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hong kong land
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penguinn
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03-Mar-2026 17:27
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Interestingly, exhibiting strength during market weaknesses. Was planning to grab some below 9 but no chance.. lol | ||||
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pkli899
Supreme |
27-Feb-2026 15:20
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Having mixed feeling too. Broadband subscription increases but not able to cover other sectors diminishing revenue. Ebitda keep dropping is a worrying trend. Need new source of revenue! They are doing the right thing (reduce dividend) but not popular in the eyes of shareholders. With prudent use of cash flow for repaying loans, debts have (since 2019) dropped by approx. 29%. Bringing offshore loans onshore is another good move. Saving on interest payment can be substantial. Continue to do the right stuff will surely strengthen the company financially. Having said, the company is not growing. Explore other revenue source is the only way to go. |
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penguinn
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27-Feb-2026 14:51
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The result is a mixed bag. On one hand APTT was able to increase net subscribers after a long decline, but that is at the expense of high operational expenses and lower ARPU suggesting aggressive promotion. The broadband subscriber growth is able to more than offset the loss of subscribers from Basic and Permium Cable TV. Management also indicated they are priortizing debt pay down in 2026 but this is at the expense of distribution to shareholders. While this is a prudent for the company in the long run, its a short term negative for shareholders. They are inflicting a short term pain on shareholders for long term gain. Even though its a mixed bag, overall, they are still moving in the right direction. I managed to grab some at 9 cents to add to my holding.
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prophetjul
Master |
27-Feb-2026 09:11
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KEY HIGHLIGHTS
Added c.11,000 net subscribers in the quarter, lifting total subscriber base to c.1,384,000
Strong Broadband growth momentum &ndash Subscribers up c.9,000 in the quarter revenue up 10.7% for the quarter and 9.4% for the year
Revenue and EBITDA at $62.6 million1 and $33.3 million for the quarter, and $245.7 million and $135.5 million for the year EBITDA margin at 53.2% for the quarter and 55.2% for the year
Capital expenditure increased by 4.9% for the quarter and decreased by 20.7% for the year as a percentage of total revenue, capital expenditure is 15.5% for the quarter and 11.8% for the year &ndash within industry norms
Raised ~$29 million (NT$700 million) to pay down onshore facilities through the issuance of new shares by TBC2 to DA DA Broadband Ltd. (&ldquo DaDa&rdquo ), which now owns 12.73% of TBC&rsquo s enlarged share capital
Net debt repayments of $76 million in the year, including $29 million from TBC share issuance ~93% of Onshore facilities hedged until June 2028 Declared distribution of 0.525 cents per unit for the half-year ended 31 December 2025, bringing total distribution for the year to 1.05 cents per unit 2026 full year distribution expected to be 0.80 cents per unit, to be paid in half-yearly instalments, subject to no material changes in planning assumptions
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cmengchan
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11-Feb-2026 18:45
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Earnings announcement on Thurs 26Feb2026. |
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pkli899
Supreme |
07-Jan-2026 19:42
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I concurred with your view. So long they carry on with what they are doing, the better time will come. |
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penguinn
Member |
07-Jan-2026 17:52
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They are moving in the right direction in priortizing debt repayment. Have not been able to buy below 10 cents for the last couple of months. This is good actually as it indicates that the 10 cents level is well defended and it felt like a floor price right now. My target for their debt is to reach about 500mil. That is still several years out and I suspect as they approach closer the dividend may be hiked. In the mean time just enjoy the dividend payout (its about 10% now) which is still at wonderful level and hope that China dont do anything drastic after seeing the US action on Venezuela recently... gulped! | ||||
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pkli899
Supreme |
31-Oct-2025 16:37
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What is the implication following just announced transaction? DaDa Broadband, a company which Mr Tai Y H owned almost 20%, is buying into TBC through subscription of new shares. The effective holding will be 12.73%. TBC is a subsidiary of APTT. Incidentally, Mr Tai is also a substantial shareholder of APTT (almost 20%). The ownership structure of APTT is becoming complicated. APTT holding of TBC will be reduced from 59.29% to merely 51.74%. However, in view of an existing arrangement with Taiwan third party shareholders, APTT will still retain 87.27% of TBC economic interest. This is another complicated issue, at least to me! The proceed of $29m will be entirely used to pay down onshore loans, not offshore. Surprising to me but probably because money raised in Taiwan, so pay onshore loan no out flow of money. Whatever the case, there will be saving of S$1 million in annual interest for APTT. Couple of years back, before they started using cash flow to pay down loans, the outstanding debts were S$1.3+ Bn. After this exercise, total debts will be reduced to S$1.1+ Bn. Still huge but at least it is coming down. |
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Joelton
Supreme |
27-Oct-2025 08:39
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Asian Pay Television Trust
On Oct 17, Lu Fang-Ming, non-executive director and vice-chair of the trustee-manager of APTT : S7OU +0.98%, acquired 326,000 units of the business trust at an average price of S$0.10 per unit. This marginally increased his total interest, which stands at 1.29 per cent. Back in Q2 FY2025 ended Jun 30, APTT added about 10,000 net subscribers, lifting its total subscriber base to about 1,364,000.
