Reported Earnings • May 16
First quarter 2026 earnings released: EPS: S$0.005 (vs S$0.004 in 1Q 2025) First quarter 2026 results: EPS: S$0.005 (up from S$0.004 in 1Q 2025). Revenue: S$56.8m (down 4.2% from 1Q 2025). Net income: S$8.25m (up 14% from 1Q 2025). Profit margin: 14% (up from 12% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 11
Full year 2025 earnings released: EPS: S$0.009 (vs S$0.026 in FY 2024) Full year 2025 results: EPS: S$0.009 (down from S$0.026 in FY 2024). Revenue: S$245.7m (down 2.5% from FY 2024). Net income: S$15.7m (down 67% from FY 2024). Profit margin: 6.4% (down from 19% in FY 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Apr 06
Asian Pay Television Trust, Annual General Meeting, Apr 28, 2026 Asian Pay Television Trust, Annual General Meeting, Apr 28, 2026, at 10:00 Singapore Standard Time. Location: mice room 1, level 2, guoco midtown network hub, 126 beach road, singapore 189772, Singapore New Risk • Mar 03
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.4% Last year net profit margin: 19% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Dividend is not well covered by earnings (95% payout ratio). Profit margins are more than 30% lower than last year (6.4% net profit margin). Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: S$0.009 (vs S$0.026 in FY 2024) Full year 2025 results: EPS: S$0.009 (down from S$0.026 in FY 2024). Revenue: S$245.7m (down 2.5% from FY 2024). Net income: S$15.7m (down 67% from FY 2024). Profit margin: 6.4% (down from 19% in FY 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 02
Dividend of S$0.0053 announced Dividend of S$0.0053 is the same as last year. Ex-date: 19th March 2026 Payment date: 27th March 2026 Dividend yield will be 11%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio). However, it is well covered by cash flows (21% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 5.3% to bring the payout ratio under control, which is more than the 2.9% EPS growth achieved over the last 5 years. Announcement • Feb 11
Asian Pay Television Trust to Report Q4, 2025 Results on Feb 26, 2026 Asian Pay Television Trust announced that they will report Q4, 2025 results After-Market on Feb 26, 2026 Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: S$0.007 (vs S$0.004 in 3Q 2024) Third quarter 2025 results: EPS: S$0.007 (up from S$0.004 in 3Q 2024). Revenue: S$63.0m (down 1.1% from 3Q 2024). Net income: S$12.5m (up 94% from 3Q 2024). Profit margin: 20% (up from 10% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Oct 24
Asian Pay Television Trust to Report Nine Months, 2025 Results on Nov 13, 2025 Asian Pay Television Trust announced that they will report nine months, 2025 results on Nov 13, 2025 Declared Dividend • Aug 15
First half dividend of S$0.0053 announced Dividend of S$0.0053 is the same as last year. Ex-date: 18th September 2025 Payment date: 26th September 2025 Dividend yield will be 10%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (137% earnings payout ratio). However, it is well covered by cash flows (20% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 52% to bring the payout ratio under control. However, EPS has declined by 6.3% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Aug 13
Second quarter 2025 earnings released: S$0.008 loss per share (vs S$0.007 profit in 2Q 2024) Second quarter 2025 results: S$0.008 loss per share (down from S$0.007 profit in 2Q 2024). Revenue: S$60.8m (down 2.5% from 2Q 2024). Net loss: S$14.6m (down 214% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Jul 25
Asian Pay Television Trust to Report First Half, 2025 Results on Aug 12, 2025 Asian Pay Television Trust announced that they will report first half, 2025 results on Aug 12, 2025 Reported Earnings • May 15
First quarter 2025 earnings released: EPS: S$0.004 (vs S$0.008 in 1Q 2024) First quarter 2025 results: EPS: S$0.004 (down from S$0.008 in 1Q 2024). Revenue: S$59.4m (down 6.5% from 1Q 2024). Net income: S$7.26m (down 47% from 1Q 2024). Profit margin: 12% (down from 22% in 1Q 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Announcement • May 02
Asian Pay Television Trust to Report Q1, 2025 Results on May 14, 2025 Asian Pay Television Trust announced that they will report Q1, 2025 results Pre-Market on May 14, 2025 Announcement • Apr 04
Asian Pay Television Trust, Annual General Meeting, Apr 29, 2025 Asian Pay Television Trust, Annual General Meeting, Apr 29, 2025, at 10:00 Singapore Standard Time. Location: mice room 1, level 2, guoco midtown network hub, 126 beach road, singapore 189772, Singapore Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: S$0.026 (vs S$0.23 loss in FY 2023) Full year 2024 results: EPS: S$0.026 (up from S$0.23 loss in FY 2023). Revenue: S$252.0m (down 5.4% from FY 2023). Net income: S$47.8m (up S$454.4m from FY 2023). Profit margin: 19% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. New Risk • Mar 04
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Mar 02
Dividend of S$0.0053 announced Dividend of S$0.0053 is the same as last year. Ex-date: 20th March 2025 Payment date: 28th March 2025 Dividend yield will be 13%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (24% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Announcement • Feb 28
Asian Pay Television Trust Announces Distribution for the Period from 1 July 2024 to 31 December 2024, Payable on March 28, 2025 Asian Pay Television Trust announced distribution of 0.525 Singapore cents per unit for the period from 1 July 2024 to 31 December 2024. Payable on March 28, 2025. Record date is March 21, 2025. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: S$0.004 (vs S$0.006 in 3Q 2023) Third quarter 2024 results: EPS: S$0.004 (down from S$0.006 in 3Q 2023). Revenue: S$63.7m (down 3.0% from 3Q 2023). Net income: S$6.47m (down 37% from 3Q 2023). Profit margin: 10% (down from 16% in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Announcement • Oct 25
Asian Pay Television Trust to Report Q3, 2024 Results on Nov 12, 2024 Asian Pay Television Trust announced that they will report Q3, 2024 results Pre-Market on Nov 12, 2024 Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: S$0.007 (vs S$0.007 in 2Q 2023) Second quarter 2024 results: EPS: S$0.007 (in line with 2Q 2023). Revenue: S$62.4m (down 8.6% from 2Q 2023). Net income: S$12.8m (up 3.5% from 2Q 2023). Profit margin: 21% (up from 18% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Announcement • Aug 14
Asian Pay Television Trust Announces Dividend for the Period from 1 January 2024 to 30 June 2024, Payable on 27 September 2024 Asian Pay Television Trust informed Unitholders that APTT will distribute 0.525 Singapore cents per Unit for the period from 1 January 2024 to 30 June 2024. Distributions will be made on a half-yearly basis, with the amount calculated for the six-month period ending on 30 June and 31 December each year. APTT intends to distribute 100% of its Distributable Free Cash Flows. The Distribution payment amounts to SGD 9.5 million from Distributable Free Cash Flows attributable to the six-month period from 1 January 2024 to 30 June 2024. Ex-distribution date: 9.00 a.m., 19 September 2024. Record date: 5.00 p.m., 20 September 2024; Payment date: 27 September 2024. Announcement • Aug 01
Asian Pay Television Trust to Report First Half, 2024 Results on Aug 14, 2024 Asian Pay Television Trust announced that they will report first half, 2024 results on Aug 14, 2024 New Risk • Jun 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: S$135.5m (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Earnings have declined by 62% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (S$135.5m market cap, or US$100.0m). Reported Earnings • May 17
First quarter 2024 earnings released: EPS: S$0.008 (vs S$0.004 in 1Q 2023) First quarter 2024 results: EPS: S$0.008 (up from S$0.004 in 1Q 2023). Revenue: S$63.5m (down 5.4% from 1Q 2023). Net income: S$13.8m (up 93% from 1Q 2023). Profit margin: 22% (up from 11% in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Announcement • Apr 28
Asian Pay Television Trust to Report Q1, 2024 Results on May 15, 2024 Asian Pay Television Trust announced that they will report Q1, 2024 results Pre-Market on May 15, 2024 Announcement • Apr 05
Asian Pay Television Trust, Annual General Meeting, Apr 29, 2024 Asian Pay Television Trust, Annual General Meeting, Apr 29, 2024, at 10:00 Singapore Standard Time. Location: Stephen Riady Auditorium @NTUC, Level 7, NTUC Centre, 1 Marina Boulevard, Singapore Agenda: To receive and adopt the Report of the Trustee-Manager, Statement by the Trustee-Manager and the audited financial statements of APTT Group for the financial year ended 31 December 2023 and the Auditor's Report thereon; to reappoint Deloitte & Touche LLP as the Auditor of APTT to hold office until the next Annual General Meeting and to authorise the directors of the Trustee-Manager to fix its remuneration; and to consider General mandate to issue units in APTT. Recent Insider Transactions • Mar 07
Key Executive recently bought S$106k worth of stock On the 4th of March, Brian McKinley bought around 1m shares on-market at roughly S$0.089 per share. This transaction amounted to 37% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Brian has been a buyer over the last 12 months, purchasing a net total of S$127k worth in shares. Declared Dividend • Mar 04
Final dividend of S$0.0053 announced Shareholders will receive a dividend of S$0.0053. Ex-date: 20th March 2024 Payment date: 28th March 2024 Dividend yield will be 12%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 59% to shift the payout ratio to a potentially unsustainable range, which is more than the 41% EPS decline seen over the last 5 years. Reported Earnings • Mar 02
Full year 2023 earnings released: S$0.23 loss per share (vs S$0.025 profit in FY 2022) Full year 2023 results: S$0.23 loss per share (down from S$0.025 profit in FY 2022). Revenue: S$266.4m (down 6.8% from FY 2022). Net loss: S$406.5m (down S$451.8m from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Announcement • Mar 01
Asian Pay Television Trust Announces Distribution for the Period from 1 July 2023 to 31 December 2023, Payable on March 28, 2024 Asian Pay Television Trust announced distribution of 0.525 Singapore cents per unit for the period from 1 July 2023 to 31 December 2023. Payable on March 28, 2024. Record date is March 21, 2024. Board Change • Feb 22
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Non-Executive Director of APTT Management Pte. Limited Yung Huei Dai was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 17
Asian Pay Television Trust to Report Q4, 2023 Results on Feb 29, 2024 Asian Pay Television Trust announced that they will report Q4, 2023 results at 5:00 PM, Singapore Standard Time on Feb 29, 2024 Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: S$0.006 (vs S$0.008 in 3Q 2022) Third quarter 2023 results: EPS: S$0.006 (down from S$0.008 in 3Q 2022). Revenue: S$65.7m (down 7.7% from 3Q 2022). Net income: S$10.2m (down 25% from 3Q 2022). Profit margin: 16% (down from 19% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Oct 21
Asian Pay Television Trust to Report Q3, 2023 Results on Nov 14, 2023 Asian Pay Television Trust announced that they will report Q3, 2023 results After-Market on Nov 14, 2023 Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: S$0.007 (vs S$0.006 in 2Q 2022) Second quarter 2023 results: EPS: S$0.007 (up from S$0.006 in 2Q 2022). Revenue: S$68.3m (down 4.9% from 2Q 2022). Net income: S$12.4m (up 7.8% from 2Q 2022). Profit margin: 18% (up from 16% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: S$0.004 (vs S$0.007 in 1Q 2022) First quarter 2023 results: EPS: S$0.004 (down from S$0.007 in 1Q 2022). Revenue: S$67.1m (down 8.8% from 1Q 2022). Net income: S$7.14m (down 41% from 1Q 2022). Profit margin: 11% (down from 17% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 11
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: S$0.025 (up from S$0.011 in FY 2021). Revenue: S$286.0m (down 4.6% from FY 2021). Net income: S$45.3m (up 127% from FY 2021). Profit margin: 16% (up from 6.6% in FY 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: S$0.025 (vs S$0.011 in FY 2021) Full year 2022 results: EPS: S$0.025 (up from S$0.011 in FY 2021). Revenue: S$286.0m (down 4.6% from FY 2021). Net income: S$45.3m (up 127% from FY 2021). Profit margin: 16% (up from 6.6% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Feb 10
Asian Pay Television Trust to Report Q4, 2022 Results on Feb 24, 2023 Asian Pay Television Trust announced that they will report Q4, 2022 results at 9:00 AM, Singapore Standard Time on Feb 24, 2023 Board Change • Jan 10
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Non-Executive Director of APTT Management Pte. Limited Yung Huei Dai was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: S$0.008 (vs S$0.002 in 3Q 2021) Third quarter 2022 results: EPS: S$0.008 (up from S$0.002 in 3Q 2021). Revenue: S$71.2m (down 5.7% from 3Q 2021). Net income: S$13.5m (up 200% from 3Q 2021). Profit margin: 19% (up from 6.0% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.6% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Media industry in Asia. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 16
Price target decreased to S$0.15 Down from S$0.17, the current price target is provided by 1 analyst. New target price is 38% above last closing price of S$0.11. Stock is down 20% over the past year. The company is forecast to post earnings per share of S$0.024 for next year compared to S$0.011 last year. Announcement • Nov 15
Asian Pay Television Trust Announces Distribution for the Period from 1 July 2022 to 30 September 2022 , Payable on 23 December 2022 Asian Pay Television Trust announced to distribute SGD 0.25 per Unit for the period from 1 July 2022 to 30 September 2022. Ex-distribution date is 15 December 2022, Record date is 16 December 2022, Payment date is 23 December 2022. Announcement • Nov 03
APTT Management Pte. Limited Announces Settlement of Lawsuits with Taiwan Broadband Communications Group APTT Management Pte. Limited refers to its announcement dated 29 July 2022 and updates on the lawsuits included in its second quarter results announcement dated 12 August 2022, in relation to the lawsuits filed against Taiwan Broadband Communications Group (TBC) by one of its programming vendors claiming certain programming costs. TBC has already paid all of the programming costs for 2020 under its contract with its content agent. The payment of programming costs has also been recognised in the Group's consolidated statement of profit or loss for the year ended 31 December 2020, as broadcast and production costs, however, the content agent has not made payment to the programming vendor in question for 2020, as well as for 2021. TBC therefore withheld payment of programming costs to the content agent from February 2021 to December 2021. The amount withheld by TBC is more than the amounts owed by the content agent to the programming vendor for 2020 and 2021. To save potential default interest on unpaid amounts accumulating during the litigation process, TBC signed agreements with the programming vendor in April 2022, to make a temporary payment of TWD 504 million (approximately SGD 25.2 million), out of the amounts withheld from the content agent, for 2020 and 2021 unpaid programming costs. TBC has now reached an agreement with the programming vendor and content agent in relation to the content costs to be paid to the programming vendor for 2020 and 2021. As per the agreement, TBC will pay TWD 72 million (approximately SGD 3.2 million) to the programming vendor for 2020 and 2021 for full and final settlement of the lawsuits. Following the payment, the programming vendor will withdraw all the lawsuits against TBC and sign channel license agreements for 2020 and 2021. TBC will completely offset the TWD 72 million payment to the programming vendor from the amount already withheld from the content agent. The remaining amount withheld from the content agent will be released following the settlement and withdrawal of the lawsuits. As a result of the settlement, no additional expenses will accrue to the Group from those already recognised in the consolidated statement of profit or loss for the years ended 31 December 2020 and 2021. Announcement • Oct 26
Asian Pay Television Trust to Report Q3, 2022 Results on Nov 14, 2022 Asian Pay Television Trust announced that they will report Q3, 2022 results at 5:00 PM, Singapore Standard Time on Nov 14, 2022 Major Estimate Revision • Aug 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from S$0.02 to S$0.02. Revenue forecast unchanged at S$298.7m. Net income forecast to grow 52% next year vs 13% growth forecast for Media industry in Singapore. Consensus price target of S$0.15 unchanged from last update. Share price was steady at S$0.12 over the past week. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: S$0.006 (vs S$0.004 in 2Q 2021) Second quarter 2022 results: EPS: S$0.006 (up from S$0.004 in 2Q 2021). Revenue: S$71.8m (down 2.5% from 2Q 2021). Net income: S$11.5m (up 50% from 2Q 2021). Profit margin: 16% (up from 10% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 1.4%, compared to a 11% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Aug 12
Asian Pay Television Trust Announces Dividend for the Period from 1 April 2022 to 30 June 2022, Payable on September 23, 2022 Asian Pay Television Trust announced the dividend of 0.25 Singapore cents per Unit for the Period from 1 April 2022 to 30 June 2022. Ex-distribution 15 September 2022, Record date, 16 September 2022; Payment date: 23 September 2022. Announcement • Jul 30
Taiwan Broadband Communications Group Announces Update on Lawsuits APTT Management Pte. Limited, as Trustee-Manager of Asian Pay Television Trust refers to its disclosure in the Second Quarter 2021 results announcement dated 13 August 2021, in relation to lawsuits filed against Taiwan Broadband Communications Group by one of its programming vendors claiming certain programming costs. The Trustee-Manager also refers to its updates on the lawsuits which were included in APTT's quarterly results and business update announcements thereafter. The Trustee-Manager has been informed by TBC that its attorneys have received a court judgement for one of the lawsuits. The court accepted the Plaintiff's claims and has ordered TBC to pay an amount of NT$135 million as programming license fees to the Plaintiff. TBC has discussed the Judgement with its attorneys and intends to appeal against the Judgement and will vigorously defend its position. TBC does not contest that the Plaintiff should be paid for its programming, however TBC has already paid all of the programming costs for 2020 under its contract with its content agent. The content agent, however, has not made payment to the programming vendor. The Trustee-Manager continues to view the dispute as a matter between the content agent and the programming vendor. The Trustee-Manager also believes that all parties will work towards reaching an agreement and that no material loss will accrue to the Group. TBC continues to contest against the remaining three lawsuits. Based on the schedule of court dates and hearings, the Trustee-Manager does not expect further progress on these cases before Third Quarter 2022. No interruption of service is expected as a result of these lawsuits and the Judgement. TBC has withheld payment of programming costs to its content agent for 2021. It intends to offset amounts against those withheld in case any amount becomes payable by TBC to the programming vendor following court judgements. The amount withheld by TBC is in excess of the amounts owed by the content agent to programming vendors for both 2020 and 2021. It is expected that no lawsuits will be filed claiming programming costs for 2021, as the conclusions reached for the 2020 lawsuits are also expected to be applied to 2021 programming costs. Announcement • Jul 23
Asian Pay Television Trust to Report Q2, 2022 Results on Aug 12, 2022 Asian Pay Television Trust announced that they will report Q2, 2022 results at 9:00 AM, Singapore Standard Time on Aug 12, 2022 Reported Earnings • May 14
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: S$0.007 (up from S$0.004 in 1Q 2021). Revenue: S$73.6m (down 1.1% from 1Q 2021). Net income: S$12.1m (up 66% from 1Q 2021). Profit margin: 17% (up from 9.8% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.1%. Over the next year, revenue is forecast to stay flat compared to a 11% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target decreased to S$0.15 Down from S$0.17, the current price target is provided by 1 analyst. New target price is 12% above last closing price of S$0.13. Stock is up 19% over the past year. The company is forecast to post earnings per share of S$0.016 for next year compared to S$0.011 last year. Announcement • Apr 26
Asian Pay Television Trust to Report Q1, 2022 Results on May 13, 2022 Asian Pay Television Trust announced that they will report Q1, 2022 results Pre-Market on May 13, 2022 Announcement • Apr 01
Asian Pay Television Trust, Annual General Meeting, Apr 28, 2022 Asian Pay Television Trust, Annual General Meeting, Apr 28, 2022, at 10:00 Singapore Standard Time. Agenda: To receive and adopt the Report of the Trustee-Manager, Statement by the Trustee-Manager and the audited financial statements of APTT Group for the year ended 31 December 2021 and the Auditor's Report thereon; to reappoint Deloitte & Touche LLP as the Auditor of APTT to hold office until the next Annual General Meeting and to authorize the directors of the Trustee-Manager to fix its remuneration; to consider Authority to issue new units in APTT; to Propose amendment and restatement of APTT's Trust Deed to provide for the Propose Trust Deed Amendments; and to consider other matters. Major Estimate Revision • Mar 09
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from S$0.01 to S$0.02. Revenue forecast steady at S$298.7m. Net income forecast to grow 47% next year vs 17% growth forecast for Media industry in Singapore. Consensus price target of S$0.15 unchanged from last update. Share price fell 2.2% to S$0.13 over the past week. Reported Earnings • Feb 27
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: S$0.011 (vs S$0.011 in FY 2020). Revenue: S$299.7m (down 2.5% from FY 2020). Net income: S$19.9m (up 15% from FY 2020). Profit margin: 6.6% (up from 5.6% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.1%. Over the next year, revenue is expected to shrink by 1.2% compared to a 12% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Feb 25
Asian Pay Television Trust Announces Dividend for the Period from 1 October 2021 to 31 December 2021, Payable on March 25, 2022 Asian Pay Television Trust announced the dividend of 0.25 Singapore cents per Unit for the Period from 1 October 2021 to 31 December 2021. Ex-distribution date: 17 March 2022, Record date: 18 March 2022 and Payment date: 25 March 2022. Announcement • Feb 09
Asian Pay Television Trust to Report Q4, 2021 Results on Feb 25, 2022 Asian Pay Television Trust announced that they will report Q4, 2021 results Pre-Market on Feb 25, 2022 Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS S$0.002 (vs S$0.002 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: S$75.5m (flat on 3Q 2020). Net income: S$4.49m (up 2.0% from 3Q 2020). Profit margin: 6.0% (up from 5.8% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 5% per year. Recent Insider Transactions • Sep 28
Key Executive recently bought S$65k worth of stock On the 23rd of September, Fang-Ming Lu bought around 506k shares on-market at roughly S$0.13 per share. This was the largest purchase by an insider in the last 3 months. This was Fang-Ming's only on-market trade for the last 12 months. Recent Insider Transactions • Sep 14
Key Executive recently bought S$52k worth of stock On the 10th of September, Brian McKinley bought around 400k shares on-market at roughly S$0.13 per share. This was the largest purchase by an insider in the last 3 months. Brian has been a buyer over the last 12 months, purchasing a net total of S$76k worth in shares. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS S$0.004 (vs S$0.003 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: S$73.7m (down 2.6% from 2Q 2020). Net income: S$7.69m (up 62% from 2Q 2020). Profit margin: 10% (up from 6.3% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Recent Insider Transactions • May 20
Board Member recently bought S$112k worth of stock On the 19th of May, Shin Loong Leong bought around 1m shares on-market at roughly S$0.11 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought S$136k more in shares than they have sold in the last 12 months. Reported Earnings • May 13
First quarter 2021 earnings released: EPS S$0.004 (vs S$0.004 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: S$74.4m (down 6.2% from 1Q 2020). Net income: S$7.28m (up 21% from 1Q 2020). Profit margin: 9.8% (up from 7.6% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. Reported Earnings • Apr 11
Full year 2020 earnings released: EPS S$0.011 (vs S$0.013 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: S$307.4m (up 5.0% from FY 2019). Net income: S$17.3m (down 9.2% from FY 2019). Profit margin: 5.6% (down from 6.5% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Mar 09
Analysts update estimates The 2021 consensus revenue estimate increased from S$293.3m to S$301.4m. Earnings per share (EPS) estimate was lowered from S$0.013 to S$0.012 for the same period. Net income is expected to grow by 21% next year compared to 23% growth forecast for the Media industry in Singapore. The consensus price target of S$0.15 was unchanged from the last update. Share price is down by 3.7% to S$0.10 over the past week. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS S$0.011 (vs S$0.013 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: S$307.4m (up 5.0% from FY 2019). Net income: S$17.3m (down 9.2% from FY 2019). Profit margin: 5.6% (down from 6.5% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has fallen by 42% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Mar 02
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.9%. Earnings per share (EPS) missed analyst estimates by 6.2%. Over the next year, revenue is expected to shrink by 4.6% compared to a 16% growth forecast for the Media industry in Singapore. Announcement • Feb 16
Asian Pay Television Trust to Report Q4, 2020 Results on Mar 01, 2021 Asian Pay Television Trust announced that they will report Q4, 2020 results After-Market on Mar 01, 2021 Major Estimate Revision • Nov 18
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from S$0.013 to S$0.011. Revenue estimate was approximately flat at S$304.7m. Net income is expected to grow by 57% next year compared to 17% growth forecast for the Media industry in Singapore. The consensus price target of S$0.15 was unchanged from the last update. Share price is up 3.5% to S$0.12 over the past week. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS S$0.002 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: S$75.9m (up 4.0% from 3Q 2019). Net income: S$4.40m (down 13% from 3Q 2019). Profit margin: 5.8% (down from 7.0% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year whereas the company’s share price has fallen by 42% per year. Announcement • Oct 30
Asian Pay Television Trust to Report Q3, 2020 Results on Nov 12, 2020 Asian Pay Television Trust announced that they will report Q3, 2020 results at 9:00 AM, Singapore Standard Time on Nov 12, 2020 Announcement • Jul 25
Asian Pay Television Trust to Report Q2, 2020 Results on Aug 07, 2020 Asian Pay Television Trust announced that they will report Q2, 2020 results on Aug 07, 2020