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29-Mar-2017 14:47

Asian Pay TV Tr / Asian Pay Tv Tr

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If I noted correctly, TBC is the only operator in their five franchised areas. Capital expenditure due to digitazation is expected to end by 2017. I' m very optimistic on this trust.

jeremyow ( Date: 29-Mar-2017 13:59) Posted:

This could be a value proposition if their various business metrics do not deterioriate anymore but see improvements in the quarters and years ahead. If capital expenditure for upgrading has run its course after this year and is removed in time to come, the cash flows will improve. Much depends also on how the new owner Mr Lu can bring value to APTT with his know-how experience, connections and track record in this industry.

It is a competitive landscape with many players (big and small) in the Taiwanese TV and broadband space. If APTT can compete successfully over other players and improve its various business metrics in the years ahead, then buying now at current price will be considered undervalue for a distribution yield of more than 10% with potential upside in unit price. The number of subscribers must maintain or even increase, and average revenue per user (ARPU) must see improvements in their different business segments. Then, we will know APTT is growing amidst its competition.

If their businesses and cash flows improve this year and next few years, their distributions will be able to at least sustain at current amount or even go higher. Thus, unit price should increase as a distribution yield of more than 10% is always very attractive if the underlying business/ asset is a fundamentally good one. Continue to monitor its progress through this year and see how things develop.

pinkowl ( Date: 29-Mar-2017 10:12) Posted:

Not breakeven. I meant dividends collected will equal investment amount. After 7 years, free shares + free dividends.

Think Taiwanese still need to watch TV and surf net 7 years later. =P

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29-Mar-2017 13:16

Genting Sing / Genting SP Next Move

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In the process of breaking out. TP 1.20+. =)

Hope it' s a worthwhile wait.

Trader130 ( Date: 29-Mar-2017 11:35) Posted:

50/50 brewkout😂

pinkowl ( Date: 28-Mar-2017 16:45) Posted:

Let' s see if breakout starts from this point onwards.

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29-Mar-2017 10:12

Asian Pay TV Tr / Asian Pay Tv Tr

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Not breakeven. I meant dividends collected will equal investment amount. After 7 years, free shares + free dividends.

Think Taiwanese still need to watch TV and surf net 7 years later. =P

pinkowl ( Date: 29-Mar-2017 10:10) Posted:

This one hold 7 years, can break even liao. Anything beyond 7 years are free $$.

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29-Mar-2017 10:10

Asian Pay TV Tr / Asian Pay Tv Tr

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This one hold 7 years, can break even liao. Anything beyond 7 years are free $$.

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28-Mar-2017 16:48

Asian Pay TV Tr / Asian Pay Tv Tr

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Such a stable business with steady and inelastic demand/revenue. Wonder why it even get to this price level.

But it' s ok, good for us to grab it at low and enjoy super dividend.

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28-Mar-2017 16:45

Genting Sing / Genting SP Next Move

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Let' s see if breakout starts from this point onwards.

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24-Mar-2017 15:03

Hyflux 6% CPS / Hyflux 6% CPS 10

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I have both for diversification. Perennial' s book is better. Lesser risk...property and strong backings.

Just4win ( Date: 24-Mar-2017 14:55) Posted:

Yes, Pinky, this is also in my watchlist. But hyflux is still better

, yield wise. Also prefer hyflux to the other one.

Water is precious

pinkowl ( Date: 24-Mar-2017 14:48) Posted:

You can also look at Perennial 4.65%. Redemption in Oct 2018. XD in April too.

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24-Mar-2017 14:48

Hyflux 6% CPS / Hyflux 6% CPS 10

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You can also look at Perennial 4.65%. Redemption in Oct 2018. XD in April too.

Just4win ( Date: 24-Mar-2017 14:41) Posted:

lol... yes, the main attraction... apr 18 redeemable. I hv loaded some yesterday.. calculated yield is better than the one I have loaded previously,

pinkowl ( Date: 24-Mar-2017 14:39) Posted:

Had loaded full capacity on this already a few months back. Now sitting on capital gain plus incoming dividend.

