Asian Pay TV Trust *Official* (SGX:S7OU)
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Weaboo
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Just received the APTT Proxy Form. Anyone can advise/explain on the below Special Business Resolutions:
3. Authority to issue new units in APTT (Ordinary Resolution)
4. Proposed amendment and restatement of APTT's Trust Deed to provide for the Proposed Trust Deed Amendments (Extraordinary Resolution)
3. Authority to issue new units in APTT (Ordinary Resolution)
4. Proposed amendment and restatement of APTT's Trust Deed to provide for the Proposed Trust Deed Amendments (Extraordinary Resolution)
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Shion
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PhillipCapital maintains 'buy' call for APTT as dividend yield remains 'attractive'
https://www.theedgesingapore.com/ca...y-call-aptt-dividend-yield-remains-attractive
PhillipCapital analyst Paul Chew has maintained his “buy” call for Asian Pay Television Trust (APTT) with a lower target price (TP) of 13 cents from 15 cents previously.
In his report dated Nov 21, Chew says APTT’s earnings for the 3QFY2022 ended Sept 30 were below expectations due to the 5% weakness in the Taiwan dollar, with year-to-date (ytd) revenue and ebitda forming 73% and 71% of his FY2022 estimates.
For 3QFY2022, distribution was maintained at 0.25 cents per unit. The analyst raised his FY2023 distribution by 5% to 1.05 cents, paid half yearly. “Broadband enjoyed healthy 11% revenue growth, but weakness in basic cable dragged group revenue to fall 6% year-on-year,” says Chew.
He has lowered his ebitda by 6% due to cutting his Taiwan dollar (TWD) forecast, while his new TP of 13 cents is based on 8.5x FY2023 enterprise value (EV) to ebitda ratio (EV/ebitda), at a 20% discount to Taiwanese peers.
The current attractive dividend yield of 9.6%, or a $19 million payout, is supported by free cash flows of around $73 million per annum, says Chew.
Chew says he expects “modest growth” in ebitda for FY2023. “Cable subscribers have declined 14,000 over the past 12 months, but this was more than offset by a 33,000 jump in broadband subscribers,” he says.
Positively, Chew points out that broadband subscriptions have continued to grow strongly led by higher subscriber growth and improvement in average revenue per user (ARPU), which has risen 4% year-on-year (y-o-y) to TWD379 ($16.72) with more subscribers opting for higher speed.
“We estimate each cable subscriber contributes around $15 of revenue (excluding content
cost) compared with $14 for cable. Margins from broadband can offset the structural decline in cable TV,” he adds.
Chew believes the challenge that APTT faces is to lower content costs in line with falling cable TV revenue. As a percentage of revenue, content cost for 3QFY2022 hit a record 30.4% of cable TV revenue, excluding non-subscription revenue.
“As for the impact of rising interest rates, until 2025, if we assume a 2% point rise in interest rates, the impact is around $3 million to free cash flows,” he notes.
As at 11.47am, shares in APTT were trading flat at 10.7 cents with a dividend yield of 9.35%.
Shion
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APTT receives majority lenders' approval for refinancing of its offshore facilities
https://www.theedgesingapore.com/ne...-approval-refinancing-its-offshore-facilities
The trustee-manager of Asian Pay Television Trust (APTT) says its lead arranger has received commitment letters from sufficient lenders for the refinancing of APTT’s offshore facilities.
The facility agreement is expected to be signed in January 2023 with the financial close expected to be in July 2023, upon the maturity of the existing offshore facilities.
The existing offshore facilities comprise a $125 million term loan facility and a $80 million revolving loan facility. Of the $125 million term loan facility, $78.4 million is currently outstanding, while $58.5 million from the $80 million revolving loan facility is currently outstanding.
After including the impact of scheduled repayments until the financial close, the size of the refinanced facilities will be reduced to a $46.6 million term loan facility and a S$75 million revolving loan facility on financial close.
