Elevator Pitch
Singapore-listed Taiwanese pay television and broadband business trust Asian Pay Television Trust (APTTF) [APTT:SP] currently trades at 9.5 times consensus forward FY2019 EV/EBITDA and 9.6 times consensus forward FY2020 EV/EBITDA. It also offers a forward distribution yield of 7.1% for both FY2019 and FY2020, based on a consistent quarterly distribution payout of S$0.003 per share going forward.
Asian Pay Television Trust's distribution yield is high for good reasons. Its operating performance has been weak with a decline in the number of subscribers and Average Revenue Per User or ARPU, while capital