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.
No comments:
Post a Comment