Asian Pay TV Tr   

Asian Pay Tv Tr

Ha Ha.   Everyone can see who is the childish one here. Name calling. Cursing. Belittlling.

Dun pass on these genes to your little one. Have a blessed holiday.

 

earlybird14      ( Date: 27-Dec-2016 13:29) Posted: you had done it on ThaiBev thread and other thread with your childish mindset, owl can't change eating shit habit. Individual did own due diliegence, fail to do so, deserve to lose money. All the best to dreamers. pinkowl      ( Date: 27-Dec-2016 13:04) Posted: Don' t worry. We already know from your answer whether you have shorted or not.  If you want, I can bring your posts from thaibev and noble to further our discussion. But I do not want to burden the APTT readers here. So stay focused. Feel free to share about liquidation and put APTT side by side with Swiber and the rest which have gone into JM. I will also feel free to give my opinion on your sharing.

 

you had done it on ThaiBev thread and other thread with your childish mindset, owl can't change eating shit habit.

Individual did own due diliegence, fail to do so, deserve to lose money.

All the best to dreamers.

pinkowl      ( Date: 27-Dec-2016 13:04) Posted: Don' t worry. We already know from your answer whether you have shorted or not.  If you want, I can bring your posts from thaibev and noble to further our discussion. But I do not want to burden the APTT readers here. So stay focused. Feel free to share about liquidation and put APTT side by side with Swiber and the rest which have gone into JM. I will also feel free to give my opinion on your sharing. earlybird14      ( Date: 27-Dec-2016 12:58) Posted: again, my position is not important to anyone. I only contribute my view. thaibev and noble thread is there, nothing to hide, my post is also recorded in my history. Everyone do their own due diligence including post and comments from contributors. If you are confident with this counter, go ahead to buy, like you bought junk of noble and ThaiBev at high price, Whether I shorted or not, it is not important to anyone

 

Don' t worry. We already know from your answer whether you have shorted or not. 

If you want, I can bring your posts from thaibev and noble to further our discussion. But I do not want to burden the APTT readers here. So stay focused.

Feel free to share about liquidation and put APTT side by side with Swiber and the rest which have gone into JM. I will also feel free to give my opinion on your sharing.

earlybird14      ( Date: 27-Dec-2016 12:58) Posted: again, my position is not important to anyone. I only contribute my view. thaibev and noble thread is there, nothing to hide, my post is also recorded in my history. Everyone do their own due diligence including post and comments from contributors. If you are confident with this counter, go ahead to buy, like you bought junk of noble and ThaiBev at high price, Whether I shorted or not, it is not important to anyone. pinkowl      ( Date: 27-Dec-2016 09:36) Posted: I tried not to mention other stocks to remain neutral and objective. But since you brought it in, I will address them.  First of all, I do not and have never owned any shares in Thai Bev. But I did remember you shorting them at 0.7 or 0.8 and telling everyone how bad it was. But it then shot up to $1. When it retraced to $0.9, you complained about the financial performance again. Then it shot right back up almost touching $1.   After many months, almost a quarter, the price is down due to oevrall market sentiment, you are claiming credit. LOL. Dunno send how many people to horland. For Noble, I also remember you claimed about bankruptcy, and taunted some forumer for loading at 0.138. Almost immediately, the price shot up to 0.21. Then you dissappeared for months.  I do not wish to engage you on other counters here, just to be fair to the readers here. So pls, if you want to challenge me or anyone, focus on APTT. I am very sure you have a short position in it.

 

again, my position is not important to anyone. I only contribute my view.

thaibev and noble thread is there, nothing to hide, my post is also recorded in my history. Everyone do their own due diligence including post and comments from contributors.

