【Asian Pay TV Tr S7OU 交流专区】亚洲付费电视信托ASIAN PAY TELEVISION TRUST

icy97

台湾付费电视业者的11亿美元IPO计划获基础投资者承诺支持
http://www.sharesinv.com/zh/articles/38613/

文： 道琼斯通讯社 （译：伍丽芳） 2013年05月02日 道琼斯通讯社

知情人士于2013年5月1日表示，亚洲付费电视信托(Asian Pay Television Trust,APTT)已获得多达8家基础投资者承诺吸纳其首次公开售股(IPO)计划中的近三分之一股份，该项IPO计划预计将筹得14亿元(11亿3,000万美元)。APTT是台湾一家大型付费电视业者的投资公司。

基础投资者承诺持有该IPO的大量股权一段时间，显示它们对APTT具有信心。知情人士表示，这些基础投资者包括保险公司、买空基金和对冲基金，但他们没有具体说明是哪些投资者。

APTT将成为台湾宽频通讯(Taiwan Broadband Communications)的投资公司，台湾宽频通讯是由澳洲麦格理集团(Macquarie Group)管理的两个基金麦格理基建(Macquarie International Infrastructure Fund,MIIF)和麦格理韩国机会基金(Macquarie Korea Opportunities Fund)所拥有。这两个基金计划将所持有的股权售予APTT。

其中一名知情人士说，APTT正寻求在2014年派发8.25-9%的股息。

麦格理的一名女发言人拒绝对有关基础投资者支持上述IPO的消息作出评论。

东南亚市场在2013年初十分火红，而APTT获得投资者承诺支持其IPO计划可能会令它成为新加坡今年规模第二大的IPO。迄今为止，菲律宾股市上升了20%，印尼及泰国股市则分别上涨了17%和逾13%。与此同时，泰国和新加坡在上个月位居全球IPO的十大市场(以IPO的规模计算)。

新加坡今年为止规模最大的IPO为新加坡淡马锡控股(Temasek Holdings)子公司丰树投资(Mapletree Investments)旗下，在3月上市的中国房地产投资信托(REIT)，后者筹集到了13亿美元。BTS Group Holdings PCL上个月从上市行动中筹得21亿3,000万美元，BTS在泰国从事轻轨列车业务。在印尼，私募股权公司CVC Capital Partners脱售其在印尼百货巨头PT Matahari Department Store的部分股权而筹到了13亿美元。

这些IPO计划成功推出的例子促使许多公司最近考虑发新股集资，甚至是让一些曾经上市的企业考虑重新上市。新加坡是信托挂牌上市的中心，已在新加坡上市或计划在今年上市的信托的规模共为近20亿美元。

日本房地产基金Crosesus目前正为旗下Crosesus零售信托(Crosesus Retail Trust)在新加坡推出的IPO计划向机构投资者招手，该项计划预计将筹得近3亿美元。Crosesus去年因市场疲弱而将IPO计划搁置。

同时，据知情人士透露，产业发展商华联企业(Overseas Union Enterprise)已宣布计划将其酒店资产在新加坡上市。

知情人士表示，APTT可能会在本周开始招揽机构投资者吸纳其IPO股份，它希望于5月前在新加坡上市。

成立于1999年的台湾宽频通讯在台湾中北部拥有5个电缆电视网络，可为超过100万户家庭播放节目。它也提供宽频网络服务。

新加坡上市公司MIIF在本月表示，它计划把其在台湾宽频通讯47.5%的股权注入APTT，收益最少为4亿6,950万元。MIIF的股东于本周二通过脱售股权的建议。若成功将股权脱售，他们可获得至少每股0.408元的收益。截至2012年12月31日，台湾宽频通讯占MIIF组合价值的61%。

MIIF在其网站上表示，它于2007年7月收购台湾宽频通讯20%的股权，并以4亿7,920万元将所持股份增逾1倍。麦格理韩国机会基金于2008年6月以3亿9,200万澳元(4亿1,000万美元)收购台湾宽频通讯60%的股权，并在之后脱售部分股份。

