Asian Pay Television Trust (S7OU) H2 2024 earnings summary

Executive summary

• FY 2024 revenue was S$252.0m, down 1.9% in constant NT$, while EBITDA was S$148.5m, down 0.2%; margin rose to 58.9%.

• Broadband added ~35,000 subscribers for the year, partly offsetting Basic cable TV declines; total subscribers reached ~1.347m.

Financial highlights

• FY revenue fell 5.4% reported to S$252.0m; EBITDA fell 3.7% to S$148.5m. A weaker NT$ contributed negative FX variances of 3.5% for FY and 3.0% for Q4.

• Q4 revenue was S$62.5m, down 4.4% reported and 1.4% in constant NT$; EBITDA was S$36.8m, down 3.4% reported and 0.4% in constant NT$.

• FY profit after tax was S$48.0m versus a S$406.4m loss in 2023; the comparison largely reflected the prior-year impairment.

• FY EBITDA less capex was S$112m; net debt repayments were S$42m during the year.

Outlook and guidance

• 2025 distribution guidance remains 1.05 Singapore cents per unit, payable in two 0.525-cent instalments, subject to no material changes in planning assumptions.

• Broadband and Premium digital TV subscribers are expected to grow in 2025; Basic cable TV subscriber growth is not expected, and ARPUs remain under pressure.

• 2025 operating expenses are expected to be slightly higher than in 2024, which benefited from reversals of prior-year expense overprovisions.

• Growth priorities include FTTH expansion, higher-speed plans, mobile-operator partnerships, broadband-only customers, Android gateway services and data backhaul; 2025 Basic cable TV rates remain at 2024 levels.