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fundamentalhero
Veteran |
23-Sep-2025 07:25
Yells: "I NEED HONEYS AND MONIES" |
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ap tv i got. i write off and from looks of it will toh in price. talk to the taiwanese on aptv before and you will understand | ||||
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Alignment
Elite |
22-Sep-2025 18:29
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Yes exactly. I am not here to force my views on others. My purpose of being on the forum is to learn from other people. In return for that I am willing to share some of my own knowledge. | ||||
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pkli899
Supreme |
22-Sep-2025 14:09
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I wrote many times in this thread, just to share my views. Anybody can choose to believe or disbelieve. No harm done to me. For sure, I have never advocate that this is a growth counter. I only mentioned for those going for dividend play can consider. Depending on your motive, you can invest or stay aside, your decision entirely. The two camps here basically bet on assumptions: 1. things will get better: 2. things will get worst. No one can be 100% sure of which scenario will act out. No forcing of view onto others. To each his own. |
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Alignment
Elite |
21-Sep-2025 22:10
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How I felt reflected your passive aggressive comment in response to a straight answer I gave to a question that you asked me. But if you are sorry I will accept that and leave it there. As you may guess from my comments I am not a current investor. But I still look at companies I am not invested in as I search for potential money making opportunities. I have a particular interest in this company as I met management a few times 5-8 years ago when the share price was around 60 cents telling me a story of how the company was both high dividend yielding and high growth. I was a disbeliever then and did not buy, but did not imagine how badly the company has since performed. I agree that the company is high risk high reward investment opportunity. The high gearing in itself makes this the case. I am not inherently against making such a bet. The question is the balance between risk and reward. As I think we all see, the answer to this question depends on whether one believes the company&rsquo s debt balance can be serviced purely from the company&rsquo s cash flow, because if it cannot, then there will either need to be an asset sale, equity issue or debt for equity swap all of which would significantly impair the current equity. That the net debt / EBITDA is currently over 8x intuitively suggests to me the answer is no. Digging into the numbers, EBITDA - capex has been declining for the last 5 years and is currently $110m a year. Interest costs and tax are $50m a year and dividends are $20m a year, so at present the $1.2bn net debt is being paid down at a rate of $40m a year. With these numbers your scenario of getting to $500m debt just from cashflow is very far away. If the company can get there organically then I agree the reward would be high, maybe a few multiples of the current share price even. But based on the above numbers it would be a very long wait (more than 12 years) and in the meantime the cumulative risk of something bad happening during this period that forces an impairment event is I think quite high. My current thinking is to not be invested and wait for the impairment event to occur before investing. If the impairment event does not occur then I admit would have missed an opportunity. |
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penguinn
Member |
21-Sep-2025 12:23
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Sorry if you felt that way. There are 2 category of people commenting in specific stock forum. Those who are already invested and those who are thinking to invest. Which one are you ? I responded the way I do as I noticed that you only join in only in recent year with a one liner comment on the fundamental of the company. I also noticed that you stated investment style is Fundamental. Yes, I absolutely agree with you the fundamentals look bad. That is why the price and yield is at this level. I thought it would be prudent to redirect you elsewhere as investment in this stock is high risk and fundamental is not great. Any person using Fundamental Analysis on this stock will come to the same conclusion.. there are other better alternatives. Those who jumped in should have both eyes wide open and do in depth due dilligence and limit exposure. However, saying that, most of my multi bagger returns are from this kind of stocks... turnaround theme. Not all end well, some got more than 10x return but some get me a piece of certificate to hang on my wall as reminder.... lol. I am very hesitant to provide a full analysis of why I think this is worth a shot as I know some will take it and jump in. Sometimes I just find it incredible that people will ask for opinion and take that as face value to jump in and when they lose money they blame you. Seen too many over the years. Suffice to say that my view is actually very closely aligned with pkli899 and he has provided tons of good insight over the years. For disclosure, I have no personal contact or whatsover with him/her. Kudos for being so persistent. Time will prove that you are right... hoepfullly. My bet is on the current management. Somanth Adak is the current CEO and was the CFO of the company. The CFO is Annie Koh (fromer COO from KPMG). Both the CEO and CFO are financially