If you are confident with this counter, go ahead to buy, like you bought junk of noble and ThaiBev at high price, Whether I shorted or not, it is not important to anyone.

pinkowl      ( Date: 27-Dec-2016 09:36) Posted: I tried not to mention other stocks to remain neutral and objective. But since you brought it in, I will address them.  First of all, I do not and have never owned any shares in Thai Bev. But I did remember you shorting them at 0.7 or 0.8 and telling everyone how bad it was. But it then shot up to $1. When it retraced to $0.9, you complained about the financial performance again. Then it shot right back up almost touching $1.   After many months, almost a quarter, the price is down due to oevrall market sentiment, you are claiming credit. LOL. Dunno send how many people to horland. For Noble, I also remember you claimed about bankruptcy, and taunted some forumer for loading at 0.138. Almost immediately, the price shot up to 0.21. Then you dissappeared for months.  I do not wish to engage you on other counters here, just to be fair to the readers here. So pls, if you want to challenge me or anyone, focus on APTT. I am very sure you have a short position in it. earlybird14      ( Date: 27-Dec-2016 09:28) Posted: i only provide my own opinion. Individual do own due diligence. Sweet toxic is still a toxic especially given from a owl who support from noble top down, ThaiBev top down. My comments are always sharp and focus on facts and ignore of individual feeling. Who not feeling well, it is just your emotion to drive you so. All the best dreamers.

 

Look like a fake sell queue at 0.385
Someone place a large amount ...

 

You are welcomed pinkowl! And I agree with your sharings on the current areas of concern surrounding APTT. 

pinkowl      ( Date: 27-Dec-2016 09:44) Posted: Yes...perfectly fine to talk about the goods and bads of a stock. That' s why we like you. APTT' s bads....inability to raise rates due to regulation, it' s high expenditure due to need to upgrade to digital, not allowing Chinese to buy the stock, unfavourable politics development, falling dividend... just to rattle off a few. So although you see me engaging in bird fight (LOL), I' m not encourgaing people to load up.  Just want to address the exaggerated fiction meant to induce fears.  jeremyow      ( Date: 27-Dec-2016 09:37) Posted: Haha! You are welcomed again pinkowl! Great observation from you that I am currently not vested in APTT. However, this does not discount whatever I shared earlier as per what you mentioned that I seek to be as objective in my assessment of a company as possible. If I discover anything bad or not so good about a company, I will also share. I believe we should be objective so that we get the best interpretation of a company (its strengths and areas of concerns as an investment candidate) which is to be as objective as possible. And also to clarify that even if I am not vested in APTT currently, I do have an interest to study the fundamentals and follow the progress of the businesses of this Trust at the moment. It may not mean I will not consider APTT in future should I have sufficient understanding on the Trust as time passes and if it fits into my overall portfolio as a good long term investment candidate. Currently, we continue to do our due diligence work and monitor the progress of the Trust and this should be done especially even more for those who are vested in this Trust.

 

Yes...perfectly fine to talk about the goods and bads of a stock. That' s why we like you.

APTT' s bads....inability to raise rates due to regulation, it' s high expenditure due to need to upgrade to digital, not allowing Chinese to buy the stock, unfavourable politics development, falling dividend... just to rattle off a few. So although you see me engaging in bird fight (LOL), I' m not encourgaing people to load up. 

Just want to address the exaggerated fiction meant to induce fears. 

jeremyow      ( Date: 27-Dec-2016 09:37) Posted: Haha! You are welcomed again pinkowl! Great observation from you that I am currently not vested in APTT. However, this does not discount whatever I shared earlier as per what you mentioned that I seek to be as objective in my assessment of a company as possible. If I discover anything bad or not so good about a company, I will also share. I believe we should be objective so that we get the best interpretation of a company (its strengths and areas of concerns as an investment candidate) which is to be as objective as possible. And also to clarify that even if I am not vested in APTT currently, I do have an interest to study the fundamentals and follow the progress of the businesses of this Trust at the moment. It may not mean I will not consider APTT in future should I have sufficient understanding on the Trust as time passes and if it fits into my overall portfolio as a good long term investment candidate. Currently, we continue to do our due diligence work and monitor the progress of the Trust and this should be done especially even more for those who are vested in this Trust.   pinkowl      ( Date: 27-Dec-2016 09:14) Posted: The person whom you have quoted have been known to talk down a stock if he has a short position, and to talk one up if he has a long.   So take it with a pinch of salt. Better rely on someone who has an objective and neutral stance, and who is not vested, like JeremyOw.

