世界那麽大， 亞太伴您闖天下。 APT Satellite Holdings Limited Stock code: (1045) 2025 Interim Results 2025.08.22 CONTENT 目 錄 PART PART PART 1 2 3 Financial Highlights Satellite Fleet Business Prospects PART PART PART PART 4 5 6 7 Financial Highlights PART 1 Financial Highlights | | 2025.6 | 2024.6 | Change | | --- | --- | --- | --- | | | (HK$ M) | (HK$ M) | （%） | | Revenue | 380 | 392 | -3.1% | | Profit Attributable | | | | | to Equity | 77 | 102 | -23.9% | | Shareholders | | | | Dividend The Board has resolved to declare ...

Group 1 - Berkshire Hathaway increased its stake in Sirius XM by approximately $106 million, acquiring 5,030,425 shares, bringing total holdings to over 124.8 million shares [1] - Sirius XM is a North American radio entertainment company that provides live and curated content through satellite broadcasting, focusing on in-car scenarios for stable profitability [1] - Berkshire Hathaway's repeated purchases of Sirius XM shares may indicate a strategic move to enhance its media and technology asset portfolio [1] Group 2 - Berkshire Hathaway sold 1,635,962 shares of DaVita at a price of $140.6, realizing approximately $230 million [1] - DaVita specializes in providing dialysis services for patients with kidney failure and does not manufacture dialysis medications or medical devices [2] - As of March 31, Berkshire Hathaway held 42.25% of DaVita's shares, having increased its stake in the secondary market since 2012 [2]

Core Viewpoint - Sirius XM reported quarterly earnings of $0.57 per share, missing the Zacks Consensus Estimate of $0.79 per share, representing a -27.85% earnings surprise [1] - The company posted revenues of $2.14 billion for the quarter, slightly surpassing the Zacks Consensus Estimate by 0.30%, but down from $2.18 billion year-over-year [2] Financial Performance - Earnings per share (EPS) for the previous year was $0.80, indicating a decline in earnings [1] - Over the last four quarters, Sirius XM has surpassed consensus EPS estimates only once [2] - The current consensus EPS estimate for the upcoming quarter is $0.77, with revenues expected to be $2.14 billion, and for the current fiscal year, the EPS estimate is $2.85 on revenues of $8.52 billion [7] Market Position - Sirius XM shares have increased by approximately 0.6% since the beginning of the year, underperforming compared to the S&P 500's gain of 8.2% [3] - The company currently holds a Zacks Rank of 5 (Strong Sell), indicating expectations of underperformance in the near future [6] Industry Outlook - The Broadcast Radio and Television industry, to which Sirius XM belongs, is currently ranked in the bottom 35% of over 250 Zacks industries, suggesting a challenging environment [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Sirius XM's stock performance [5]

Core Insights - Berkshire Hathaway's CEO Warren Buffett is considering potential acquisition targets, specifically mentioning a willingness to spend up to $100 billion if the right opportunity arises [5] - Two companies identified as potential acquisition targets are Sirius XM Holdings and Stanley Black & Decker, both of which align with Buffett's investment criteria [21] Group 1: Sirius XM Holdings - Sirius XM Holdings has a market capitalization of nearly $7.4 billion, making it a logical acquisition target for Berkshire Hathaway [6][7] - Berkshire Hathaway is the largest shareholder of Sirius XM, holding 35.4% of its outstanding shares, which would reduce the out-of-pocket cost for acquiring the remaining shares [7] - Sirius XM operates as a legal monopoly with a satellite-radio license, providing it with subscription pricing power that competitors lack [8] - The company generates over 75% of its revenue from subscriptions, offering more predictable cash flow compared to traditional radio providers reliant on advertising [9] - Sirius XM's shares are currently valued at just over 7 times forecast earnings per share for 2025, presenting an attractive risk-versus-reward profile [11] Group 2: Stanley Black & Decker - Stanley Black & Decker has a market capitalization of approximately $10 billion, making it another potential acquisition target for Buffett [14][15] - The company's stock fell to around $8.5 billion during a market downturn, making it accessible for a $10 billion buyout [15] - Stanley Black & Decker has a strong brand portfolio, including DeWalt and Craftsman, which are well-recognized and trusted by consumers [17] - The company has a long history of dividend payments, having increased its base annual dividend for 58 consecutive years, indicating a stable operating model [18] - Management has implemented a global cost reduction program that has resulted in approximately $1.7 billion in pre-tax annual run-rate cost savings since mid-2022 [19] - Stanley Black & Decker shares are priced at roughly 11 times forecast earnings per share for 2026, representing a 37% discount to its average forward-year earnings multiple over the past five years [20]

Financial Performance - Sirius XM reported quarterly earnings of $0.59 per share, missing the Zacks Consensus Estimate of $0.70 per share, and down from $0.70 per share a year ago, representing an earnings surprise of -15.71% [1] - The company posted revenues of $2.07 billion for the quarter ended March 2025, missing the Zacks Consensus Estimate by 0.72%, and down from $2.16 billion year-over-year [2] - Over the last four quarters, Sirius XM has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] Stock Performance and Outlook - Sirius XM shares have declined approximately 6.1% since the beginning of the year, compared to a decline of -5.3% for the S&P 500 [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the earnings outlook [3][4] Earnings Estimates and Industry Context - The current consensus EPS estimate for the upcoming quarter is $0.88 on revenues of $2.13 billion, and for the current fiscal year, it is $3.20 on revenues of $8.52 billion [7] - The Broadcast Radio and Television industry, to which Sirius XM belongs, is currently ranked in the top 11% of over 250 Zacks industries, indicating a favorable industry outlook [8]