Back

Latest Forum Topics / Asian Pay TV Tr

Post Reply

Asian Pay Tv Tr Post Reply Rate topic
TMW1986 Master	22-Mar-2017 07:47        TMW1986 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Slowly ba. alot of short sellers around. Nevertheless, if APTV can continue to give 6.5 cents dividends, why not? Just take the dividends and chillax one corner. Eventually this stock will reach its fair value ba. We shall see the next few quarters ba. Monkeysee      ( Date: 16-Mar-2017 00:34) Posted: Wah wah wah is like sliding down... Omg 50c also hard to reach some even say 60c...
Useful To Me  Not Useful To Me
Just4win Supreme	16-Mar-2017 09:10        Just4win About Contact  Quote this Post!
x 0   x 0  Alert Admin	You are indeed a very cautious and patient investor.  / Hope APTT will not disappoint you ! jeremyow      ( Date: 15-Mar-2017 20:39) Posted: You are welcomed Just4win! I am still not vested in APTT yet but it is under my watchlist. At the moment, I am interested in how their cash flows pan out this year. I usually research even companies that I am not vested in but which draws my attention. I have also researched other companies which are overseas based such as Apple Inc., Wells Fargo Bank and Nestle Malaysia Berhad. By building a research base of potential companies for investment, one can understand the history and progress of the company and capitalise on the opportunity when share prices are undervalued to invest. Of course, not all companies under my watchlist I will eventually invest, but having such a watchlist allows me to always have more investment candidates to consider. :) Just4win      ( Date: 15-Mar-2017 16:44) Posted: Thanks, Jeremy, for the great sharing. Just curious, are u vested in this counter ?
Useful To Me  Not Useful To Me
Monkeysee Member	16-Mar-2017 00:34        Monkeysee About Contact  Quote this Post!
x 1   x 0  Alert Admin	Wah wah wah is like sliding down... Omg 50c also hard to reach some even say 60c...
Useful To Me  Not Useful To Me
jeremyow Master	15-Mar-2017 22:50        jeremyow About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Passionate business investor"
x 0   x 0  Alert Admin	Thanks Sheerluck! Thanks too for your good inputs on APTT! :) sheerluck      ( Date: 15-Mar-2017 21:05) Posted: That' s a pretty nice write up you did. The intangible license will not be an issue until it become an issue.   What can casue that scenario?   For example, a lot of traditional businesses are now facing stiff competition from " disruptive technologies" .   They can descend on these businesses so fast that there left them little time to react.   APTT business model will be defendless against such advencement in technologies.   When will such thing happen, we do not know.   But we can definitely keep track of these following for near term trend: - subscription rate.   Frankly, you know if this move it is always in one direction -> down. - subscriber growth rate.   This is the only bit that can help to lift up or maintain the revenue stream. - NT to SGD exchange rate since distribution is in SGD.   But so doesn' t seems like a big issue. Too bad the Greater Taichung expansion hasn' t bear fruit.   This is the one catalyst to look for.   jeremyow      ( Date: 15-Mar-2017 11:48) Posted: It would be true if APTT does not grow its distributable cash flows anymore in future or even see declines in its distributable cash flows in future. Then we would see the current accumulated deficit on its balance sheet of which mainly consists of total distributions made so far keep increasing and unitholders' equity value keep decreasing. This will then become a case of taking unitholders' capital and slowly redistributing it back to them as distributions as the cash flows of APTT' s business operations cannot adequately sustain the distributions made to their unitholders. Then the unit price of APTT will also decrease in future if its cash flows continue not to be able to sustain its distributions made to its unitholders. So, the critical key is still in their free cash flows. And to be able to grow their free cash flows, it will really be a real test on the management' s business acumen, quality and every decision making. If they can grow their free cash flows going forward, then it is good news for their unitholders. If not, it will potentially decrease the unit price of APTT further and distributions made to their unitholders. Then, APTT will not be a good investment proposition going forward. Let' s watch their cash flows this year to see how they perform.
Useful To Me  Not Useful To Me
sheerluck Supreme	15-Mar-2017 21:05        sheerluck About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Work for your money first then let your money work for you"
x 0   x 0  Alert Admin	That' s a pretty nice write up you did. The intangible license will not be an issue until it become an issue.   What can casue that scenario?   For example, a lot of traditional businesses are now facing stiff competition from " disruptive technologies" .   They can descend on these businesses so fast that there left them little time to react.   APTT business model will be defendless against such advencement in technologies.   When will such thing happen, we do not know.   But we can definitely keep track of these following for near term trend: - subscription rate.   Frankly, you know if this move it is always in one direction -> down. - subscriber growth rate.   This is the only bit that can help to lift up or maintain the revenue stream. - NT to SGD exchange rate since distribution is in SGD.   But so doesn' t seems like a big issue. Too bad the Greater Taichung expansion hasn' t bear fruit.   This is the one catalyst to look for.   jeremyow      ( Date: 15-Mar-2017 11:48) Posted: It would be true if APTT does not grow its distributable cash flows anymore in future or even see declines in its distributable cash flows in future. Then we would see the current accumulated deficit on its balance sheet of which mainly consists of total distributions made so far keep increasing and unitholders' equity value keep decreasing. This will then become a case of taking unitholders' capital and slowly redistributing it back to them as distributions as the cash flows of APTT' s business operations cannot adequately sustain the distributions made to their unitholders. Then the unit price of APTT will also decrease in future if its cash flows continue not to be able to sustain its distributions made to its unitholders. So, the critical key is still in their free cash flows. And to be able to grow their free cash flows, it will really be a real test on the management' s business acumen, quality and every decision making. If they can grow their free cash flows going forward, then it is good news for their unitholders. If not, it will potentially decrease the unit price of APTT further and distributions made to their unitholders. Then, APTT will not be a good investment proposition going forward. Let' s watch their cash flows this year to see how they perform.       brchkho1      ( Date: 15-Mar-2017 11:18) Posted: The way I look at this counter, if invest in it for long term,   it' s just like you placed an FD and keep on withdrawing the principal in smaller sum (the dividend)  thinking it' s your interest earned.
Useful To Me  Not Useful To Me
jeremyow Master	15-Mar-2017 20:39        jeremyow About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Passionate business investor"
x 0   x 0  Alert Admin	You are welcomed Just4win! I am still not vested in APTT yet but it is under my watchlist. At the moment, I am interested in how their cash flows pan out this year. I usually research even companies that I am not vested in but which draws my attention. I have also researched other companies which are overseas based such as Apple Inc., Wells Fargo Bank and Nestle Malaysia Berhad. By building a research base of potential companies for investment, one can understand the history and progress of the company and capitalise on the opportunity when share prices are undervalued to invest. Of course, not all companies under my watchlist I will eventually invest, but having such a watchlist allows me to always have more investment candidates to consider. :) Just4win      ( Date: 15-Mar-2017 16:44) Posted: Thanks, Jeremy, for the great sharing. Just curious, are u vested in this counter ? jeremyow      ( Date: 15-Mar-2017 11:50) Posted: Thanks Morello!
Useful To Me  Not Useful To Me
Just4win Supreme	15-Mar-2017 16:44        Just4win About Contact  Quote this Post!
x 0   x 0  Alert Admin	Thanks, Jeremy, for the great sharing. Just curious, are u vested in this counter ? jeremyow      ( Date: 15-Mar-2017 11:50) Posted: Thanks Morello!  Morello      ( Date: 15-Mar-2017 11:28) Posted: well written
Useful To Me  Not Useful To Me
shares69 Member	15-Mar-2017 16:42        shares69 About Contact  Quote this Post!
x 0   x 0  Alert Admin	dividend.sg
Useful To Me  Not Useful To Me
zappyzappy Member	15-Mar-2017 16:40        zappyzappy About Contact  Quote this Post!
x 0   x 0  Alert Admin	Bro and sis Where can I refer for the xd & CD date of previous and incoming stock ?
Useful To Me  Not Useful To Me
jeremyow Master	15-Mar-2017 11:50        jeremyow About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Passionate business investor"
x 0   x 0  Alert Admin	Thanks Morello!  Morello      ( Date: 15-Mar-2017 11:28) Posted: well written 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.
