.

Revenue for the quarter rose 8.3 per cent to S$79.3 million from S$73.2 million and Ebitda (earnings before interest, tax, depreciation and amortisation) increased 9.5 per cent to S$48.3 million from S$44.1 million a year ago.

The quarter's revenue and Ebitda were mainly driven by higher non-subscription revenue generated from airtime advertising sales and others, the trustee-manager of APTT said.

Separately, the trustee-manager has proposed a renounceable non-underwritten rights issue to raise gross proceeds of about S$46.2 million.

Some S$45 million of the net proceeds would be used to pare APTT's offshore debt, enabling the trust to save about S$2.9 million in annual interest cost and strengthen its financial position.

The remaining S$0.1 million of the net proceeds would be used for working capital, the trustee-manager added.

A total of about 361.3 million rights units would be issued at 12.8 Singapore cents each, on the basis of one rights unit for every four existing units held by unitholders as at a record date to be determined.

The issue price is at a discount of about 3.8 per cent to APTT's last traded price of 13.3 Singapore cents on Monday, when it closed up 0.1 cent or 0.8 per cent.

APTT's trustee-manager, in its personal capacity, and three other unitholders have each given an irrevocable undertaking to subscribe for their entitlements and to apply for any excess rights units.

The total commitments under the irrevocable undertakings would be equal to the total number of rights units available under the rights issue.

The three unitholders are Araedis Investment, Hsiao Han Shen and Lu Fang Ming.

Mr Lu is a director and current majority owner of the trustee-manager, while Araedis Investment's parent firm Araedis Global Investment owns Da Da Digital Convergence, the proposed future majority owner of the trustee-manager.

Da Da Digital is controlled by Dai Yung Huei, the founder of Taiwan-listed Dafeng TV.

In February 2020, Da Da Digital had entered into a sale-and-purchase agreement (SPA) with Gear Rise, the parent firm of the trustee-manager's sole shareholder, Dynami Vision, to acquire a 65 per cent stake in Dynami.

The SPA is subject to, among others, approvals from regulatory bodies in Taiwan and lenders of APTT and Taiwan Broadband Communications Group.

The rights issue is subject to approval in-principle from the Singapore Exchange for the listing of and quotation for the rights units on the bourse's mainboard.

 

[Shion]

Asian Pay Television Trust upgraded to 'buy' on improved revenue and stable business operations: Phi

Asian Pay Television Trust upgraded to 'buy' on improved revenue and stable business operations: Phillip Capital

https://www.theedgesingapore.com/ca...t-upgraded-buy-phillip-capital-1q2020-revenue

SINGAPORE (Apr 29): Phillip Capital is upgrading Asian Pay Television Trust (APTT) to a “buy” with a revised target price of 15 cents from 16.5 cents previously.

The brokerage is basing its upgrade on APTT’s better-than-expected revenue, corrected share price of 23%, stable broadband revenue and stable losses in cable TV subscribers, as well as sustainable dividends.

APTT announced a distribution per unit (DPU) of 0.30 cents for the quarter ended March.

Its overall revenue for 1Q2020 was 8.3% higher at $79.3 million from $73.2 million a year ago, due to the appreciation of the Taiwan dollar by 4.7%, and non-subscription revenue including sale of in-house content to channels, as well as additional advertising revenue.

Despite an increase in total operating expenses at 6.6% higher at $31.0 million from $29.1 million a year ago due to higher staff costs and other operating expenses, EBITDA came in 9.5% higher y-o-y at $48.3 million.

Additionally, APPT’s trustee-manager has proposed a rights issue to raise gross proceeds of about $46 million at 12.8 cents per share. The proceeds will partially go to repaying the offshore borrowing facilities secured by APTT Holdings 1 Limited, and APTT Holdings 2 Limited. Upon completion of the rights issue, APTT’s DPU will be cut from a quarterly 0.30 cents to 0.25 cents.

In its outlook, Phillip Capital’s head of research Paul Chew notes that “broadband is the bright spot with the growth in subscribers offsetting the weakness in ARPU”.

“Core cable TV remains problematic with cable TV subscribers falling close to 3% p.a. Therefore, the ability to reduce capex will be critical to offset the falling cash-flows from cable TV business,” he says in a Wednesday report.

“The larger driver to the share price in future will be the ability to generate new revenue streams from data backhaul services offered to wireless operator rolling out 5G,” he adds.

As at 12.27pm, units in Asian Pay Television Trust are trading flat at 12.9 cents.

 

[Shion]

Asian Pay TV Trust’s Q2 net profit down 32.5% on higher costs

Asian Pay TV Trust’s Q2 net profit down 32.5% on higher costs

https://www.businesstimes.com.sg/co...rust’s-q2-net-profit-down-325-on-higher-costs

MAINBOARD-LISTED Asian Pay TV Trust recorded a 32.5 per cent drop in net profit to S$4.74 million for Q2 FY2020 ended June, amid an increase in operating costs and stiff pricing competition.

