- Yield = 15.12%
- Price-to-book Ratio = 0.502
- Assets per unit = $1.905
- Debt per unit = $1.048 (including current liabilities)
- Gearing = 55.0%
Asian Pay Television Trust has been in the news lately especially when there is a change of manager or I should say, there is an acquisition of its manager by a Taiwanese local who should be more familiar with the industry. It created a buzz and price went up a bit but has since went down as well. Here are the statistics.
With a yield of 15.12%, it is the highest yielding trust that I have, even higher than Global Investment Limited. Its price-to-book ratio is 0.502 which means we are buying at half price although how true it is really depends. This is not property where it is relatively more stable and predictable. Gearing is at a high of 55.0% with high debts.
While I thought this investment might be risky, I think the yield is worth the risk with extremely high yield and 50% discount to NAV. Yes, the price has dropped very significantly from previous high which makes investors wary but I think the margin of safety has reached quite a level that I don't think it can go any further down. Maybe a bit more but won't be so much.
I am vested with 100,000 shares worth about $43,000. I am investing for long term and I am waiting for Netlink Trust to be listed since the business is very much the same. It will be a good reference point for APTT.
With a yield of 15.12%, it is the highest yielding trust that I have, even higher than Global Investment Limited. Its price-to-book ratio is 0.502 which means we are buying at half price although how true it is really depends. This is not property where it is relatively more stable and predictable. Gearing is at a high of 55.0% with high debts.
While I thought this investment might be risky, I think the yield is worth the risk with extremely high yield and 50% discount to NAV. Yes, the price has dropped very significantly from previous high which makes investors wary but I think the margin of safety has reached quite a level that I don't think it can go any further down. Maybe a bit more but won't be so much.
I am vested with 100,000 shares worth about $43,000. I am investing for long term and I am waiting for Netlink Trust to be listed since the business is very much the same. It will be a good reference point for APTT.
Hi, May I know how you calculate the 50% discount to NAV? Price-to-book Ratio = 0.502 and current price is 0.435. Thanks.
ReplyDeleteJust vested at 0.435, FYI new taiwanese manager is Foxconn 's Terry Gou (Richest in Taiwan) and Lu Ming Fang
ReplyDeleteI took a look at their result. I would not like this counter. 2 reasons are debt and fcf.
ReplyDelete