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PR Newswire
13-11-2025, 11:19 AM
https://links.sgx.com/FileOpen/APTTUpdat...eID=866874
3Q results brought about some important info:
Page 14- 90% of debt is hedged at 1.54% for 3 years
Page 15- Onshore is a flat 7 years, offshore is 3 years with option of 2 more years *which i hope they dont use because its debt is expensive even if SORA is 0%
Page 8- Broadcast and Production costs increased despite a declining revenue base
Page 2- EBITDA Margin continues to decline.
In my view, its likely with a smaller and smaller revenue base, EBITDA margin will shrink as well. In a few years time, APTT may be a 200 million revenue, with cash generation of 100 million.
There is a need for the trust to pare down its debt quickly, otherwise, the loss in cash wont be able to sustain dividends and Maintenance CAPEX （19 and 30 mil respectively）
This trust is in a story of how fast it can pare down its debts to a sustainable level while revenue/cash inflow declines. In my view, when debt refinancing is due in 7 years' time for its TWD debt. 800million of debt should just about be fine with an interest cost of 3.6% and assuming financing fee of 2% points amortized over 7 years （annual financing cost will be $31 million）
3Q results brought about some important info:
Page 14- 90% of debt is hedged at 1.54% for 3 years
Page 15- Onshore is a flat 7 years, offshore is 3 years with option of 2 more years *which i hope they dont use because its debt is expensive even if SORA is 0%
Page 8- Broadcast and Production costs increased despite a declining revenue base
Page 2- EBITDA Margin continues to decline.
In my view, its likely with a smaller and smaller revenue base, EBITDA margin will shrink as well. In a few years time, APTT may be a 200 million revenue, with cash generation of 100 million.
There is a need for the trust to pare down its debt quickly, otherwise, the loss in cash wont be able to sustain dividends and Maintenance CAPEX （19 and 30 mil respectively）
This trust is in a story of how fast it can pare down its debts to a sustainable level while revenue/cash inflow declines. In my view, when debt refinancing is due in 7 years' time for its TWD debt. 800million of debt should just about be fine with an interest cost of 3.6% and assuming financing fee of 2% points amortized over 7 years （annual financing cost will be $31 million）