摩根大通(J.P. Morgan Chase & Co.)、星展集团(DBS Group Holdings)、联昌国际(CIMB)和麦格理集团是这项IPO计划的主承销商。


Cornerstone investors lined up for Taiwan pay-TV operator's $1.4b IPO
http://www.theedgesingapore.com/the-daily-edge/business/43694-cornerstone-investors-lined-up-for-taiwan-pay-tv-operators-11b-ipo.html

Thu, 2 May 12:39
Asian Pay Television Trust, an investment vehicle for one of Taiwan’s biggest pay-TV operators, has secured commitments from as many as eight cornerstone investors to take up nearly a third of its planned initial public offering, which is expected to raise 1.4 billion dollars, people with knowledge of the deal said Wednesday.

Cornerstone investors commit to holding a significant stake for a certain length of time, demonstrating their confidence in the shares. The cornerstone investors that have committed to Asian Pay Television Trust’s IPO include insurance companies, long-only funds and hedge funds, the people said, without naming the investors.

Asian Pay Television Trust will be an investment vehicle of Taiwan Broadband Communications, which is owned by two funds managed by Australia’s Macquarie Group-the Macquarie International Infrastructure Fund, or MIIF, and Macquarie Korea Opportunities Fund. Both funds plan to sell their stakes in the company to Asian Pay Television Trust.

The trust is seeking to pay a yield of 8.25%-9.0% in 2014, one of the people said.

A Macquarie spokeswoman declined to comment on the cornerstone investors.

The investors’ commitments to Asian Pay Television Trust set the stage for what would be Singapore’s second-biggest IPO this year, amid a hot start to the year for Southeast Asian markets and deals. So far this year, the stock market in the Philippines is up 20%, while Indonesia’s benchmark has gained 17% and Thailand’s more than 13%. Meanwhile, Thailand and Singapore as recently as last month ranked among the top 10 globally in IPOs by deal value.

Topping Singapore’s IPO list so far this year is Mapletree Investments - a unit of Singaporean state-investment firm Temasek Holdings - which raised US$1.3 billion ($1.6 billion) IPO for a China-focused real-estate investment trust in March. Last month, BTS Group Holdings PCL raised US$2.13 billion in an offering of its skytrain business in Thailand. In Indonesia, private-equity firm CVC Capital Partners raised US$1.3 billion by selling part of its stake in PT Matahari Department Store.


The successful offerings have prompted a number of companies to recently consider fresh equity fundraising and even reviving once-stalled IPOs. In Singapore, a hub for trust listings, IPOs totaling nearly US$2 billion are either in the market or being planned for this year.

Japanese real-estate fund Crosesus is now taking orders from institutional investors for an IPO of Crosesus Retail Trust in Singapore that is expected to raise nearly US$300 million; Crosesus pulled the deal last year due to weak markets.

Meanwhile, property developer Overseas Union Enterprise Ltd. has announced plans for an IPO of hospitality assets in Singapore that could raise around US$800 million, according to people with knowledge of the deal.

Asian Pay Television is likely to start taking orders from institutional investors this week with the goal of listing in Singapore by the end of May, people with knowledge of the deal said.

Established in 1999, Taiwan Broadband Communications has an interest in five cable television networks in northern and central Taiwan, broadcasting to more than 1 million homes. It also offers broadband Internet access.

Singapore-listed MIIF said this month it plans to inject its 47.5% stake in Taiwan Broadband Communications into Asian Pay Television Trust for a minimum of $469.5 million. Shareholders approved the sale Tuesday. MIIF’s shareholders stand to receive at least S$0.408 a share if the sale is completed. As of Dec. 31, Taiwan Broadband Communications accounted for 61% of MIIF’s portfolio value.

