Asian Pay Television Trust (APTT)

[weijian]

Seems like there is a 80% reduction in distributions starting from 4Q18. The 1.2cts/year seems to be the real sustainable cash flow (although still supported by leverage) that can be paid as dividends since Mgt guided that CAPEX will be "self funded" now.

APTT has been paying a large distribution to Unitholders for as long as it could; New distribution guidance in 2019 and 2020 to reposition APTT for the future

Over 43 cents per unit in distributions declared since IPO (including Q3 2018 distribution)
• The 20 declared distributions totalling 43.305 cents per unit translate to almost 45% of IPO listing price
• 3-year distribution record:
FY2016: 6.5 cents per unit
FY2017: 6.5 cents per unit
FY2018: 5.175 cents per unit (including Q4 2018 distribution guidance of 0.30 cents per unit)

Pay more conservative distributions to Unitholders so that all capital expenditure (including growth capital expenditure) can be self-funded from 2019
• The distribution is expected to be 1.20 cents per unit for 2019 and 2020, subject to no material changes in planning assumptions
• It is anticipated that the distribution will continue to be paid quarterly
• The new distribution level will be implemented from Q4 2018; Q4 2018 distribution will be prorated to 0.30 cents per unit

http://infopub.sgx.com/FileOpen/APTTPres...eID=533804 (3Q18 results ppt slide26)