Asian Pay Television Trust (APTT) 2025 Financial Results: Analysis & Investor Insights
Asian Pay Television Trust (APTT), a Singapore-listed business trust with operations in Taiwan, released its financial results for the year ending 31 December 2025. Below, we analyze the key metrics, highlight performance trends, and provide actionable recommendations for investors.
Key Financial Metrics & Comparative Analysis
| Metric |
Q4 2025 |
Q3 2025 |
Q4 2024 |
YoY Change |
QoQ Change |
| Total Revenue |
S\$62.6m |
N/A |
S\$62.5m |
+0.0% |
N/A |
| EBITDA |
S\$33.3m |
N/A |
S\$36.8m |
-9.7% |
N/A |
| EBITDA Margin |
53.2% |
N/A |
58.9% |
-5.7 pts |
N/A |
| Net Profit |
S\$10.6m |
N/A |
S\$14.8m |
-28.5% |
N/A |
| Dividend per Unit (DPU) |
0.525 cents (H2 2025) |
N/A |
1.05 cents (H2 2024) |
-50% |
N/A |
| Metric |
FY 2025 |
FY 2024 |
YoY Change |
| Total Revenue |
S\$245.7m |
S\$252.0m |
-2.5% |
| EBITDA |
S\$135.5m |
S\$148.5m |
-8.7% |
| EBITDA Margin |
55.2% |
58.9% |
-3.7 pts |
| Net Profit |
S\$15.9m |
S\$48.0m |
-66.9% |
| Dividend per Unit (DPU) |
1.05 cents (paid/declared) |
1.05 cents (paid/declared) |
0.0% |
Historical Performance Trends
- Revenue: Revenue declined by 2.5% YoY, mainly due to lower Basic cable TV subscription and non-subscription revenues, partially offset by broadband growth.
- EBITDA: EBITDA fell 8.7% YoY, with margins decreasing from 58.9% to 55.2%.
- Net Profit: Net profit saw a significant drop, from S\$48.0m in FY2024 to S\$15.9m in FY2025, driven by higher operating expenses, lower TV revenue, and non-cash items.
- Dividends: DPU remains unchanged for FY2025 but guidance for FY2026 is lowered to 0.80 cents per unit, reflecting a more conservative payout policy amid increased debt repayments and continued margin pressure.
- Debt Management: Net debt reduced by S\$76m in FY2025, with refinancing completed and interest savings expected.
Exceptional Earnings and Expenses
- FY2025 experienced higher operating expenses, notably pole rental costs, and certain one-off cost reversals from FY2024 did not recur.
- Net profit in FY2025 included non-cash items such as foreign exchange losses, deferred taxes, and mark-to-market movements.
- Interest costs decreased marginally due to debt repayments and refinancing.
Corporate Actions & Fundraising
- TBC Rights Issue: Successfully issued 4.375 million new shares of TBC (the broadband business) to DaDa, raising ~S\$29m to pare down onshore debt. This reduced APTT’s economic interest in the broadband business from 59.29% to 51.74%, with annual interest savings of S\$1m and a lower Net Debt/EBITDA ratio by 0.2x.
- No change to APTT’s ownership in the cable TV business.
Forecasts and Guidance
- 2026 full-year DPU guidance is 0.80 cents per unit, payable in two half-yearly instalments, down from 1.05 cents in 2025, reflecting prudent capital management and prioritization of debt repayment.
- Subscriber base is expected to continue growing, driven by broadband, but ARPUs and EBITDA are likely to remain under pressure.
- CAPEX is guided to be 10%-15% of revenue, aligned with industry norms and focused on broadband expansion.
- Debt repayment plan for 2026-2027 ranges from S\$43m to S\$63m, with excess cash used for discretionary repayments.
Events and Risks
- No mention of natural disasters, legal disputes, or major policy changes.
- Macroeconomic headwinds such as rising interest rates (TAIBOR) may increase net interest costs, though deemed not material to overall cash flows.
- Continued decline in Basic cable TV subscribers offsets broadband growth, putting pressure on revenue and margins.
Conclusion & Investor Recommendations
Overall Assessment: APTT’s performance in 2025 is mixed. Broadband growth continues to cushion the decline in traditional cable TV revenues, but higher operating expenses and lower margins have led to a sharp drop in net profit. The company is focused on disciplined debt management and prudent capital expenditure, with lower dividend guidance reflecting a more conservative stance.
For Current Shareholders: If you are currently holding APTT units, consider maintaining your position if you believe in the long-term broadband growth story and value the company’s commitment to debt reduction. However, be mindful of lower dividend payouts and ongoing margin pressure. Monitor for further improvements in broadband ARPU and subscriber mix.
For Prospective Investors: If you are not currently holding APTT, consider waiting for signs of stabilization in net profit and EBITDA margins, or for further evidence of successful broadband monetization and ARPU improvements. The lower DPU guidance and continued margin pressure may limit near-term upside unless broadband growth accelerates.
Disclaimer: This analysis is based solely on the disclosed financial results and forward guidance in the company’s report. It is not a substitute for personalized investment advice. Investors should conduct their own research and consider their risk tolerance before making any investment decisions.
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