MIIF bought a 20% stake in Taiwan Broadband Communications in July 2007 and has spent $479.2 million to more than double that, it said on its website. Macquarie Korea Opportunities Fund acquired a 60% stake in June 2008 for 392 million Australian dollars ($506 million), and later sold part of its interest.

icy97

Asian Pay Television raises $1.4 bil in Singapore IPO
http://www.theedgesingapore.com/the-daily-edge/business/43926--asian-pay-television-raises-14-bil-in-singapore-ipo.html

Thu, 16 May 18:12
Asian Pay Television Trust, owner of Taiwan’s third-largest cable television operator, raised $1.39 billion in an initial public offering.

The trust, which owns Taiwan Broadband Communications Co., sold 1.44 billion shares at $0.97 a unit, according to a prospectus filed with the Monetary Authority of Singapore. At that price, the IPO is projected to offer a yield of 8.51% for 2014, the document shows.

The sale is part of Macquarie International Infrastructure Fund’s planned shutdown. The Singapore-listed fund, which owned 47.5% of Taiwan Broadband said in April that it was seeking at least 40.8 cents per share from a sale of the cable operator. It is the second-biggest offering in the city-state this year after Mapletree Greater China Commercial Trust raised US$1.4 billion in February, according to data compiled by Bloomberg.

The shares were offered at a price of as much as $1 and sold to investors including Neuberger Berman LLC and Quantum Partners LP, the prospectus shows. Taiwan Broadband, established in 1999, serves more than 750,000 cable TV households with over 150 channels, according to its website.

Macquarie Group and JPMorgan Chase & Co. are joint global coordinators for the offering, and DBS Group Holdings and CIMB Group Holdings Bhd. also helped manage the IPO. Asian Pay Television is scheduled to start trading on May 29.

leeccg

付费电视现在竞争那么大，利润一定有限公司。

icy97

新股(IPO)上场:亚洲付费电视信托(Asian Pay Television Trust)
http://www.sharesinv.com/zh/articles/39060/

文： IPO先生 （译：麦美莹） 2013年05月22日 新股

亚洲付费电视信托(Asian Pay Television Trust, 以下简称APTT)终于首次公开售股，招股价为0.97元（是0.92元至1.00元献售价的中位数）。你可以点击此处查看招股书。公开售股的截止日期是5月27日正午，并在5月29日下午2时开始交易。

售股详情如下：配售股为8亿6,600万个单位； 公开售股为7,000万个单位。市值(基于招股价)大约为14亿元。

一份新闻报告提到，这只股大约被3倍超额认购，由于这只股的规模很大，有这样的成绩相当不错。APTT总共发行9亿3,616万4,086个单位(每单位为0.97元)，而如果它实行超额配售的期权，总共发行的单位为10亿零800万4,086个单位。这是在亚洲上市的首个付费电视业务信托。坦白说，新加坡的业务信托制度应记一功，否则APTT也不能够在此上市，因为其他地方的规定是需要以盈利派作股息而不容许以现金流派作股息。因此，重资产(asset heavy)公司可以通过商业信托(还记得和记港口控股信托吗？)形式释放它们的资产。

APTT计划把其可分配现金流全部(100%)派作股息，而其业务是拥有、经营及维持在台湾、香港、日本及新加坡的管理完善及有钱赚的付费电视及宽频业务。因此，技术上而言，APTT有可能收购新加坡星和(Starhub)的付费电视及宽频服务(我不是说这将会发生)。

台湾宽频通讯集团

台湾宽频通讯集团(Taiwan Broadband Communications Group，以下简称“TBC”)是APTT即将收购的种子资产。TBC是台湾第三大电缆电视商家，截至2012年12月拥有15%的市场份额。TBC提供3种服务，包括：基本电缆电视；高级数码电缆电视；宽频服务。


特许经营区域及订户


截至2012年12月31日，TBC 拥有75万1,000名基本电缆电视用户；11万零324名高级用户及17万5,000名宽频用户。公司并没有提供“三合一服务”，即把手机、宽频及电缆电视捆绑在一起(就好像星和提供的配套服务)，但宽频与电缆电视“二合一服务”是有的。鉴于基础设施是属于“沉没成本(sunk cost)”，因此，公司的边际收益(marginal revenue)将会随着用户数目的增加而提高。好消息是公司的用户数目不断增加，但不大好的消息是每用户平均收入(ARPU)一直下跌。请参考以下的图表。

