Asian Pay Television Trust (APTT)

[CY09]

https://links.sgx.com/FileOpen/APTTUpdat...eID=866874

3Q results brought about some important info:

Page 14- 90% of debt is hedged at 1.54% for 3 years
Page 15- Onshore is a flat 7 years, offshore is 3 years with option of 2 more years *which i hope they dont use because its debt is expensive even if SORA is 0%

Page 8- Broadcast and Production costs increased despite a declining revenue base
Page 2- EBITDA Margin continues to decline.

In my view, its likely with a smaller and smaller revenue base, EBITDA margin will shrink as well. In a few years time, APTT may be a 200 million revenue, with cash generation of 100 million.

There is a need for the trust to pare down its debt quickly, otherwise, the loss in cash wont be able to sustain dividends and Maintenance CAPEX （19 and 30 mil respectively）

This trust is in a story of how fast it can pare down its debts to a sustainable level while revenue/cash inflow declines. In my view, when debt refinancing is due in 7 years' time for its TWD debt. 800million of debt should just about be fine with an interest cost of 3.6% and assuming financing fee of 2% points amortized over 7 years （annual financing cost will be $31 million）

[starcraft_76]

send the following via email to investorrelations@aptt.sg on Nov 14, 2025 and not yet received any response so far.

--
Dear Sir / Mdm,

Being an investor of APTT, I'm concerned over the proposed transaction of issuing 
4,375,000 Investment Shares to TBC by way of a rights issue at a price
of NT$160 (the "Issue Price") for each Investment Share, which resulting in APTT losing approximately 12.71% of economic benefit in TBC.

Based on my understanding, while the majority of debt is now under TBC, there is still S$36 million which is under APTT.

Let's look at the scenario where APTT would like to maintain the existing dividend of 1.05 cents per share per year, and need cash to pay S$3.6 million of debt yearly, and required say, S$2.5 million for APTT level expenses.

This means that APTT will require cash outlay of S$21.2 million per year.
• APTT’s annual dividend: 1.05 cents × 1,437,541,561 units = S$15.1 million
• APTT’s debt service: S$3.6 million/year
• APTT’s trust-level expenses: Let’s assume S$2.5 million/year (based on historical SG&A and trustee fees)

This simply means that TBC will need to declare a distribution that resulted in APTT receiving S$21.2 million per year, which also means that S$3.09 million need to be distributed to DaDa for its 12.71%.

Isn't that the amount required to pay to DaDa out-weight the benefit saving of S$1million on interest cost?  APTT can simply pay S$2.09 million more to reduce its debt yearly instead, which will also reduce the interest moving forward.

At 3.09 million, DaDa's yield is more than 10% per year over the 29 million that it fork out.

With this in mind, is it more beneficial if APTT were to issue bonds at say 7% per year?
--

[CY09]

Thanks Starcraft, Im interested in their response as well do update us!

The 12+% economic interest given to Dada for its growing broadband segment is complex and its hard for us to evaluate the financial impact, hopefully APTT can shed some light on it

[starcraft_76]

APTT's investor relation didn't even confirm the receipt of my query.

I had send another email to request for the confirmation on whether they received my queries as per my previous posting.