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    Entertainment
Asian Pay Television Trust

Asian Pay Television Trust

S7OU.SI
Asian Pay Television TrustSG flagStock Exchange of Singapore
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SGD
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(- -)

Recent

price

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P/E

ratio

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div

yld

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ROIC.AI

2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
0.13
0.22
0.23
0.22
0.23
0.22
0.2
0.19
0.17
0.16
0.15
0.14
0.14
0.14
Revenue per Share
0.03
0.08
0.03
0.04
0.03
0.01
0.01
0.01
0.01
0.03
-0.23
0.03
0.01
0.01
Basic EPS, GAAP
0.02
0.04
0.05
0.06
0.06
0.05
0.05
0.07
0.09
0.07
0.04
0.05
0.05
0.05
Free Cash Flow per Basic Share
0.05
0.1
0.08
0.07
0.06
0.06
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
Dividend per Share
0.92
0.89
0.84
0.8
0.76
0.68
0.68
0.63
0.56
0.58
0.34
0.36
0.35
0.35
Book Value per Share
-0.64
-0.66
-0.73
-0.79
-0.84
-0.9
-0.91
-0.81
-0.74
-0.65
-0.65
-0.61
-0.58
-0.58
Tangible Book Value per Share
1,437
1,437
1,437
1,437
1,437
1,437
1,439
1,633
1,806
1,806
1,806
1,806
1,806
1,812
Basic Weighted Avg Shares
185
319
332
319
335
314
293
307
300
286
266
252
246
246
Sales/Revenue/Turnover
47.61
45.96
47.75
42.55
41.28
33.77
30.04
29.68
32.2
34.57
36.48
39.45
37.27
37.27
Operating Margin (%)
25
49
45
56
63
79
87
90
87
70
57
49
44
44
Depreciation Expense
45
114
45
60
36
7
19
17
20
45
-407
48
16
16
Net Income, GAAP
27.68
- -
36.2
28.18
43.51
74.72
43.12
47.67
41.65
25.02
- -
27.59
47.17
47.17
Effective Tax Rate (%)
24.39
35.87
13.59
18.69
10.88
2.36
6.52
5.64
6.64
15.82
-152.61
18.97
6.38
6.38
Profit Margin (%)
-108
-16
-24
-32
-29
-11
-8
-175
-38
-50
-38
-42
-45
-45
Working Capital
943
1,036
1,183
1,295
1,380
1,505
1,519
1,345
1,459
1,246
1,189
1,103
1,044
1,044
LT Debt
1,321
1,276
1,231
1,231
1,190
1,074
1,085
1,192
1,243
1,139
696
695
725
725
Total Equity
- -
- -
4.24
3.91
3.03
1.03
1.91
1.78
2.04
2.83
- -
3.75
2.62
2.62
Return on Invested Capital (%)
- -
- -
3.18
4.01
2.73
0.83
1.87
1.63
1.81
3.12
- -
4.08
1.99
1.99
Return on Capital (%)
- -
8.79
3.64
5.07
3.25
0.72
1.95
1.73
1.95
4.38
-48.87
7.57
2.45
2.45
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
ST Debt
28
31
33
LT Borrowings
1,153
1,114
1,043
LT Finance Leases
1
- -
1
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,806
1,806
1,811
Market Capitalization
- -
- -
- -

Working Capital

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
Total Current Assets
72
54
68
Cash, Cash Equivalents & STI
47
36
47
Accounts Receivable, Net
20
14
15
Inventories
- -
- -
- -
Total Current Liabilities
118
105
113
Payables & Accruals
- -
- -
- -
ST Debt
28
31
33
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-4.09%
-7.75%
4.38%
Free Cash Flow
5.69%
0.46%
-8.55%
Net Income, GAAP
-97.32%
-207.06%
-67.22%
Sales/Revenue/Turnover
-2.88%
-4.37%
-2.51%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
67
68
66
65
266
2024
63
62
64
63
252
2025
59
61
63
63
246

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
0.01
0.01
-0.24
-0.23
2024
0.01
0.01
- -
0.01
0.03
2025
- -
-0.01
0.01
0.01
0.01

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
0.01
- -
0.01
2024
0.01
- -
0.01
- -
0.01
2025
0.01
- -
0.01
- -
0.01
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Business
Asian Pay Television Trust (APTT) is a Singapore-based business trust that acquires controlling interests in and owns, operates, and maintains mature, cash-generative pay-TV and broadband businesses primarily in Taiwan, with an investment mandate extending to Hong Kong, Japan, and Singapore. The Trust's sole investment is Taiwan Broadband Communications Group (TBC), established in 1999, which operates a fibre network covering more than 1.4 million homes in five closely clustered franchise areas in northern and central Taiwan; TBC delivers basic cable TV services with access to over 100 channels and subscription revenue supplemented by non-subscription revenue from channel leasing to third parties, airtime advertising, and set-top box installation fees; premium digital TV packages including bundled DVR or DVR-only services; high-speed fixed-line broadband access with speeds up to 1 Gbps including data backhaul services; and electronic programme guide data sold to other system operators. APTT, constituted on 30 April 2013 and listed on the Singapore Exchange on 29 May 2013, is headquartered at 420 North Bridge Road, North Bridge Centre, Singapore, and is managed by APTT Management Pte. Limited, a wholly-owned subsidiary of Dynami Vision Pte. Ltd.. In April 2025, APTT successfully refinanced its onshore and offshore facilities, reducing the total facility size by 12% or approximately S$153 million, shifting about S$40 million of higher-cost offshore debt to onshore, and entering new interest rate swaps hedging approximately 91% of onshore facilities (88% of total debt) at an average fixed rate of 1.54% through June 2028, enhancing financial stability for at least three years. For the first half of 2025 ended 30 June, APTT added about 10,000 net subscribers to reach approximately 1.364 million revenue generating units, driven by broadband growth of around 9,000 subscribers and 8.3% revenue increase in NT$ terms, while declaring an interim distribution of 0.525 Singapore cents per unit and reaffirming full-year guidance of 1.05 cents per unit; in October 2025, TBC announced a proposed issuance of 4,375,000 new ordinary shares representing 12.73% of its enlarged issued share capital, with key conditions fulfilled by late November 2025. The Trustee-Manager targets 100% distribution of distributable free cash flows on a half-yearly basis after operating expenses, debt servicing, liquidity needs, and capital expenditure within industry norms of 10% to 15% of revenue, serving residential and business customers in a competitive landscape facing IPTV, online video, and mobile data alternatives.