 

Haha! If earlybird14 can gladly reveal whether he/she has short positions in APTT, then we might know the agenda behind the postings made. 

pinkowl      ( Date: 27-Dec-2016 09:36) Posted: I tried not to mention other stocks to remain neutral and objective. But since you brought it in, I will address them.  First of all, I do not and have never owned any shares in Thai Bev. But I did remember you shorting them at 0.7 or 0.8 and telling everyone how bad it was. But it then shot up to $1. When it retraced to $0.9, you complained about the financial performance again. Then it shot right back up almost touching $1.   After many months, almost a quarter, the price is down due to oevrall market sentiment, you are claiming credit. LOL. Dunno send how many people to horland. For Noble, I also remember you claimed about bankruptcy, and taunted some forumer for loading at 0.138. Almost immediately, the price shot up to 0.21. Then you dissappeared for months.  I do not wish to engage you on other counters here, just to be fair to the readers here. So pls, if you want to challenge me or anyone, focus on APTT. I am very sure you have a short position in it. earlybird14      ( Date: 27-Dec-2016 09:28) Posted: i only provide my own opinion. Individual do own due diligence. Sweet toxic is still a toxic especially given from a owl who support from noble top down, ThaiBev top down. My comments are always sharp and focus on facts and ignore of individual feeling. Who not feeling well, it is just your emotion to drive you so. All the best dreamers.

 

Haha! You are welcomed again pinkowl! Great observation from you that I am currently not vested in APTT. However, this does not discount whatever I shared earlier as per what you mentioned that I seek to be as objective in my assessment of a company as possible. If I discover anything bad or not so good about a company, I will also share. I believe we should be objective so that we get the best interpretation of a company (its strengths and areas of concerns as an investment candidate) which is to be as objective as possible.

And also to clarify that even if I am not vested in APTT currently, I do have an interest to study the fundamentals and follow the progress of the businesses of this Trust at the moment. It may not mean I will not consider APTT in future should I have sufficient understanding on the Trust as time passes and if it fits into my overall portfolio as a good long term investment candidate. Currently, we continue to do our due diligence work and monitor the progress of the Trust and this should be done especially even more for those who are vested in this Trust.  

pinkowl      ( Date: 27-Dec-2016 09:14) Posted: The person whom you have quoted have been known to talk down a stock if he has a short position, and to talk one up if he has a long.   So take it with a pinch of salt. Better rely on someone who has an objective and neutral stance, and who is not vested, like JeremyOw. junction      ( Date: 27-Dec-2016 09:09) Posted: Of course shortists have an agenda to make money.   When exposed with facts, they say don' t believe the management reports, dont believe SGX,.. but if the reports is in their favour they quote it.   In this forum, it wont be easy to distinguish facts from fiction.   I alredy quoted one who claims the dividend has dropped from 4.8 cts to 1.6 cts. DYODD

 

I tried not to mention other stocks to remain neutral and objective. But since you brought it in, I will address them. 

First of all, I do not and have never owned any shares in Thai Bev. But I did remember you shorting them at 0.7 or 0.8 and telling everyone how bad it was. But it then shot up to $1. When it retraced to $0.9, you complained about the financial performance again. Then it shot right back up almost touching $1.   After many months, almost a quarter, the price is down due to oevrall market sentiment, you are claiming credit. LOL. Dunno send how many people to horland.

For Noble, I also remember you claimed about bankruptcy, and taunted some forumer for loading at 0.138. Almost immediately, the price shot up to 0.21. Then you dissappeared for months. 

I do not wish to engage you on other counters here, just to be fair to the readers here. So pls, if you want to challenge me or anyone, focus on APTT. I am very sure you have a short position in it.

earlybird14      ( Date: 27-Dec-2016 09:28) Posted: i only provide my own opinion. Individual do own due diligence. Sweet toxic is still a toxic especially given from a owl who support from noble top down, ThaiBev top down. My comments are always sharp and focus on facts and ignore of individual feeling. Who not feeling well, it is just your emotion to drive you so. All the best dreamers.

 

i only provide my own opinion. Individual do own due diligence. Sweet toxic is still a toxic especially given from a owl who support from noble top down, ThaiBev top down.

My comments are always sharp and focus on facts and ignore of individual feeling. Who not feeling well, it is just your emotion to drive you so.

