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Television Broadcasts Limited
(0511)
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Rating:57Neutral
Price Target:
HK$2.50
▲(10.62% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by improving financial performance—return to profitability and materially stronger cash flow—tempered by persistent multi-year revenue erosion and thin margins. Technicals are supportive in the short term (above key short/mid-term averages) but are approaching overbought territory and still below the 200-day trend. Valuation is middle-of-the-road with a P/E of 18.384 and no available dividend yield data.
Positive Factors
Cash generation improvement
Sustained positive operating cash flow and a large free-cash-flow rebound provide durable internal funding for content production and distribution. This strengthens liquidity, reduces reliance on external financing, and supports reinvestment into digital channels and licensing programs over the medium term.
Negative Factors
Persistent revenue decline
Multi-year revenue erosion signals structural pressure on the core advertising and distribution business. Sustained top-line decline reduces scale economics for programming, limits pricing power with advertisers, and makes long-term margin improvement and content investment harder to sustain.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation improvement
Sustained positive operating cash flow and a large free-cash-flow rebound provide durable internal funding for content production and distribution. This strengthens liquidity, reduces reliance on external financing, and supports reinvestment into digital channels and licensing programs over the medium term.
Read all positive factors
Television Broadcasts Limited (0511) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.06B
Dividend Yield5.03%
Average Volume (3M)1.24M
Price to Earnings (P/E)11.2
Beta (1Y)0.61
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. Volume1,055,970
30 Day Avg. Volume1,242,459
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)0.4
Revenue Forecast (FY)HK$3.63B
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 | 324.88M | 279.32M | -99.42M | -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 | 2.18B | 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 | 158.31M | 219.57M | 186.85M | -293.56M | -545.93M | -525.88M |
| Operating Cash Flow | 183.90M | 291.61M | 251.78M | -154.50M | -370.61M | -344.50M |
| Investing Cash Flow | -43.09M | -6.43M | -17.54M | -126.74M | 162.98M | 2.07B |
| Financing Cash Flow | -419.08M | -355.79M | -233.26M | 181.52M | -207.06M | -1.87B |
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$383.21M | 6.95 | 8.62% | 7.39% | -0.96% | 6.59% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
57 Neutral | HK$1.06B | 11.18 | 4.06% | 5.03% | -8.97% | ― | |
56 Neutral | HK$1.22B | 740.83 | 3.06% | 3.86% | -1.69% | -73.57% | |
54 Neutral | HK$42.43B | -498.62 | -6.77% | 7.04% | 7.10% | 70.22% | |
45 Neutral | HK$674.14M | -5.32 | -4.76% | 1.45% | 9.66% | 52.77% | |
43 Neutral | HK$456.62M | -0.82 | 21.89% | ― | -13.54% | -6.79% |
* Communication Services Sector Average
HK:0511
Television Broadcasts Limited
2.24
-1.34
-37.39%
HK:1097
i-CABLE Communications
0.06
-0.02
-20.25%
HK:2008
Phoenix Media Investment (Holdings)
1.40
0.02
1.45%
HK:1716
Most Kwai Chung Ltd.
4.45
3.87
666.38%
HK:2230
Medialink Group Ltd.
0.20
-0.06
-23.19%
HK:0008
PCCW Limited
5.44
0.38
7.45%
Television Broadcasts Limited Corporate Events
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” ...
TVB Limited Rebrands with New Corporate Name and Registered Address
Jul 24, 2026
TVB Limited has officially changed its English name from Television Broadcasts Limited to TVB Limited and its Chinese name from 電視廣播有限公司 to 無綫集團有限...
TVB Ties Share Incentive Vesting to Profitability and Greater Bay Area Growth
Jul 17, 2026
Television Broadcasts Limited has provided additional details on the performance-based criteria tied to recently granted share options and restricted share units under its share scheme. Vesting of these incentives will depend on profitability, cos...
TVB Grants 2.4 Million Performance-Linked Share Options Under 2026 Incentive Scheme
Jul 6, 2026
Television Broadcasts Limited, a Hong Kong-based television broadcaster, operates through a group structure focused on media and content services in its home market. Listed on the Stock Exchange of Hong Kong, the company employs share-based incent...
TVB Shareholders Clear All AGM Resolutions, Back Name Change and New Incentive Scheme
May 27, 2026
Shareholders of Television Broadcasts Limited approved all ordinary and special resolutions at the annual general meeting held on 27 May 2026, including adoption of the 2025 audited financial statements, re-election of directors, re-appointment of...
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.