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Asian Pay TV Trust (APTT) has released their 3Q results, the first full results after their refinancing of debt. Of which significant new information can be found. The summary of the results is as follows:
- Overall Revenue Still in Decline as no of TV subscribers in Traditional TV continues to fall
- 90% of Onshore Debt has been hedged at 1.54% Taiwan TAIBOR, indicating overall debt interest rate to 3.6-3.7%
- Management guided the additional interest cost of S$2 million to S$3 million for this year with interest expense to decline by $2 million next year
- 2025 Dividend Still Set for 1.05 SG cents
Cashflow and Dividend
Declining EBITDA margins leads to downstream less cash generated. Over the next 7 years, it is likely APTT will generate $100-$120 million annually.
With annual CAPEX needs of $28 million, taxation of $10 million, interest expense of $40 million (and declining）, there is sufficient headroom to maintain the 1.05 SG cents dividend which requires $19 million over the next 7 years….
