China Television Co., Ltd. (9928) AI Stock Analysis

China Television Co., Ltd.

(TWSE:9928)

Select Model

Rating:42Neutral

Price Target:TWD 16.00▼(-1.84% Downside)

Action:initiatedcoverage

Date:11/09/26

Financial performance is the dominant factor, with balance sheet gains outweighed by severe profitability and cash flow deterioration. Weak technical momentum adds further pressure while negative earnings constrain valuation.

Positive Factors

Revenue ResilienceRevenue remained broadly resilient, with 2025 growth of about 5.0% after a decline in 2024, indicating the broadcasting and media operation retained demand despite weak profitability. This provides a continuing base for any operational recovery over the next several quarters.

Negative Factors

Severe Profitability DeteriorationProfitability has deteriorated from modest profit in 2022 to recurring losses in 2023–2025. The 2025 gross margin of about 1.3% and operating margin of roughly -17.6% show very limited earnings cushion, making recovery dependent on substantial margin improvement.

China Television Co., Ltd. (9928) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.20B
Dividend Yield: ―
Average Volume (3M): 62.71K
Price to Earnings (P/E): -11.2
Beta (1Y): 0.13
Revenue Growth: 7.48%
EPS Growth: -0.52%
Country: TW
Employees: 491
Sector: General
Sector Strength: 55
Industry: Broadcasting

China Television Co., Ltd. Business Overview & Revenue Model

Company Description

China Television Company, Ltd. is a Taiwanese media entity primarily focused on television broadcasting. The company is responsible for producing and distributing a diverse range of television programs, catering to both domestic commercial audiences...

China Television Co., Ltd. Financial Statement Overview

Summary

Balance sheet strengthened via lower leverage and higher equity, but offset by collapsing margins, widening net losses, and recent negative cash flows.

Income Statement

22Negative

Balance Sheet

68Positive

Cash Flow

38Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	909.88M	879.89M	899.63M	987.53M	871.65M	815.32M
Gross Profit	815.00K	11.62M	109.70M	120.45M	118.35M	64.97M
EBITDA	-53.22M	-88.20M	78.68M	99.63M	115.50M	100.99M
Net Income	-102.76M	-99.36M	-35.22M	-8.53M	6.83M	-27.96M
Balance Sheet
Total Assets	5.27B	5.37B	5.38B	3.63B	3.61B	3.66B
Cash, Cash Equivalents and Short-Term Investments	114.81M	137.87M	185.45M	140.13M	138.57M	134.07M
Total Debt	1.49B	2.25B	2.17B	2.36B	2.38B	2.40B
Total Liabilities	3.19B	3.23B	3.14B	3.19B	3.19B	3.23B
Stockholders Equity	2.08B	2.15B	2.24B	437.83M	414.90M	434.39M
Cash Flow
Free Cash Flow	-75.10M	-79.10M	81.73M	38.20M	57.68M	58.59M
Operating Cash Flow	-60.38M	-58.02M	98.51M	46.91M	77.63M	69.58M
Investing Cash Flow	-17.30M	-22.44M	-17.99M	-9.97M	-20.21M	-8.40M
Financing Cash Flow	34.60M	33.85M	-35.94M	-34.76M	-53.19M	-55.51M

China Television Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:9928 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6856	63Neutral	TWD 1.15B	13.18	―	7.33%	0.20%	32.59%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6118	43Neutral	TWD 1.32B	32.46	―	―	9.38%	-10.15%
TW:9928	42Neutral	TWD 1.16B	-11.24	―	―	7.48%	-0.52%

* General Sector Average

Performance Comparison

TW:9928 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:9928	China Television Co., Ltd.	16.30	-1.70	-9.44%
TW:4980	Jorjin Technologies Inc.	28.25	2.55	9.92%
TW:6118	Xander International Corp.	14.50	-5.30	-26.77%
TW:6856	Shine Trend International Multimedia Technology Co Ltd	40.90	-11.41	-21.82%
TW:6995	Beast Kingdom Co. Ltd.	49.80	-4.63	-8.51%
TW:7868	Inforcom Technology Co., Ltd.	56.40	22.98	68.75%

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.

Date of analysis: Nov 09, 2026

China Television Co., Ltd. AI Stock Analysis