辉立证券-新加坡-电信业-亚洲付费电视台湾仍贡献11%-2017.8.15-asian pay television trust：appreciating twd was helpful，it still pays 11％ yield-20170815-phillipsecurities

《辉立证券-新加坡-电信业-亚洲付费电视台湾仍贡献11%-2017.8.15-asian pay television trust：appreciating twd was helpful，it still pays 11％ yield-20170815-phillipsecurities》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、Editor:VaughnLITel:(852)22776628Email:foreignstock@phillip.com.hkAsianPayTelevisionTrustAppreciatingTWDwashelpful,itstillpays11%yieldSINGAPORE

2、TELECOMMUNICATION

3、2Q17RESULTS15August20171Q17revenueandEBITDAwerein-linewithestimates.TheappreciationofTaiwanBUY(Maintained)dollar(TW

4、D)by~7%yoysupportedrevenuegrowth.CableTVsubscriberswerestable.LASTTRADEDPRICESGD0.580BroadbandAPRUcontinuetosoftenduetocompetitionfromunlimited4GmobileFORECASTDIVSGD0.065TARGETPRICESGD0.640dataplansTOTALRETURN21.6%Dividendguidanceof6.5centsannually(paid1.625centsperquarter)h

5、asbeenmaintainedCOMPANYDATABLOOMBERGAPTTSPResultsataglanceO/SUNITS(MN):1,437S$mn2Q172Q16yoy(%)CommentMARKETCAP(USDmn/SGDmn):612/833Revenue83.178.26.3%GrowthdrivenbyapreciatinTaiwandollar,whichrose52-WKHI/LO(SGD):0.6/0.37~7%yoyagainsttheSGD.3MAverageDailyT/O(mn):3.72EBITDA50.04

6、6.77.1%In-linewithourFY17eS$202mn.MAJORSHAREHOLDERS(%)Interest(14.5)(12.9)12.4%Leveragerosetofundpremiumdigitalcapex.TemasekHoldings7.93%PATMI11.316.1-29.8%Affectedbyseveralnon-cashitems.Operatingc/flow46.943.38.3%Freecash-flow19.022.8-16.7%EBITDAlessmaintenancecapex,cashtax,c

7、ashinterestDividends(23.3)(23.3)0.0%PRICEPERFORMANCE(%)DPU(cents)1.6251.6250.0%Thecompanymaintanedtheir1.625centsperquarter.1MTH3MTH1YRSource:Company,PSRCOMPANY1.811.919.3STIRETURN2.851.5018.43ThepositivesPRICEVS.STI+Premiumcabledigitalbeginningtogainsometractionwithcustomersa

8、sAPTVintroducedpromotionalcontent.Subscribersrosealmost11%yoyin2Q17.0.70+CableTVsubscriberswerestableandDPUguidancemaintained.0.60+APTVisevaluatingotherbusinessopportunitieswithnewtrusteeownersbuttooearly0.50todiscloseanydetails.0.40Thenegatives0.30Aug-16Nov-16Feb-17May-17Aug-

9、17-BroadbandARPUstillondecliningtrend.Theroll-outofunlimited4GmobiledataplansAPTTSPEQUITYFSSTIindexhasaffectedARPU.APTVhadtoreacttothecompetitionwithnewpromotions.Source:Bloomberg,PSR-Freecash-flowdeclinedyoyandisstilllowerthandividendspayable.Asaresult,APTVisstillreliantoninc

10、reasedleveragetosustaindividends.Leverageisrisingfasterthisye