All the best dreamers.

 

The person whom you have quoted have been known to talk down a stock if he has a short position, and to talk one up if he has a long.   So take it with a pinch of salt.

Better rely on someone who has an objective and neutral stance, and who is not vested, like JeremyOw.

junction      ( Date: 27-Dec-2016 09:09) Posted: Of course shortists have an agenda to make money.   When exposed with facts, they say don' t believe the management reports, dont believe SGX,.. but if the reports is in their favour they quote it.   In this forum, it wont be easy to distinguish facts from fiction.   I alredy quoted one who claims the dividend has dropped from 4.8 cts to 1.6 cts. DYODD churnw      ( Date: 26-Dec-2016 21:03) Posted: A lot of people will try to give negative comment .... Don't know got any agenda ... Is it part of the Shortist who short it down ..

 

Of course shortists have an agenda to make money.   When exposed with facts, they say don' t believe the management reports, dont believe SGX,.. but if the reports is in their favour they quote it.   In this forum, it wont be easy to distinguish facts from fiction.   I alredy quoted one who claims the dividend has dropped from 4.8 cts to 1.6 cts. DYODD

churnw      ( Date: 26-Dec-2016 21:03) Posted: A lot of people will try to give negative comment .... Don't know got any agenda ... Is it part of the Shortist who short it down ..

 

Happy Christmas to all.

Adding on to Pinkowl and Jeremyow' s contributions ( which I humble thank), I agree that we should be watching out for the coming year' s dividend rates. But I am already expecting that it will have  to be lower. Than again, depending on how much lower it goes, it will be substantially much higher than the average returns SGX counters pay.

As for quality and honestly of the management, let' s look at who the major shareholders are here. Assuming Temasek have not already sold off, which they will have to declare if  they did happen, I think Temasek would have been more dligent in their checks on the mangement (after their ABC Learning fiasco). Hence, I don' t think we should be to concerned about the company.

It' s interesting that APTT have not come out with any statement about recent price drop. Perhaps they just do feel it important to have to explain themselves and are not concerned about whatever is the cureent trading price of the trust. Perhaps they do feel any responsibility to short term traders ?

Then again, the long explanation that came out defending themselves did not help Sino G very much.......

 

pinkowl      ( Date: 27-Dec-2016 00:08) Posted: Thanks for your contribution. I like it that you stay neutral and objective and based your writing on facts. You are one of the few posts I will bother to read it line by line.  As of now, my only fears of the reason leading to current plunge are:  1) Dividend drops in coming FY or  2) Some industry development that only insiders know as of now. I am not so concerned over their ability to survive or their need to issue rights, because I' ve read through their financial statements, and understand they have successfully refinanced at a good rate. So yeah, that' s my thoughts. Hopefully, it' s just the opportunistic shortists at work. I will monitor further before making any actions.   jeremyow      ( Date: 26-Dec-2016 23:09) Posted: The below is taken from Asian Pay TV Trust' s FY2015 annual report presentation. Let' s see clues to how this management of the Trust is like. Firstly, they recognised that they need to focus on driving growth in cash flows and they have certain strategies in place to work towards that. Next, they recognised that the total revenue for full year 2016 has different factors affecting it and they also came out clean with it to their unitholders. No beating about the bush here. They also expected overall EBITDA for full year 2016 to be marginally lower than 2015. This is what I call honest reporting. Let us watch out on their upcoming full year 2016 EBITDA to see whether the management had in last year a good gauge or not on estimating their forward EBITDA for this year 2016. They are currently experiencing higher capital expenditure on network expansion and their Premium digital cable TV. All these higher capex should end by 2017 as what they reported. So we expect next year' s cash flows to continue to be tight for them. This higher capex which will definitely impact their cash flows to a certain extent is more or less expected here. No need to overthink too much here. Sure will impact cash flows. They distribution guidance of 6.5 to 7.0 cents is still fulfilled assuming the 4Q reported dividends payout is as what they expected at 1.625 cents which makes full year 2016 distribution per unit at 6.5 cents. This is in line with what they has already guided end of last year 2015. So, they make good their promise or rather they make an effort to do so.  I am not trying to talk up the Trust but to present certain findings for a more objective look at their current situation. From their presentation end of last year, at least I can size up some clues that this management could be an honest one in the way they come clean with their unitholders (no unexpected surprises from management for their unitholders) and they make an effort to fulfill what they have guided in their distribution for this year 2016. In conclusion, I leave it to the reader to form your own independent opinions.

