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Asian Pay Television Trust (APTT)
07-05-2014, 02:04 PM
Post: #191
RE: Asian Pay Television Trust (APTT)
90% of the assets are in form of intangible, that's the first thing that turns me off. Also took a quick look at AmFraser report, the borrowings for 2014F, 2015F and 2016F is indeed increasing. This causes me to think if the trust has the ability and intention to maintain its 10% yield for future, another turn off.

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20-05-2014, 05:16 PM
Post: #192
RE: Asian Pay Television Trust (APTT)
The fraser report seems to expect the company to be cash flow positive by next year. I think if they switch to quarterly dividend it would be more transparent because then can tell if dividends will be reduced every three months instead of waiting half a year. The main concern is whether dividend is sustainable given the high debt load, low or negative cash flow and almost zero growth.

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26-06-2014, 06:09 PM
Post: #193
RE: Asian Pay Television Trust (APTT)
With the settlement of tax issue, in accordance to what is expected in the prospectus. One risk down. Now is the growth vs capex risk

http://infopub.sgx.com/FileOpen/SGXAnnou...eID=302900

life goes in cycles, predictable yet uncontrollable; just like the markets, but markets give you a second chance
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11-07-2014, 07:13 AM
Post: #194
RE: Asian Pay Television Trust (APTT)
Thought it is important to repost Boon post on another thread on reit analysis. I dun know how to do transfer of thread...

His quote from IRAS

6.7
"The tax exemption scheme for infrastructure foreign income will expire on 31 Mar 2017 (unless specifically revoked earlier). Accordingly, where the section 13(12) declaration form is submitted to IRAS after 31 Mar 2017, the infrastructure foreign income will not enjoy the tax exemption, unless the scheme is extended."

Section 5 (S-Reits) is meant to align with Section 6 (Qualifying offshore infrastructure project/asset) - With the alignment, does it mean that the tax exemption scheme for S-reits foreign income will also expired on 31 March 2017, unless extended ?

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APTT will fall under this category.

life goes in cycles, predictable yet uncontrollable; just like the markets, but markets give you a second chance
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11-07-2014, 07:20 AM
Post: #195
RE: Asian Pay Television Trust (APTT)
(11-07-2014 07:13 AM)Greenrookie Wrote:  Thought it is important to repost Boon post on another thread on reit analysis. I dun know how to do transfer of thread...

His quote from IRAS

6.7
"The tax exemption scheme for infrastructure foreign income will expire on 31 Mar 2017 (unless specifically revoked earlier). Accordingly, where the section 13(12) declaration form is submitted to IRAS after 31 Mar 2017, the infrastructure foreign income will not enjoy the tax exemption, unless the scheme is extended."

Section 5 (S-Reits) is meant to align with Section 6 (Qualifying offshore infrastructure project/asset) - With the alignment, does it mean that the tax exemption scheme for S-reits foreign income will also expired on 31 March 2017, unless extended ?

------------------

APTT will fall under this category.

it will be interesting it will not be extended. this is probably what seperates local vs hk reits. if you don't have tax advantages would valuation change a fair bit? i would think so

Dividend Investing and More @ InvestmentMoats.com
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