PhillipCapital has maintained its "buy" rating for Asian Pay Television Trust (APTT) with an unchanged target price of 15 cents following its 4QFY2020 results that were within expectations.

Despite a decrease in cable TV subscribers by 7,000 q-o-q, PhillipCapital analyst Paul Chew remains upbeat on APTT as average revenue per user remained stable at NT$482 ($23.13). The trust’s cable TV revenue also benefitted from the 6.1% appreciation of the Taiwan dollar in FY2020.

Chew's rating and target price is underpinned by APTT’s growth in adjusted free cash flow for FY2020, which increased from $29 million to a record $67 million due to a significant decrease in capital expenditure by $21 million or 29%.

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