SINGAPORE (Dec 2): DBS is cutting its target price on Asian Pay Television Trust to $0.77 from $0.87 but maintaining its “hold” rating on the stock.

The reserach house argues that slowing network expansion, rising costs and falling revenues in premium digital cable services are key concerns for the business.

“Network expansion in the Taichung region [of Taiwan] offers the ability to add more subscribers. However, potential delays in the expansion could minimise the upside,” DBS says.

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