 

You are welcomed pinkowl. I am just trying to present an objective view as much as possible. There are of course certainly concerns to their sustainability of the dividends payout for next year which income investors need to consider as well. Good night!  

pinkowl      ( Date: 27-Dec-2016 00:04) Posted: Don' t worry. We understand your point here. Thought it was very clear and straight forward. Was surprised it was misunderstood. LOL. jeremyow      ( Date: 26-Dec-2016 23:48) Posted: Haha! I think you got me wrong here. I am not implying we trust a management' s words blindy. What I have shared here is just my limited observations on what the Trust management has shared end of last year and I am trying to see clues on whether the management is an honest and diligent one which knows what it is doing given a time period of this full year to check and verified what they have presented last year. Apparently, they come across as an honest and diligent one based on my limited observations. Quality of a management is important to look out for investors, whether one is value or non-value investors. If management is no good, whether one practises value or non-value investing, sooner or later the bad and lousy managment is going to make a mess of the business. Just to reiterate that I am not advocating believing management blindly here.

 

Thanks for your contribution. I like it that you stay neutral and objective and based your writing on facts. You are one of the few posts I will bother to read it line by line. 

As of now, my only fears of the reason leading to current plunge are: 

1) Dividend drops in coming FY

or 

2) Some industry development that only insiders know as of now.

I am not so concerned over their ability to survive or their need to issue rights, because I' ve read through their financial statements, and understand they have successfully refinanced at a good rate. So yeah, that' s my thoughts. Hopefully, it' s just the opportunistic shortists at work. I will monitor further before making any actions.

 

jeremyow      ( Date: 26-Dec-2016 23:09) Posted: The below is taken from Asian Pay TV Trust' s FY2015 annual report presentation. Let' s see clues to how this management of the Trust is like. Firstly, they recognised that they need to focus on driving growth in cash flows and they have certain strategies in place to work towards that. Next, they recognised that the total revenue for full year 2016 has different factors affecting it and they also came out clean with it to their unitholders. No beating about the bush here. They also expected overall EBITDA for full year 2016 to be marginally lower than 2015. This is what I call honest reporting. Let us watch out on their upcoming full year 2016 EBITDA to see whether the management had in last year a good gauge or not on estimating their forward EBITDA for this year 2016. They are currently experiencing higher capital expenditure on network expansion and their Premium digital cable TV. All these higher capex should end by 2017 as what they reported. So we expect next year' s cash flows to continue to be tight for them. This higher capex which will definitely impact their cash flows to a certain extent is more or less expected here. No need to overthink too much here. Sure will impact cash flows. They distribution guidance of 6.5 to 7.0 cents is still fulfilled assuming the 4Q reported dividends payout is as what they expected at 1.625 cents which makes full year 2016 distribution per unit at 6.5 cents. This is in line with what they has already guided end of last year 2015. So, they make good their promise or rather they make an effort to do so.  I am not trying to talk up the Trust but to present certain findings for a more objective look at their current situation. From their presentation end of last year, at least I can size up some clues that this management could be an honest one in the way they come clean with their unitholders (no unexpected surprises from management for their unitholders) and they make an effort to fulfill what they have guided in their distribution for this year 2016. In conclusion, I leave it to the reader to form your own independent opinions.   jeremyow      ( Date: 26-Dec-2016 22:53) Posted: Stable TBC business positioned to be more robust in the future &ndash The focus in 2016 remains on driving growth in cash flows through up-selling and cross-selling of services across TBC&rsquo s subscriber base and progressing the network and operational expansion in greater Taichung region &ndash Total revenue for the full year 2016 is anticipated to be influenced by a number of factors including the continued weakness in Taiwanese economy, marginally lower Basic cable TV rates and the non-recurrence of revenue generated in 2015 &ndash Overall EBITDA for the full year 2016 is expected to be marginally lower than 2015 &ndash Accelerated capital expenditure driven by Premium digital cable TV &ndash APTT distribution of 2.25 cents per unit will be paid on 24 March 2016 &ndash APTT distribution guidance of 6.5 to 7.0 cents per unit for the full year ending 31 December 2016, subject to no material changes in planning assumptions including for asset performance and refinancing

