Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
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.

Find all posts by this user
Quote this message in a reply
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.

Find all posts by this user
Quote this message in a reply
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
Find all posts by this user
Quote this message in a reply
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 ?

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

APTT will fall under this category.

life goes in cycles, predictable yet uncontrollable; just like the markets, but markets give you a second chance
Find all posts by this user
Quote this message in a reply
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
Find all posts by this user
Quote this message in a reply
01-08-2014, 04:15 PM
Post: #196
RE: Asian Pay Television Trust (APTT)
In this long overdue correction, APTT stand out strong, I believed is due to the defensive yield of the counter.

At 85 cents, it still yield almost 10%.

The tax settlement with Taiwan tax bureau is settled within expectation as lied out in the prospectus.

When the tax announcement is made, I made a bid at 77.5 cents but got it at 77. Why is market so pessimistic about it?

1) competition is set to increase
2) growth at Taichung is highly uncertain, since they are unlikely to hit out at Kbro (to prevent retaliation at home turf) so the untapped market is relatively small.

But with the short term spanner gone, dividend at 10% for 2014 is all but assured. With capex within lower limit of my calculation for the next 2 years. 80 million instead of 120 mio, it is also highly unlikely that 2014 will see a drastic fall in distribution.

In the longer run, sustainability of distribution depends on the growth and how well they hold off competition. Will need to scrutinized the churn rate and the ARPU over the next 2 quarters beside subscription numbers.

But with 1.5 years of clear sky, could APTT benefit further with the movement to defensive yield?

It has already risen about 10% without declaring a 4 cents dividends, (they keep their distribution guide of 8.25 cents for 2014 when they announce tax settlement. Could APTT test 90 cents with the coming CD?

Volume is improving too, since the announcement. Finger crossed.

life goes in cycles, predictable yet uncontrollable; just like the markets, but markets give you a second chance
Find all posts by this user
Quote this message in a reply
13-08-2014, 06:32 AM
Post: #197
RE: Asian Pay Television Trust (APTT)
http://www.businesstimes.com.sg/premium/...s-20140813

PUBLISHED AUGUST 13, 2014
APTT to pay H1 DPU of 4.12ยข, on track to meet full-year forecasts
BYMICHELLE QUAH
michquah@sph.com.sg @MichelleQuahBT

ASIAN Pay Television Trust (APTT), the first listed pay-TV business trust in the region, yesterday reported interim earnings which it said place it in a good position to achieve the full-year performance it set out in its listing prospectus last year.
It also declared a distribution per unit (DPU) of 4.12 Singapore cents for the half-year ended June 30, 2014, to be paid on Sept 26.
For the quarter ended June 30, 2014, APTT said its total revenue came in at S$79.19 million. Its earnings before interest, taxes, depreciation and amortisation (Ebitda) totalled S$48.39 million, while its asset Ebitda came in at S$51.96 million, for the period.
Asset Ebitda refers to the Ebitda of only APTT's seed asset - the Taiwan Broadband Communications Group (TBC), a leading Taiwan integrated cable operator - and does not include expenses attributable to the trust and offshore entities.

Find all posts by this user
Quote this message in a reply
Post Reply 


Forum Jump:


User(s) browsing this thread: 1 Guest(s)