Thursday, August 1, 2013

APTT: Tuning in to an alluring yield play

APTT: Tuning in to an alluring yield play
Asian Pay Television Trust (APTT) is down 8.8% from its IPO price of S$0.97, and now trades at a projected 10% yield. At current valuations, we believe that investors have overpriced in their concerns surrounding APTT’s business risks. As reflected in our projections, we are confident about the sustainability of APTT’s distribution yield on the back of its stable Basic Cable TV growth, digitization initiatives and continued market share gains in the broadband market.

Consumer dynamics working in TBC’s favor. Youthful demographics, higher-than-average income levels and strong population growth are the key characteristics of TBC’s franchise markets. These favorable dynamics will continue to prop up TBC’s headline growth going forward.


Reaping the scalable benefits. Already, TBC boasts very compelling EBITDA margins and we project a further expansion of its margins as it leverages on its existing infrastructure and  subscriber base to pursue growth across all three segments. This will generate substantial economies of scale for TBC.

Revving up the Premium Digital Cable TV and Broadband engines. Among TBC’s business segments, the most exciting opportunities are in Premium Digital Cable TV and Broadband, with continued stable growth from Basic Cable TV supporting TBC’s overall growth. By engaging in initiatives such as the distribution of free digital set-top boxes and the bundling of its services together, TBC certainly looks poised to capture the growth opportunities  on offer.

Initiate BUY with FV S$1.04. We initiate coverage on APTT with a BUY recommendation and a DDM-derived target price of S$1.04. This gives us a potential capital appreciation of 18.2%, in addition to a projected 10% yield. At our fair value of S$1.04, this gives us an implied yield of 8.5%. We project that a semi-annual DPU of 4.6 cents would be payable in Sep/Oct 2013, followed by a subsequent 4.2 cents in  Mar/Apr 2014.


Source/Extract/Excerpts/来源/转贴/摘录: AmFraser-Research,
Publish date: 31/07/13

No comments:

Post a Comment

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

李驰(中国巴菲特)
高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo


There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
冷眼(冯时能)投资概念
“买股票就是买公司的股份,买股份就是与陌生人合股做生意”。
合股做生意,则公司股份的业绩高于一切,而股票的价值决定于盈利。
价值是本,价格是末,故公司比股市重要百倍。
曹仁超-香港股神/港股明灯
1.有智慧,不如趁势
2.止损不止盈
成功者所以成功,是因为不怕失败!失败者所以失败,是失败后不再尝试!
曾淵滄-散户明灯
每逢灾难就是机会,而是在灾难发生时贱价买股票,然后放在一边,耐性地等灾难结束
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock