Elevator Pitch
I maintain my "Neutral" rating on Singapore-listed Taiwanese pay television and broadband business trust Asian Pay Television Trust (APTTF) [APTT:SP]. Potential corporate actions involving the trustee-manager and its ultimate shareholders and the ongoing strategic review remain the key re-rating catalysts for Asian Pay Television Trust. However, given the uncertainty over the timing and impact of any such potential corporate actions, a "Neutral" rating is warranted. Furthermore, Asian Pay Television Trust is not really cheap on an EV/EBITDA valuation basis.
Asian Pay Television Trust, currently, trades at 10.2 times consensus forward next