It' s attractive to me as it is near redemption - April 2018.

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24-Mar-2017 14:39

Hyflux 6% CPS / Hyflux 6% CPS 10

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Had loaded full capacity on this already a few months back. Now sitting on capital gain plus incoming dividend.

It' s attractive to me as it is near redemption - April 2018.

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24-Mar-2017 09:52

SingPost / SingPost

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With impairment risk in the background, don' t think people dare to load on this yet. Got to wait for more clarity.

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21-Mar-2017 16:19

M1 / M1

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I think it makes a lot of sense. They have also recently partnered on some infra/projects right?

Good for starhub to acquire M1' s subscribers....not a smalll number by the way. =)

gopguppy ( Date: 21-Mar-2017 16:02) Posted:

RHB report suggested that Starhub could buy M1. Rumors are getting stronger.

http://research.rhbinvest.com.sg:9898/UploadPDF/SG_M1_Corporate%20News%20Flash_20170320_RHB.pdf

Would IDA allow this merger?

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17-Mar-2017 16:39

M1 / M1-After Capital Reduction, prices is moving up...

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Maybe SPH and keppel comm buy M1. Ha Ha.

ahhuat08 ( Date: 17-Mar-2017 16:34) Posted:

M1, Kep T& T, SPH 3 halted liao.

Are they related in any major news?

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17-Mar-2017 16:26

M1 / M1-After Capital Reduction, prices is moving up...

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Saw the triangle last night. More room to go.

Turtle.soup ( Date: 17-Mar-2017 16:25) Posted:

glad i kept my faith... HUAT LIAO!!

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15-Mar-2017 11:24

Asian Pay TV Tr / Asian Pay Tv Tr

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Thanks for summarising. Good stuff as always, and I agree with all the points made.

jeremyow ( Date: 15-Mar-2017 10:59) Posted:

For APTT, a more sustainable level is to give out lesser distributions per unit as what some of us have suggested maybe around 4.5 cents. As for the intangible assets, I think there is no need for investors to keep harping on the fact that APTT has most of its assets in the form of intangible assets. Unless one suspects that APTT is a company of dubious quality like some of those S-chips that have reported fradulent financial statements, then one should worry that most of the reported assets which is in intangible form may have accounting irregularities, and APTT may not even have such reported value of its intangible assets such that it is but only an empty shell.

However, based on its operating history so far, it is unlikely that this company is of a dubious origin as there are certainly due diligence made by consortium of banks during past and recent refinancing of APTT' s debts. Also there were exchanges between APTT with Taiwan authority NCC. And recently, there is a take over of the manager by Mr Lu. All evidences do not point to APTT as a company of dubious origin.

And most importantly of all, APTT is going to be in their businesses for the long haul. They have spent huge amount of capital expenditures to upgrade their network, so they are going to be in the same businesses for the long haul unless they are not able to continue operations due to unforeseen circumstances. So, if they are not winding down anytime soon and sell off their operating licences, why must we keep harping on the value of its intangible assets?

As for their total debts, it is certainly not a small amount running into close to SGD 1.3 billion. These debts will be due around 2019. I think the business model of APTT is to roll over their debts through refinancing. They are unlike REITs whereby a REIT can consider selling off part of their properties at a profit to recycle some funds back for operating capital needs, to reward their unitholders with capital distribution or to pare down their debts and reduce gearing.

I do not see the same in APTT selling off part of their intangible assets as there maybe certain regulations by the local Taiwan authority governing the sale and transfer of licences. I also cannot imagine APTT doing that because these intangible assets are exactly what it needs to be able to function and continue its operations. This is certainly different from REITs whereby they can sell part of their underperforming assets (properties) or even properties which are overvalued to recycle capital to pare down debts and gearing.

