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Television Broadcasts Limited
(0511)
Select Model
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Rating:52Neutral
Price Target:
HK$1.50
▼(-33.63% Downside)
Action:Reiterated
Date:10/28/26
The score is driven primarily by improving fundamentals (return to profitability and stronger cash flow), but is held back by ongoing multi-year revenue decline and a weak technical setup with broad downtrend signals. Valuation is supportive with a low P/E, but not enough to offset the current negative momentum and durability risks in the turnaround.
Positive Factors
Return to profitability
The return to positive operating profit and net income shows that management has improved the economics of the core business after two difficult years. Gross-margin expansion provides additional support, although maintaining profitability will depend on reversing the continuing revenue decline.
Negative Factors
Multi-year revenue decline
A prolonged decline in revenue directly challenges the durability of TVB’s recovery because profitability is being rebuilt on a shrinking top line. Continued contraction can reduce operating leverage, weaken the funding available for content investment, and make future earnings more vulnerable.
Read all positive and negative factors
Positive Factors
Negative Factors
Return to profitability
The return to positive operating profit and net income shows that management has improved the economics of the core business after two difficult years. Gross-margin expansion provides additional support, although maintaining profitability will depend on reversing the continuing revenue decline.
Read all positive factors
Television Broadcasts Limited (0511) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$798.50M
Dividend Yield5.03%
Average Volume (3M)639.58K
Price to Earnings (P/E)8.6
Beta (1Y)0.80
Revenue Growth-8.97%
EPS GrowthN/A
CountryHK
Employees3,044
SectorCommunication Services
Sector Strength97
IndustryBroadcasting
Share Statistics
EPS (TTM)0.20
Shares Outstanding466,961,820
10 Day Avg. Volume515,780
30 Day Avg. Volume639,580
Financial Highlights & Ratios
PEG Ratio-0.21
Price to Book (P/B)0.61
Price to Sales (P/S)0.45
P/FCF Ratio6.51
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$4.10Price Target Upside81.42% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.39
Revenue Forecast (FY)HK$3.04B
Television Broadcasts Limited Business Overview & Revenue Model
Company Description
TVB Limited, formerly known as Television Broadcasts Limited, is a media and entertainment company based in Hong Kong. Its main business includes free-to-air terrestrial television broadcasting, content production, and distribution of video conten...
How the Company Makes Money
TVB primarily makes money by monetizing audience reach and its content assets across broadcast and non-broadcast channels. Key revenue streams typically include: (1) Advertising and sponsorship: selling advertising spots and program sponsorships o...
Television Broadcasts Limited Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
54
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.95B | 3.19B | 3.26B | 3.32B | 3.59B | 2.90B |
| Gross Profit | 1.37B | 1.37B | 1.33B | 1.02B | 1.01B | 721.83M |
| EBITDA | 376.83M | 357.44M | -99.48M | -298.35M | -454.24M | -240.87M |
| Net Income | 93.80M | 59.29M | -491.05M | -762.80M | -807.13M | -646.74M |
Balance Sheet | ||||||
| Total Assets | 5.36B | 5.46B | 5.45B | 6.25B | 7.05B | 7.65B |
| Cash, Cash Equivalents and Short-Term Investments | 974.95M | 804.35M | 711.42M | 787.28M | 1.09B | 1.22B |
| Total Debt | 2.14B | 2.13B | 2.16B | 2.33B | 2.26B | 2.06B |
| Total Liabilities | 3.18B | 3.23B | 3.25B | 3.51B | 3.44B | 3.06B |
| Stockholders Equity | 2.28B | 2.33B | 2.26B | 2.72B | 3.50B | 4.36B |
Cash Flow | ||||||
| Free Cash Flow | 335.29M | 219.57M | 186.85M | -293.56M | -545.93M | -525.88M |
| Operating Cash Flow | 385.22M | 291.61M | 251.78M | -154.50M | -370.61M | -344.50M |
| Investing Cash Flow | -75.83M | -6.43M | -17.54M | -126.74M | 162.98M | 2.07B |
| Financing Cash Flow | -429.40M | -355.79M | -233.26M | 181.52M | -207.06M | -1.87B |
Television Broadcasts Limited Technical Analysis
Negative
2.26
Price Trends
2.09
Negative
2.26
Negative
2.56
Negative
Market Momentum
-0.11
Positive
21.88
Positive
7.40
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0511, the sentiment is Negative. The current price of 2.26 is above the 20-day moving average (MA) of 1.87, above the 50-day MA of 2.09, and below the 200-day MA of 2.56, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 21.88 is Positive, neither overbought nor oversold. The STOCH value of 7.40 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0511.
Television Broadcasts Limited Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | HK$369.73M | 6.58 | 8.62% | 7.66% | -0.96% | 6.59% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
54 Neutral | HK$38.79B | -459.63 | -40.50% | 7.63% | 7.10% | 70.22% | |
52 Neutral | HK$798.50M | 8.55 | 4.06% | 5.03% | -8.97% | ― | |
52 Neutral | HK$761.40M | 470.00 | 3.06% | 3.86% | -1.69% | -73.57% | |
47 Neutral | HK$516.84M | -3.94 | -4.76% | 1.45% | 9.66% | 52.77% | |
41 Neutral | HK$356.73M | -0.64 | 21.89% | ― | -13.54% | -6.79% |
* Communication Services Sector Average
HK:0511
Television Broadcasts Limited
1.71
-1.60
-48.34%
HK:1097
i-CABLE Communications
0.05
-0.05
-51.92%
HK:2008
Phoenix Media Investment (Holdings)
1.04
-0.55
-34.49%
HK:1716
Most Kwai Chung Ltd.
2.82
2.32
469.70%
HK:2230
Medialink Group Ltd.
0.19
-0.05
-20.99%
HK:0008
PCCW Limited
5.01
-0.19
-3.62%
Television Broadcasts Limited Corporate Events
TVB Moves to Restructure HK$156 Million Convertible Bonds with Cardy Oval
Sep 11, 2026
Television Broadcasts Limited has agreed with investor Cardy Oval Limited to partially redeem HK$42 million of its HK$156 million convertible bonds and implement a series of amendments to the bond terms. These changes increase the interest rate fr...
TVB Narrows Loss as Cost Cuts Lift Margins Amid Mainland Revenue Slump
Aug 25, 2026
TVB reported interim 2026 results showing group revenue down 16% to HK$1,258 million, but gross profit up 1% and gross margin expanding to 45% on a sharp reduction in direct costs and operating expenses. EBITDA rose 33% and the net loss narrowed b...
TVB Sets Board Meeting to Approve Interim Results and Consider Dividend
Aug 11, 2026
Television Broadcasts Limited (TVB Limited) is a Hong Kong-incorporated media company best known for operating free-to-air television channels and producing entertainment and news content for local and regional audiences. Listed on the Hong Kong S...
TVB Plans AI Computing Joint Venture with Gaw Capital and Courts Global Tech Client
Aug 10, 2026
TVB has signed a Heads of Agreement with Gaw Capital Partners affiliate Triton Square Limited to form a majority-controlled joint venture that will develop AI-focused advanced computing facilities at TVB’s Tseung Kwan O campus. The planned p...
TVB Updates Chinese Stock Short Name on Hong Kong Exchange
Jul 31, 2026
Television Broadcasts Limited has announced a change to its Chinese stock short name on the Hong Kong Stock Exchange, effective 9:00 a.m. on 6 August 2026. The Chinese short name will be updated from “電視廣播” ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.