“The substantial reduction in the size of the offshore facilities reflects the results of APTT’s debt management programme,” says APTT’s trustee-manager. “A key focus has been to make accelerated debt repayments, using cash generated from operations, to lower gearing and save on interest costs. This is especially important in today’s rising interest rate environment.”
The refinanced facilities will be on the same major terms. They will start immediately upon the maturity of the existing offshore facilities for 30 months.
The refinanced facilities will bear a floating interest rate plus an interest margin. The floating interest rate will be revised from the Singapore Interbank Offered Rate (SIBOR) to the compounded Singapore Overnight Rate Average (SORA), plus a pre-agreed adjustment spread, to account for historical differences between SIBOR and SORA.
According to the trustee-manager, the interest margin will range from 4.1% to 4.9% per annum (p.a.) based on the group’s leverage ratio. This is compared to 4.1% to 5.5% for the existing offshore facilities.
Taipei Fubon Commercial Bank Co., Ltd. is the lead arranger and facility agent for the refinancing of the offshore facilities.
“We are pleased to have received the necessary commitments to refinance our offshore facilities on the same major terms. This reflects lenders’ confidence in APTT’s business and the management. We have been recording consistently healthy net cash flows for years, while our broadband business has been growing steadily,” says Brian McKinley, CEO of the trustee-manager.
With this refinancing, the principal repayment schedule and financial covenants for the offshore facilities will be reset. The trustee-manager will also not have to revisit borrowing facilities till 2025 with this.
“Although our offshore facilities represent only 10% of the group’s total outstanding debt, higher Singapore interest rates mean that we will incur higher interest costs going forward since we do not hedge our offshore facilities. Our overall exposure to rising interest rates, however, is contained since over 90% of our onshore facilities are hedged against the risk of rising interest rates through to June 30, 2025. Given that our onshore facilities comprise 90% of total debts, the impact of rising interest rates is not expected to substantially affect our business operations,” McKinley adds.
Units in APTT closed flat at 11.1 cents on Dec 30.
I landed this recently. Yes it is highly speculative since it is trading at below 10 cents but since I use custodian account like moomoo with cheap fees I am prepared to lose total invested (very small actually) but the rewards can be huge if it later shoot up. Since it is a trust it need to make mandatory dividends so I take and wait. Anyone has same strategy as me?
I haven't heard of this for business trusts, care to share the source?
where does it say business trust dividend is mandatory?
Ok I shall re-phrase my words. It is "close to mandatory" based on my years of investing in them also. E.g Keppel Infra and Netlink so far never missed any out any payment. This counter as I say is highly speculative trading at below 10 cents. It is another of my strategy as I like to spread my capital far and wide I like diversification. Last time broker fees is 25+ cannot play many such game but now I can. Past few months have been netting below 30 cents stock again haha
Hihi good evening all may I know is there still any hope of Asia pay trust to go back to 50 cents in the near future? Have lost a lot of money in it got 200000 shares at a average price of 50 cents and after so long still hovering at around 10 cents. Understand management is trying to reduce debt but like nothing doing.
Alamak you again.... I think those answers you got in your previous thread asking on this issue were serious replies to you liao lah.
https://forums.hardwarezone.com.sg/threads/asia-pay-television-trust.6969462/
There are already serious replies in your previous thread.
The 100% failsafe advice I have for investment is NEVER ALL IN ! Even if it is for bank FD, T-Bill, SSB I also never all in. I hope you learn your lesson after this episode. 200K shares is no small number which translate into lotsa monies. If you so daring to hoot why never take that monies go casino table play big small lagi faster know your results?
Im actually very curious what convicted you to put $100k into a single stock? Pls don't tell me becoz a certain XX71 blogger bought lots of this stock and you follow suit?
Asphodeli
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this celong27 fella didnt do much research la IIRC...
Indeed if he has researched enough, he should have patronized casino table play big small faster rewards instead.
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