Brokers' take

Asian Pay Television Trust | Buy Target price: S$0.64 May 16 close: S$0.55 Phillip Securities Research, May 16

FIRST-QUARTER 2017 revenue and Ebitda (earnings before interest, taxes, depreciation and amortisation) were within our estimates. However, several non-cash items negatively affected headline earnings, namely forex and derivative loss.

Both were the result of a stronger Taiwan dollar. We are lowering our earnings by 18 per cent to incorporate these non-cash items. No change to our cash-flow assumptions or target price. Dividend guidance of 6.5 cents annually (paid 1.625 cents per quarter) has been maintained.