 

Just a correction on a typo mistake in my earlier post. Their 9M total revenue has decreased (not increased as stated in my earlier post) only slightly this year over previous year in the whereabouts of under 5% decrease which I personally think is not significant. 

jeremyow      ( Date: 27-Dec-2016 00:00) Posted: I am not into following price trends and movements on a TA approach in my investment philosophy, so i will refrain from commenting on movement in share prices. But based on fundamentals, if one have looked at their 9M financial results for this year compared with last year same period, the total revenue has only increased slightly in the whereabouts of under 5% which I personally think is not significant. In fact the total operating expenses have reduced for this year 9M period, operating profit and final profit after income tax have also increased for this year 9M period as compared to previous year same period. I do not just compare quarter on quarter results which may swing by large extent. I see the full year results as compared to previous year for better comparison. It is also more meaningful to see a full year' s business performance as revenues and profits may be recognised at different amounts in different stages over an entire year, thus quarter on quarter results is not a fair and accurate comparison of business performance or what the business is currently progressing.       earlybird14      ( Date: 26-Dec-2016 23:35) Posted: Can't agree at all. One of the successful investor from Penang disclose his successful of making billion from stock market is 2 trend. Trend on price movement and trend on financial result. Price and result seldom run at zigzag style, it normally up, stagnant and flat then turn down, then stagnant and flat then turn up. A company continue to report bad result, we should not buy it till it convincingly start picking up since this is not so easy for a company to look for turn around within 1-2 quarter. Last quarter result is worse than last last quarter, which imply situation is not improved, coming result may not be good one, highly likely a same one or worse one

 

Don' t worry. We understand your point here. Thought it was very clear and straight forward. Was surprised it was misunderstood. LOL.

jeremyow      ( Date: 26-Dec-2016 23:48) Posted: Haha! I think you got me wrong here. I am not implying we trust a management' s words blindy. What I have shared here is just my limited observations on what the Trust management has shared end of last year and I am trying to see clues on whether the management is an honest and diligent one which knows what it is doing given a time period of this full year to check and verified what they have presented last year. Apparently, they come across as an honest and diligent one based on my limited observations. Quality of a management is important to look out for investors, whether one is value or non-value investors. If management is no good, whether one practises value or non-value investing, sooner or later the bad and lousy managment is going to make a mess of the business. Just to reiterate that I am not advocating believing management blindly here. earlybird14      ( Date: 26-Dec-2016 23:26) Posted: Again, better refer to last quarter result and coming quarter result before committing. None of the trusty management will be responsible with what they said in the report, so far none of the management from RMT, Swiber and penny stocks which were liquidated were sent to jailed. This is quite weird to trust someone you don't know but based on a report which 100% have to be positive and not to create panic to market. As a value investors we should do our due diligence and be sensitive on the result and ensure the sustainability of the company. Now sgx want every investors to be responsible with their own decision rather than the top management of the company who earn million to be responsible to the minor shareholders. First thing need to do is stop believing these report and words from management, since we are responsible with our decision, so every decision made shall be from own due diligent rather rely on them

 

I am not into following price trends and movements on a TA approach in my investment philosophy, so i will refrain from commenting on movement in share prices. But based on fundamentals, if one have looked at their 9M financial results for this year compared with last year same period, the total revenue has only increased slightly in the whereabouts of under 5% which I personally think is not significant. In fact the total operating expenses have reduced for this year 9M period, operating profit and final profit after income tax have also increased for this year 9M period as compared to previous year same period.