Useful To Me  Not Useful To Me
jeremyow Master	15-Mar-2017 11:48        jeremyow About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Passionate business investor"
x 0   x 0  Alert Admin	It would be true if APTT does not grow its distributable cash flows anymore in future or even see declines in its distributable cash flows in future. Then we would see the current accumulated deficit on its balance sheet of which mainly consists of total distributions made so far keep increasing and unitholders' equity value keep decreasing. This will then become a case of taking unitholders' capital and slowly redistributing it back to them as distributions as the cash flows of APTT' s business operations cannot adequately sustain the distributions made to their unitholders. Then the unit price of APTT will also decrease in future if its cash flows continue not to be able to sustain its distributions made to its unitholders. So, the critical key is still in their free cash flows. And to be able to grow their free cash flows, it will really be a real test on the management' s business acumen, quality and every decision making. If they can grow their free cash flows going forward, then it is good news for their unitholders. If not, it will potentially decrease the unit price of APTT further and distributions made to their unitholders. Then, APTT will not be a good investment proposition going forward. Let' s watch their cash flows this year to see how they perform.       brchkho1      ( Date: 15-Mar-2017 11:18) Posted: The way I look at this counter, if invest in it for long term,   it' s just like you placed an FD and keep on withdrawing the principal in smaller sum (the dividend)  thinking it' s your interest earned.
Useful To Me  Not Useful To Me
Morello Veteran	15-Mar-2017 11:28        Morello About Contact  Quote this Post! Style: Combined   Mood: Yells: "In it for the long haul"
x 0   x 0  Alert Admin	well written 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
Useful To Me  Not Useful To Me
jeremyow Master	15-Mar-2017 11:26        jeremyow About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Passionate business investor"
x 0   x 0  Alert Admin	You are welcomed pinkowl!  pinkowl      ( Date: 15-Mar-2017 11:24) Posted: 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.
Useful To Me  Not Useful To Me
pinkowl Supreme	15-Mar-2017 11:24        pinkowl About Contact  Quote this Post! Style: Technical   Mood:
x 0   x 0  Alert Admin	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
Useful To Me  Not Useful To Me
brchkho1 Master	15-Mar-2017 11:18        brchkho1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	The way I look at this counter, if invest in it for long term,   it' s just like you placed an FD and keep on withdrawing the principal in smaller sum (the dividend)  thinking it' s your interest earned.
Useful To Me  Not Useful To Me
jeremyow Master	15-Mar-2017 10:59        jeremyow About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Passionate business investor"
x 1   x 0  Alert Admin	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. justinN      ( Date: 14-Mar-2017 21:56) Posted: What fundamentals? Its assets are all intangible assets, whereas it has 1 billion dollars+ worth of debt. The NAV is just a guesstimate of all it' s intangible assets, which who knows is worth how much, in the event TBC got liquidated.
Useful To Me  Not Useful To Me
Morello Veteran	15-Mar-2017 09:51        Morello About Contact  Quote this Post! Style: Combined   Mood: Yells: "In it for the long haul"
x 0   x 0  Alert Admin	ha why wud i want to teach u anything?  u come here to sing yr tune when u don' t know half of what ur singing and as far as i' m concerned ur an ingrate also.  Other than that ur probably under-funded and r out to talk down others' investments. so as i said earlier, u got no angle and no money.....scramper away... justinN      ( Date: 15-Mar-2017 01:41) Posted: LOL. Talk bird and sing song again. Don't try to act smart and teach everyone about investing. Enuff said. Pls stay on the facts and main topic of APTT, otherwise feel free to keep your great teachings to yourself. Morello      ( Date: 15-Mar-2017 00:41) Posted: don' t need to tell u anything lah.  Investing u find yr own angle, invest if u like and have the money.  If not, just scamper.
Useful To Me  Not Useful To Me
justinN Member	15-Mar-2017 01:41        justinN About Contact  Quote this Post! Style: Fundamental
x 0   x 0  Alert Admin	LOL. Talk bird and sing song again. Don't try to act smart and teach everyone about investing. Enuff said. Pls stay on the facts and main topic of APTT, otherwise feel free to keep your great teachings to yourself. Morello      ( Date: 15-Mar-2017 00:41) Posted: don' t need to tell u anything lah.  Investing u find yr own angle, invest if u like and have the money.  If not, just scamper.
Useful To Me  Not Useful To Me
Morello Veteran	15-Mar-2017 00:41        Morello About Contact  Quote this Post! Style: Combined   Mood: Yells: "In it for the long haul"
x 0   x 0  Alert Admin	don' t need to tell u anything lah.  Investing u find yr own angle, invest if u like and have the money.  If not, just scamper.
Useful To Me  Not Useful To Me
justinN Member	15-Mar-2017 00:34        justinN About Contact  Quote this Post! Style: Fundamental
x 0   x 0  Alert Admin	Let me know if you know any companies with such high debt and still doing well after a few years. 99% of such companies eventually all gone case, cos cannot sustain.
Useful To Me  Not Useful To Me

                                                         First   < Newer   3161-3180 of 4157   Older>   Last