For APTT, I have already establish its economic moat and earning power in an previous blog http://sillyinvestor.wordpress.com/2013/12/17/aptt-is-distribution-sustainable/ APTT is a media company with regulation constraints/protection, with the rezoning of frachase areas, APTT will start to face competition from 2015 onward, but as mentioned in the previous blog, competition if any, will not be highly corrosive, as the pie (penetration rate low enough) is big enough, and competition will most probably be restricted to 2 per zone, since any more competition will most likely be suicidal due to the highly capital intensiveness of the business. Growth in  APTT, can come in several areas: 1) Cross selling of  products (upgrade to prenium TV, bundle with broadband) 2) Organic expansion in the TaiChung Franchase area The regulator wanted digitization, and depend/ required the TV operators to meet such targets, of which APTT has responded by giving new setup boxes. With the ......