The firm has declared an ordinary interim distribution of 0.25 cents per unit, down from 0.30 cents a year ago. The quarterly distribution is expected to remain at 0.25 cents per unit for the rest of 2020.

Revenue for the quarter inched up 4.8 per cent to S$75.5 million, but the trust saw revenue challenges in each of its individual segments: basic cable TV, premium digital cable TV and broadband.

In constant NTD (National Taiwan Dollar) terms, basic cable TV revenue for the quarter decreased by 3.5 per cent. The number of Revenue Generating Units (RGUs) - or service subscribers - fell by about 4,000 due to video piracy, competition from aggressively priced IPTV and the growing popularity of online video.

There were also expectations from consumers for discounts. This was especially as they looked to lower cable TV pricing outside Taiwan Broadband Communications’ franchise areas, particularly in Taipei.

Meanwhile, in constant NTD, premium digital cable TV revenue for the quarter decreased by 4.4 per cent even though RGUs increased. ARPU (average revenue per user) had fallen due to promotions and discounted bundled packages, as well as video piracy and price competition from IPTV.

Broadband revenue showed more resilience, dipping 0.6 per cent in Q2 in constant NTD terms. Contributions were driven by demand for high-speed broadband services. But price competition is stiff, as low-cost unlimited data offerings from mobile operators is necessitating fixed-line operators to offer higher speeds at competitive prices.

For H1, APTT posted a 25.3 per cent fall in net profit to S$10.77 million, on the back of a 6.6 per cent increase in revenue to S$155 million.

Looking ahead, APTT sees its broadband segment playing “a key role in unlocking the potential of TBC’s data backhaul service, which is expected to be a key component of the broadband business within the next few years”, the firm said.

Brian McKinley, chief executive of APTT’s manager, added: “As a proof-of-concept, TBC is providing data backhaul for 4G networks to a number of wireless operators who prefer tapping into our superior network, rather than the main telco who is also competing with them in the wireless space.”

APTT is also focused on paring down its debt. It used net proceeds of S$45 million from a rights issue earlier this year to reduce 20 per cent of outstanding offshore facilities, which translates to annual interest cost savings of S$2.9 million.

Units of APTT closed at S$0.129 on Friday, down 0.77 per cent.

 

[Brnzoom]

Hihi all hope all doing well. May i know any chance this counter can go up to at least 20 cents or above at least? Once hold 200000 shares bought at an average price of 50 cents. Heart really pain and almost all my hard earned savings into it. Appreciate all serious advices. Thanks in advance.

 

[Brnzoom]

Hihi all any kind souls can kindly advise please?

 

[Tloslm]

i think it passed the bottom price already .
can go higher somemore. 20 cent is abit far now, hard to say

After rights issue, Araedis Investment becomes new biggest shareholder with 14% stake

https://links.sgx.com/FileOpen/_AraedisForm3.ashx?App=Announcement&FileID=621917

 

[reddevil0728]

Hihi all any kind souls can kindly advise please?

Why don’t you read the thread you started?

Pasting it here...

Think of it this way, before it goes even further south, square you position.

Yes you will realise 74% loss (0.50 to 0.13 cents). but with whatever you have, buy a growth stock. At least you might recover some or all of your 74% loss faster, than you keep holding on to this and if there’s no hope, it will just make it even more difficult to recover the x% realised loss.

By doing it this way, you are essentially just switching out your investment. So savings not really “loss” if you can recover.

Of course you incur brokerage fees, but I think that’s immaterial

 

[Sadisticnoob]

i think it passed the bottom price already .
can go higher somemore. 20 cent is abit far now, hard to say

After rights issue, Araedis Investment becomes new biggest shareholder with 14% stake

https://links.sgx.com/FileOpen/_AraedisForm3.ashx?App=Announcement&FileID=621917

can slowly prepare for them to buy out.

My cost is 15 cents after dividends. Anything above 20 cents by them will be an acceptance.

 

[ktnpl2005]

More than half of its net profit was wiped out by the additional $5.3m programming fee. It is good that they are shifting their core business to backhaul services as TV business is dwindling amid rising costs from content providers and diminishing users.

Although net profit dropped due to the programming fee, comprehensive income jumped more than 100 fold due to unrealised gain from foreign exchange and hedging hence 2020 may end with a huge swing on the upside.

Meantime, the business remains profitable with increasing cash flow. It still has someway to go in trimming its high debt but overall, it is a bright spark amid the backdrop of companies swimming in the red and bleeding cash.

