Chew also highlights that the corporate tax hike in Taiwan, which is due to rise from 17-20%, will hurt the group’s onshore income in the country.
SINGAPORE (Mar 1): Phillip Capital is maintaining “accumulate” on Asian Pay Television Trust (APTV) with a lower target price of 62 cents from 64 cents previously to account for lower ARPU and higher cash taxes in FY18.
This comes after the group’s 4Q17 revenue and EBITDA came in line with expectations, although Cable TV average revenue per user (ARPU) was softer than expected in 4Q, Phillip’s head of research Paul Chew attributes to customers taking advantage of a discount offered by pre-paying their three-month bundles over the period.