For APTT, its distribution guidance is to distribute 100% of its distributable cash flows. Thus, for an investor, what' s important is that APTT can sustain its distributions with its cash flows going forward. If it is able to manage its cash flows well to sustain its distributions going forward, then there should not be refinancing issues down the road as the banks will assess APTT' s strength of businesses and cash flows to decide whether to do refiancing of APTT' s loans few years down the road. I doubt these debts will be reduced anytime soon this year as APTT is still on its capital expenditure for the upgrading of its networks.

However, the management forecast and guidance is pretty confident that they can continue to provide 6.5 cents of distributions from their cash flows this year 2017 same as last year. Their financial results last year shows slight decrease y-o-y on all fronts to their revenue, operating income, operating margin, and average revenue per user (ARPU) on their basic cable TV, premium digital cable TV and broadband. However, their number of subscribers on all three business segments have increased slightly. Seems that there is keen competition in the Taiwan' s TV and broadband space. Let us see how things pan out for their financial results for this year 2017.

TMW1986 ( Date: 14-Mar-2017 22:37) Posted:

You must be the one who short the 1000 lots. Lol. The management already explain on the business model and how it works. The intangible asset might worth even more when there are barriers to entry, unlike Singapore market which seems to be easier to enter. Actually if dividends drop to 4-5 cents maybe it will be better and less argument whether can sustain the dividends. So even at 45 cents still got 10% dividends. For now can see they using the IPO money to fund some of the dividends. But my mindset is if they give, why don't take? I didn't pay for the high price when APTV IPO, so now just leeching on some of the "free money".

Tv business cannot use tangible asset to measure because of licensing etc. Not any company can suka suka set up the business in Taiwan one

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09-Mar-2017 14:30

Asian Pay TV Tr / Asian Pay Tv Tr

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Noted with thanks.

TMW1986 ( Date: 08-Mar-2017 07:26) Posted:

Go SGX see the announcement. But only small lots like less than 300 lots (aquistition from market transaction) I think next few days may have some something. Not too sure. Past few days many people selling from 46.5-47.5 but seems supported. Support is 45.5 cents and resistance is 49.5 cents. Still got room to go up more.

pinkowl ( Date: 07-Mar-2017 22:08) Posted:

How do you tell?

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07-Mar-2017 22:08

Asian Pay TV Tr / Asian Pay Tv Tr

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How do you tell?

TMW1986 ( Date: 07-Mar-2017 19:38) Posted:

Seems like someone from APTV acquiring past few days?

Morello ( Date: 07-Mar-2017 17:04) Posted:

sell down 46.5 mostly small lots, some married deals at 47...no worries

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07-Mar-2017 16:07

Genting Sing / Genting SP Next Move

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Whoever accumulated enough?

Trader130 ( Date: 07-Mar-2017 14:58) Posted:

Something not right

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07-Mar-2017 09:27

Genting Sing / Genting SP Next Move

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Short or long?

Trader130 ( Date: 07-Mar-2017 09:23) Posted:

Yes done at 0.975 👍 Guess will drop 1/2 cent

Trader130 ( Date: 07-Mar-2017 09:06) Posted:

0.975 come on .....

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03-Mar-2017 18:32

Genting Sing / Genting SP Next Move

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Based on sgx report, there is very little short activity on this stock in recent days. All sell are genuine selling of stocks - profit taking or unloading. Got to wait for the next batch of buyers to board. Otherwise.....

But I'm semi optimistic. =)

Trader130 ( Date: 03-Mar-2017 17:32) Posted:

Looks like accumulating hmmm

pinkowl ( Date: 03-Mar-2017 17:28) Posted:

Looking much better than early morning. Price keeps going back to 98/985. Hope this is accumulation.

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03-Mar-2017 17:28

Genting Sing / Genting SP Next Move

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Looking much better than early morning. Price keeps going back to 98/985. Hope this is accumulation.

Johngenting ( Date: 03-Mar-2017 17:22) Posted:

Back to PRICE before quarter result. 一場好好遊西一場夢

Trader130 ( Date: 03-Mar-2017 09:52) Posted:

Not sure later whether will go higher at Sell Q 0.98 😱

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