信托的企业架构

这个信托的内部组织并不简单，而我个人不大喜欢复杂的架构，但可能这是为了税项的问题。
资产负债表

IPO 投资者所付出的代价主要是支付22亿元的无形资产(intangible asset)。从招股书得悉，所谓的无形资产就是用来经营电缆电视的牌照，后者可以一个小数目每9年更新一次，而先决条件是公司没有违反牌照内的条件。这项资产不含摊销费用，因为它的有效期“直到永远”。IPO投资者必须对你所买的无形资产倍加留意，因为它是你取得回报的“承诺”。

财务表现

公司的财务表现并不乐观，因为它每年都一直在亏本。无论如何，公司每年都在派发股息，2012年所派发的款项达到8,900万元。如果我们把折旧及利息开支排除在外，它很可能是一家产生现金流的公司。以下是它的预估损益表。

每股盈利预估为0.0186元，意味着本益比达到可观的50倍。公司也对FY13及FY14作出预估，让投资者可以放心。


FY14 预估比较高，因为少了接近7,200万元的额外成本(extraordinary cost)，请看以下的现金流预估(cash flow projection)。
以下图表显示分派给单位持有者的对账。


企业价值/息税折旧及摊销前盈利(EV/EBITDA)

利用2012年预估资产负债表及损益表来计算，我依然不明白为何这家公司的本益比达到13倍这么高，我不大肯定是否算错了。看起来，这家公司是蛮贵的，因考虑到它主要是包含无形资产及很多银行债务。当利率一旦升高时，派息将会大受影响。

基石投资者

基石投资者占了公司大约32%股权，其中包括了传统基金 (保诚及利安资金) 及对冲基金 (Neuberger Berman、OZ Master Fund (与STX OSV 或 Vard相同)) 及量子基金(Soros Family)。我不确定是否我错过了一些只有这些基金才看到的优点。

派息收益率

APTT 的FY13及FY14预估派息率分别为7.5% 及 8.5% 。公司将会一年派息两次，第一次派息期是从上市当天至2013年6月30日 ，而在到期后的100天内，投资者将获派息。

我的看法

IPO投资者其实是从麦格理基建(Macquarie International infrastructure Fund，以下简称MIIF)的股东手中买入这些单位。MIIF目前是在新交所上市的公司并逐步把业务结束，董事局已决定把其所有余下资产出售及把基金退回给股东。

我并没有追踪MIIF，所以我不觉得它与保荐商麦格理(Macquarie)相关有什么值得“骄傲”，就是因为他们，MIIF的股东才落得如此下场。MIIF自从上市后表现一直落后。我并没有买MIIF的股票。MIIF的股东在问，他们应该拿现金或者是APPT的单位，而我反问他们，你们还愿意继续与这个保荐商打交道吗或者是想趁这个机会脱手？如果我是MIIF的股东，我会选择套现。

APTT上市后，MIIF还会持有不少其单位，而这个交易是让其离场的好机会。

发行大量单位

APTT 发行的单位(公众及配股)十分庞大，有兴趣的投资者相信也可以买得到。其所献售的7,000万股也是近期发售量较多的新股之一。如果你申请了供公众认购的部分，你成功的机会很大。我认为它可能会把新加坡的IPO窗口关上，因为所有资金或许会被它吸干。

