Monday, August 12, 2013

Asia Pay TV Trust 2QFY2013

Subscribers                                                       ARPU (TWD)
Basic Cable TV                       753K                538    
Premium Cable TV                  118K               209
Broadband                                179K               547

Revenue                          $122,681,000
Distributable  FCF          $53,076,000
Nett Assets                      $1,354,810,000
NAV                                94 cents
Total Borrowings            $915,830,000
Total Interest Rate Cost  4%
Gross Debt/EBITDA       4.8X
DPS                                  4.8 cents (1H FY2013)

Remarks: currently, the bulk of the assets is intangible assets which refer to cable TV licenses. APTT management classify them as having indefinite value lives thus no amortisation charge made against the carrying value. I personally do not agree to this approach as it is too optimistic.

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