 

[5408854088]

MAINBOARD-LISTED Asian Pay Television Trust (APTT) has declared an ordinary interim distribution per unit (DPU) of 0.25 Singapore cent for the third quarter ended Sept 30, down 16.7 per cent from its DPU of 0.3 cent in the year-ago period.

https://www.businesstimes.com.sg/companies-markets/asian-pay-tv-posts-q3-dpu-of-025-s-cent

 

[Shion]

Asian Pay TV a counter to watch as management likely to maintain DPU in FY21: PhillipCapital

Asian Pay TV a counter to watch as management likely to maintain DPU in FY21: PhillipCapital

https://www.theedgesingapore.com/ca...ement-likely-maintain-dpu-fy21-phillipcapital

PhillipCapital is maintaining its “buy” call and target price of 15 cents on television services provider Asian Pay Television Trust (APTT).

This is expected to give the counter a total return of 36.8% from its 11.7 cent price on Nov 13, says analyst Paul Chew in a note.

“Our buy remains premised on a yield of 8.5% and sustainable operating cash flows,” he elaborates.

His comments follow the counter’s recent earnings for 3Q2020 ended September in which it declared an ordinary distribution per unit (DPU) of 0.25 cents, down 16.7% if the 0.3 cent DPU disbursed in the year earlier ago period.

This comes as its net profit plunged by 12.9% to $4.5 million in 3Q2020, from the previous year’s $5.1 million due to higher expenses incurred.

In this time, its revenue edged up by 4% to $75.9 million thanks to a steady increase in its subscribers for its premium digital cable TV and broadband services across the past quarters.

In the most recent 3Q2020, APTT added about 10,000 premium digital cable TV subscribers and 2,000 broadband subscribers, which compensated for the 5,000 dip in its basic cable TV users, the company noted in its results filing.

The softening in demand for cable TV, which follows piracy concerns and the competitive pricing of Internet Protocol television (IPTV), says Chew.

Still, total subscriber base stands at 1.19 million, up 2% year-on-year.

“3Q2020 revenue and EBITDA were within our expectations at 76%/78% of our FY20e forecasts,” says Chew. He notes that the counter’s DPS will be maintained at 0.25 cents/quarter in FY21.

“Operationally, we are incorporating lower revenue and EBITDA for FY21e, to factor in lower cable TV revenue. However, Free Cash Flow should rise with lower capital expenses”.


The reduced capex amounts to some $10 million and comes amid a slowdown in the hefty investments made to improve fibre capacity.

“These investments were made to raise the bandwidth of its broadband offerings and in preparation for its 5G data backhaul business from mobile operators,” explains Chew.

He reckons this will be an opportunity and a key component of its broadband business in the next few years.

As at 3.55pm, units in APTT were trading at 11.9 cents, up 0.1 cents or 0.85%.

 

[Lkpccl]

Noticed recently volume traded increased and unknown force trying to press down price. What is going on? Or I overly sensitive?

 

[Opps-gal]

Noticed recently volume traded increased and unknown force trying to press down price. What is going on? Or I overly sensitive?

Buy volume more than sell volume?

 

[Lkpccl]

Buy volume more than sell volume?

Yes, most of the time but somehow, price being pressed lower.

 

[Andrew833]

Yes, most of the time but somehow, price being pressed lower.

Look at the price spread, if price keep pressing 1 pt lower, mean its sellers market. Price will keep going down until more buyers come in.

 

[Shion]

Asian Pay TV Trust posts Q1 DPU of 0.25 S cent; net profit up 20.8%​

https://www.businesstimes.com.sg/co...-posts-q1-dpu-of-025-s-cent-net-profit-up-208
MAINBOARD-LISTED Asian Pay Television Trust (APTT) has declared a distribution per unit (DPU) of 0.25 Singapore cent for the first quarter ended March 31, down 16.7 per cent from its DPU of 0.3 cent in the year-ago period.

The board has also reaffirmed a distribution guidance of one Singapore cent per unit for 2021, subject to no material changes in planning assumptions, the trustee-manager said in a bourse filing on Wednesday.

The Q1 distribution of 0.25 Singapore cent will be paid out on June 25, after the record date on June 18.

Meanwhile, net profit for the quarter rose 20.8 per cent to S$7.3 million, from S$6 million the year before. This translates to an earnings per share (EPS) of 0.4 Singapore cent, from an EPS of 0.42 cent the year before.

Revenue dropped 6.2 per cent to S$74.4 million, from S$79.3 million the year prior. The trustee-manager said total revenue was influenced by factors including continued challenges in the economic and operating environment.

It noted that its premium digital cable TV and broadband subscribers have been "steadily increasing" for the past 12 quarters. APTT added about 6,000 premium digital cable TV and around 5,000 broadband subscribers during the quarter, which more than offset basic cable TV churn during the period.

The trustee-manager expects to spend less compared to the last three years, although capital expenditure to increase network capacity and speed will continue.

"With capital expenditure trending down, APTT's balance sheet is expected to strengthen further," the trustee-manager added. It also projects total operating expenses in 2021 to be in line with last year's figures.

As at 1.25pm on Wednesday, units of APTT were trading at 11.1 Singapore cents, down 0.1 cent or 0.9 per cent.