我看到的优点

电缆电视及宽频的业务模式可为公司带来稳定的经常性收入，而在今时今日的社会里，看电视及上网已十分普及。

派息率增加，预期派息率将从FY13的7.5%上升至8.5%。

我的顾虑
台湾电视业的竞争很大，而价格战也很混乱，这将对派息带来影响。但我对台湾在这方面的管制不大清楚。

负债高的公司(67%)很容易受到加息的影响。目前的低息环境不会永远维持不变。

IPO投资者所买入的是无形资产(电缆电视牌照)，而所支付的本益比也相当高。

在上市后，保荐商只持有APTT的3%股权，但它会继续收取管理费及业绩费。我不肯定利率是否会按照比例作出调校。

发行量实在有点过多，相信每个人都会拿到他的份儿，但这意味着其上涨空间可能有限。

我认为对基层设施资产来说，FY13的7.5%派息率有点过低。投资于基础设施基金的私人投资者会要求较高的回报。上市之后，MIIF将会继续持有相当多的股权(如果所有MIIF股东选择现金，它将会持有5亿2,586万6,849个单位)，这将会对股价带来压力，因为MIIF需要脱售这些股票才可以从新交所除牌(我认为他们不会受锁定期限制，因为选择单位的投资者不会受锁定期限制)。

wct

不知明天会开在什么价位？
我中了六张！

wct

居然跌破申请价！

icy97

Asian Pay TV slumps to become year's worst IPO: Update
http://www.theedgesingapore.com/the-daily-edge/business/44104-asian-pay-tv-slumps-to-become-years-worst-ipo-update.html

Wed, 29 May 19:00  
Asian Pay Television Trust, owner of Taiwan’s third-largest cable television operator, slumped on its first day of trading in Singapore to become the world’s worst initial public offering this year on concern marginal earnings growth will limit its ability to sustain dividends.

The stock sank 5.2% to close at 92 S, retreating from an intraday high of $1.005. That makes the IPO the worst among companies that raised at least $1 billion worldwide, according to data compiled by Bloomberg. The benchmark Straits Time Index dropped 1.1%.

The trust, which owns Taiwan Broadband Communications Co., sold 1.44 billion shares at 97 cents each, raising $1.39 billion in its initial share sale. The stock offers a projected yield of 8.5% for 2014 based on the price for its IPO, according to its prospectus. That compares with the estimated dividend yield of 4.9% for StarHub, Singapore’s biggest cable TV operator, for the next 12 months, according to data compiled by Bloomberg.

“People don’t understand where the valuation is coming from,” said Jason Hughes, Singapore-based head of sales at CMC Markets. “Investors could be questioning what sort of growth can be expected going forward.”

Asian Pay Television expects revenue to increase to $310.8 million this year and to $323.8 million in 2014, according to the prospectus. That compares with $308.7 million in 2012.

Macquarie International Infrastructure Fund sold its stake in Taiwan Broadband as part of its planned shutdown. The Singapore-listed fund, which owned 47.5% of Taiwan Broadband, said in April that it was seeking at least 40.8 Singapore cents per share from the sale.

jian888

ASIAN Pay TV Tr, ASIAN Pay TV Tr 1 有何差别？

jian888

谢谢.. 很多外国公司都加码了..

leeccg

个人觉得，现在的电视业竞争激烈，这股必须至少调整20% 才比较有看头。

icy97

Name of Announcer *	MACQUARIE APTT MANAGEMENT PTE. LIMITED
Company Registration No.	201310241D
Announcement submitted on behalf of	ASIAN PAY TELEVISION TRUST
Announcement is submitted with respect to *	ASIAN PAY TELEVISION TRUST
Announcement is submitted by *	ROBERT NEALE THORPE
Designation *	CHIEF EXECUTIVE OFFICER
Date & Time of Broadcast	13-Aug-2013 00:08:42
Announcement No.	00001

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

For the Financial Period Ended *	30-06-2013
Description

Attachments

APTTResultsAnnouncement30June2013.pdf APTTSGXReport30June2013.pdf APTT30June2013ResultsPresentation.PDF

Corporate Action details (e.g. Rights ratio, dividend ratio, tax rate, etc) *	PAYMENT OF TAX EXEMPT DISTRIBUTION OF 4.80 SINGAPORE CENTS PER UNIT
Record Date *	27/08/2013
Record Time *	17:00
Date Paid/Payable (if applicable)	24/09/2013

Footnotes

Attachments

APTTDistributionAnnouncement30June2013.pdf