Brokers' take

Asian Pay Television Trust | BUY Target price: S$0.64 Aug 15 close: S$0.58 Phillip Securities Research, Aug 15

Q1 FY17 revenue and Ebitda (earnings before interest, taxes, depreciation and amortisation) were in line with estimates. The appreciation of the Taiwan dollar by about 7 per cent year on year supported revenue growth. Cable TV subscribers were stable. . . We maintain our "buy" recommendation with an unchanged target price. The adjustments to our earnings are non-cash and do not materially affect our valuations. We find Asian Pay TV (APTV) dividends attractive and sustainable. Operating cash flows are supported by a recurrent monthly cable TV subscription fees, and APTV operates in a monopolistic environment.

Wheelock Properties | BUY Target price: S$2.27 Aug 15 close: S$1.825 OCBC Investment Research, Aug 15