I do not just compare quarter on quarter results which may swing by large extent. I see the full year results as compared to previous year for better comparison. It is also more meaningful to see a full year' s business performance as revenues and profits may be recognised at different amounts in different stages over an entire year, thus quarter on quarter results is not a fair and accurate comparison of business performance or what the business is currently progressing.      

earlybird14      ( Date: 26-Dec-2016 23:35) Posted: Can't agree at all. One of the successful investor from Penang disclose his successful of making billion from stock market is 2 trend. Trend on price movement and trend on financial result. Price and result seldom run at zigzag style, it normally up, stagnant and flat then turn down, then stagnant and flat then turn up. A company continue to report bad result, we should not buy it till it convincingly start picking up since this is not so easy for a company to look for turn around within 1-2 quarter. Last quarter result is worse than last last quarter, which imply situation is not improved, coming result may not be good one, highly likely a same one or worse one. jeremyow      ( Date: 26-Dec-2016 23:21) Posted: The current selling could be partly due to forward looking expection of their cash flows to be impacted by the continued higher capex next year and their dividends payout next year may likely be lower. But how much lower we leave it to the Trust to present to their unitholders after end of this full year' s financial results? That is why it is important to see their 4Q results and full year 2016 results and also the full year performance briefing by the Trust and their outlook for next year. Any predictions made now is just too premature to be conclusive as a business is fluid in nature subjected to constant changes in its operating environment and not limited to only the numbers on its financial statements.

 

Haha! I think you got me wrong here. I am not implying we trust a management' s words blindy. What I have shared here is just my limited observations on what the Trust management has shared end of last year and I am trying to see clues on whether the management is an honest and diligent one which knows what it is doing given a time period of this full year to check and verified what they have presented last year. Apparently, they come across as an honest and diligent one based on my limited observations. Quality of a management is important to look out for investors, whether one is value or non-value investors. If management is no good, whether one practises value or non-value investing, sooner or later the bad and lousy managment is going to make a mess of the business. Just to reiterate that I am not advocating believing management blindly here.

earlybird14      ( Date: 26-Dec-2016 23:26) Posted: Again, better refer to last quarter result and coming quarter result before committing. None of the trusty management will be responsible with what they said in the report, so far none of the management from RMT, Swiber and penny stocks which were liquidated were sent to jailed. This is quite weird to trust someone you don't know but based on a report which 100% have to be positive and not to create panic to market. As a value investors we should do our due diligence and be sensitive on the result and ensure the sustainability of the company. Now sgx want every investors to be responsible with their own decision rather than the top management of the company who earn million to be responsible to the minor shareholders. First thing need to do is stop believing these report and words from management, since we are responsible with our decision, so every decision made shall be from own due diligent rather rely on them. jeremyow      ( Date: 26-Dec-2016 23:09) Posted: The below is taken from Asian Pay TV Trust' s FY2015 annual report presentation. Let' s see clues to how this management of the Trust is like. Firstly, they recognised that they need to focus on driving growth in cash flows and they have certain strategies in place to work towards that. Next, they recognised that the total revenue for full year 2016 has different factors affecting it and they also came out clean with it to their unitholders. No beating about the bush here. They also expected overall EBITDA for full year 2016 to be marginally lower than 2015. This is what I call honest reporting. Let us watch out on their upcoming full year 2016 EBITDA to see whether the management had in last year a good gauge or not on estimating their forward EBITDA for this year 2016. They are currently experiencing higher capital expenditure on network expansion and their Premium digital cable TV. All these higher capex should end by 2017 as what they reported. So we expect next year' s cash flows to continue to be tight for them. This higher capex which will definitely impact their cash flows to a certain extent is more or less expected here. No need to overthink too much here. Sure will impact cash flows. They distribution guidance of 6.5 to 7.0 cents is still fulfilled assuming the 4Q reported dividends payout is as what they expected at 1.625 cents which makes full year 2016 distribution per unit at 6.5 cents. This is in line with what they has already guided end of last year 2015. So, they make good their promise or rather they make an effort to do so.  I am not trying to talk up the Trust but to present certain findings for a more objective look at their current situation. From their presentation end of last year, at least I can size up some clues that this management could be an honest one in the way they come clean with their unitholders (no unexpected surprises from management for their unitholders) and they make an effort to fulfill what they have guided in their distribution for this year 2016. In conclusion, I leave it to the reader to form your own independent opinions.