Asian Pay Television Trust (APTT)

[Nick]

APTT ANNOUNCES FINANCIAL RESULTS FOR THE QUARTER ENDED 30 SEPTEMBER 2013

Key Highlights
• Performance in line with the forecasts outlined in the Prospectus1
• Revenue for the quarter of S$78.6 million
• Asset EBITDA2 for the quarter of S$50.7 million
• Re-affirmed distribution guidance of 4.13 cents per unit for 2H 2013

http://infopub.sgx.com/FileOpen/APTTScri...eID=263723 [Management Briefing Script]

http://infopub.sgx.com/FileOpen/APTTSGXR...eID=263699 [SGX Report]

http://infopub.sgx.com/FileOpen/APTT30Se...eID=263698 [Press Release]

http://infopub.sgx.com/FileOpen/APTT30Se...eID=263700 [PPT Slides]

1) Results were operationally steady as expected from a 'cash-cow' asset providing a near utility service to a captured market. It is likely the EBITDA will reach the forecast $200 million for FY 2013.

2) What was interesting in this report is that plans to expand into a nearby province was confirmed (as elaborated in the CIMB report last week) and this will be significantly DPU accretive. APTT already trades at nearly 11% yield.

3) As always, the major bug bear is the high leverage with net debt to ebitda stretching to almost 5. But if EBITDA can grow steadily, we might see this leverage ratio falling with time.

4) CIMB added their thoughts here today - https://brokingrfs.cimb.com/q-oDBX1tHHCZ...h0HRk1.pdf [Report]

Any thoughts from fellow buddies ?

(Not Vested)