APTT 1QFY2016

Subscribers
Basic Cable TV                       759K (ARPU: NT$ 528)
Premium Digital TV                149K (ARPU: NT$173)
Broadband                                195K (ARPU: NT$493)

Revenue                                    $77,832,000
EBITDA                                    $46,014,000 (EBITDA Margin: 59.1%)
Gearing                                      46.5%
Interest Cover                            Greater than 4
NAV                                           82 cents

APTT 1QFY2015

Subscribers
Basic Cable TV                       756K (ARPU: NT$ 537)
Premium Digital TV                136K (ARPU: NT$188)
Broadband                                185K (ARPU: NT$526)

Revenue                                    $82,292,000
EBITDA                                    $48,663,000 (EBITDA Margin: 59.1%)
Gearing                                      44%
Interest Cover                            Greater than 4
NAV                                           90 cents

APTT 4QFY2014

                                                                    Subscribers                            ARPU

Basic Cable TV                                            756K (755K 2013)               NT$537 (537 2013)
Premium Digital TV                                     133K(123K 2013)               NT$195 (207 2013)
Broadband                                                     183K(180K 2013)               NT$525 (543 2013)

Revenue                                                         $81,846K
EBITDA                                                        $48,900K
Net Assets                                                      $1,275,827K
DPU                                                                2.13 cents (Guided 8,25 cents for 2015)
Gearing                                                           43.2%
NAV                                                                89 cents
Interest Cover                                                  greater than 4

Despite all the naysaying that I read in various forums that was surrounding this counter, I got in at around 75 cents after it went down after IPO and has been collecting dividends ever since.Give myself a pat on the back for this one, at least up to till now.

Asia Pay TV Trust 1QFY2014

Subscribers                                                       ARPU (TWD)
Basic Cable TV                        756K               538
Premium Cable TV                  126K               200
Broadband                                181K               527

Revenue                           $77,204K
APTT EBITDA               $49,771K
 Nett Assets                     $1,253,163K
NAV                                87 cents
Total Borrowings            $942m
Total Interest Rate Cost  4%
Gearing                            39.5%
Interest Cover                  4
Gross Debt/EBITDA       4.8X

AsiaPay TV Trust

Subscribers                                                       ARPU (TWD)
Basic Cable TV                        755K               537  
Premium Cable TV                  123K               207
Broadband                                180K               543

Revenue                          $78,693K
APTT EBITDA               $51,790K
 Nett Assets                     $1,321,058K
NAV                                92 cents
Total Borrowings            $943m
Total Interest Rate Cost  4%
Gearing                            38.9%
Interest Cover                  4
Gross Debt/EBITDA       4.8X
Sing$ to NT (1:23.578)

APTT 3QFY2013

Subscribers                                                       ARPU (TWD)
Basic Cable TV                        754K               537   
Premium Cable TV                  121K               208
Broadband                                180K               545

Revenue                          $78,614K
APTT EBITDA               $46,501K
 Nett Assets                     $1,307,833K
NAV                                91 cents
Total Borrowings            $916,867,000
Total Interest Rate Cost  4%
Gearing                            38.6%
Interest Cover                   Greater than 3
 Gross Debt/EBITDA       4.7X
Sing$ to NT (1:23.578)

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.