very adept and they are executing a turnaround for the company. Not all turnaround works. The headwind for APTT is real. Cable business is deteriorating and Broadband is not able to grow fast enough to catch up with the deterioration, resulting in an overall decline in revenue. However, this should stablize at some point and I am lase focused on their Free Cash Flow. Over the last 10 years that number is consistently above 100mil which is the good news. Its still a very cash generative business. This number is what determines how much they are able to pay out dividend. Currently the management is slicing the FCF to pare down debt more than distributing it to shareholders. With the amount of debt they have, I would say its prudent. Things would look very different once we can get the Debt/FCF to below 5. Assuming 100mil FCF, Debt should be closer to 500mil. They are at 1.2 bil currently. It will take time but the path is there. Lets say we take this to the extreme. If this company has 0 debt and has 100mil FCF. Is the fundamental bad now ? Will it be trading at 10 cents ? Will the distribution get higher ? What are the risks? Plenty. Broadband not able to grow, Cable business become non-viable, impairment loss, more intense competition, forex risk, geographical tension, etc. So, you decide for yourself, Buy Sell Hold ?
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Alignment
Elite |
20-Sep-2025 21:04
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Unlike Penguin, it seems you understand that for most people the purpose of a forum is to have a sensible discussion rather than simply being an echo chamber. I think your review of the history is largely accurate. You do then leap to an assumption though that the dividend is sustainable without justifying it beyond suggesting that is what management believes. I would say that the fact that the net debt level is over 8x EBITDA (which has been increasing since 2022) calls that into question. Meanwhile the net debt figure is also 6.5x the market cap also suggests equity investors as a whole have significant doubts. These figures are not sustainable over the long term and something has to change. As I do not think it is realistic to believe the company can grow into the debt structure, the most likely outcomes in my mind would therefore be either asset sales to pay down debt (which would reduce dividends) or a debt for equity swap (again reducing dividends).
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pkli899
Supreme |
19-Sep-2025 16:22
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The DPU did not go from very high to 1.05c directly. It went lower, to 1.00c. Why and what actually happened? The management realised then that high DPU was not sustainable. They drastically cut DPU and used the cash for capex and to pay up loans instead. Dividend was subsequently raised slightly to 1.05c when they were convinced, they are in a stronger position financially. They may again increase the dividend once more debts are paid off (they promised). So long as they stick to this tactic, we can safely say current dividend is sustainable. Based on current share price of 10.3c, the yield is above 10%. Attractive enough to get market&rsquo s attention. Recent daily volume is proof of market taking notice of the counter. |
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penguinn
Member |
19-Sep-2025 15:38
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I think you have your own answer already. If after doing enough due dilligence and you found that KIT is better than APTT then just buy KIT. The choice is yours.
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Alignment
Elite |
18-Sep-2025 20:38
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Looking at the history is obviously relevant in helping to assess whether the distribution is as sustainable as you say. In this case as the dividend has fallen 87% over the past 10 years, that does not give me a lot of comfort in the first instance that the dividend will be sustained going forward. The trend would suggest a continued decline, unless you have a strong reason to believe otherwise. You ask me what other counters are better. I can think of many, but one easy to compare example would be Keppel Infra Trust. For this company in the last 10 years the dividend per share has gone up 5%, which gives me a lot more confidence that the dividend can be sustained compared to a company where the dividend has fallen 87%. Keppel Infra Trust currently yields 9% so effectively the same as Asian Pay TV Trust but with a far better track record, so for me a far better choice.
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pkli899
Supreme |
18-Sep-2025 17:00
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If they are discipline enough and continue to reduce their debts, the total loan figure should go below $1 bn in a few years. Current annual DPU of 1.05c is well within their ability to pay. After paying dividends and any capex, the balance is used to pay down their debts. They have been doing this for several years already. With all this actions, they getting stronger financially. Hope they do not change their tactic. |
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penguinn
Member |
18-Sep-2025 15:41
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Why do you referenced against what was paid 10 years ago ? The yield should be based on current distribution and price right. lol. How many other counters can you find that has somewhat sustainable distribution that is yielding ~10%. The yield based on my cost is higher than that !
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