Television Broadcasts Limited (HK:0511)
:0511
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Television Broadcasts Limited
(0511)
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Rating:50Neutral
Price Target:
HK$3.00
▼(-4.15% Downside)
Action:ReiteratedDate:04/25/26
The score is held back primarily by weak technical momentum (price below key moving averages with negative MACD) and only middling valuation support (P/E ~24 with no dividend yield provided). Financial performance is improving—return to profitability and stronger free cash flow—but continued revenue erosion and thin margins limit confidence in the durability of the turnaround.
Positive Factors
Improved cash generation
Sustained positive operating cash flow for two years and a strong rebound in free cash flow provide a durable source of internal funding. This strengthens capacity to fund content production, service debt, and invest in distribution, reducing reliance on external financing.
Negative Factors
Ongoing revenue decline
A multi-year downward revenue trend signals structural pressure on audience reach and advertising demand. Persistent top-line erosion limits scale economies, reduces bargaining power for content licensing, and constrains the room to sustainably rebuild margins or expand strategic initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved cash generation
Sustained positive operating cash flow for two years and a strong rebound in free cash flow provide a durable source of internal funding. This strengthens capacity to fund content production, service debt, and invest in distribution, reducing reliance on external financing.
Read all positive factors
Television Broadcasts Limited (0511) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.30B
Dividend YieldN/A
Average Volume (3M)1.06M
Price to Earnings (P/E)2.1
Beta (1Y)0.54
Revenue Growth-2.02%
EPS GrowthN/A
CountryHK
Employees3,304
SectorCommunication Services
Sector Strength97
IndustryBroadcasting
Share Statistics
EPS (TTM)0.13
Shares Outstanding466,961,820
10 Day Avg. Volume871,442
30 Day Avg. Volume1,062,445
Financial Highlights & Ratios
PEG Ratio-0.22
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 Upside30.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.41
Revenue Forecast (FY)HK$3.35B
Television Broadcasts Limited Business Overview & Revenue Model
Company Description
Television Broadcasts Limited, together with its subsidiaries, engages in terrestrial television broadcasting, program production, and other television-related activities. It operates through Hong Kong TV Broadcasting, Over-The-Top (OTT) Streaming...
How the Company Makes Money
TVB primarily makes money by monetizing audience reach and its content library through multiple revenue streams: (1) Advertising and sponsorship: TVB sells advertising slots (e.g., commercial airtime) and program sponsorship/brand integrations tie...
Television Broadcasts Limited Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
54
Neutral
Cash Flow
62
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.19B | 3.26B | 3.32B | 3.59B | 2.90B |
| Gross Profit | 1.37B | 1.33B | 1.02B | 1.01B | 721.83M |
| EBITDA | 346.90M | -99.42M | -298.35M | -454.24M | -240.87M |
| Net Income | 59.29M | -491.05M | -762.80M | -807.13M | -646.74M |
Balance Sheet | |||||
| Total Assets | 5.46B | 5.45B | 6.25B | 7.05B | 7.65B |
| Cash, Cash Equivalents and Short-Term Investments | 804.35M | 711.42M | 787.28M | 1.09B | 1.22B |
| Total Debt | 2.13B | 2.16B | 2.33B | 2.26B | 2.06B |
| Total Liabilities | 3.23B | 3.25B | 3.51B | 3.44B | 3.06B |
| Stockholders Equity | 2.33B | 2.26B | 2.72B | 3.50B | 4.36B |
Cash Flow | |||||
| Free Cash Flow | 219.57M | 186.85M | -293.56M | -545.93M | -525.88M |
| Operating Cash Flow | 291.61M | 251.78M | -154.50M | -370.61M | -344.50M |
| Investing Cash Flow | -6.43M | -17.54M | -126.74M | 162.98M | 2.07B |
| Financing Cash Flow | -355.79M | -233.26M | 181.52M | -207.06M | -1.87B |
Television Broadcasts Limited Technical Analysis
Negative
3.13
Price Trends
2.92
Negative
3.01
Negative
3.38
Negative
Market Momentum
<0.01
Negative
48.89
Neutral
52.38
Neutral
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 3.13 is above the 20-day moving average (MA) of 2.86, above the 50-day MA of 2.92, and below the 200-day MA of 3.38, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 48.89 is Neutral, neither overbought nor oversold. The STOCH value of 52.38 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | HK$491.04M | 2.78 | 8.76% | 6.04% | 25.88% | 0.69% | |
63 Neutral | HK$2.06B | 6.20 | 25.55% | 1.12% | 22.22% | 196.73% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
50 Neutral | HK$1.30B | 2.13 | 2.63% | ― | -2.02% | ― | |
47 Neutral | HK$1.00B | -34.90 | -2.57% | ― | 9.84% | 86.09% | |
46 Neutral | HK$1.10B | -0.74 | -55.96% | ― | ― | ― | |
39 Underperform | HK$282.11M | -21.81 | ― | ― | -14.23% | ― |
* Communication Services Sector Average
HK:0511
Television Broadcasts Limited
2.78
-0.42
-13.13%
HK:1003
Huanxi Media Group Ltd.
0.25
-0.11
-31.51%
HK:1709
DL Holdings Group Limited
1.04
-2.36
-69.41%
HK:1993
Asiaray Media Group Ltd.
0.59
-0.29
-32.95%
HK:0205
SEEC Media Group Limited
0.80
0.67
515.38%
HK:2230
Medialink Group Ltd.
0.26
0.02
10.87%
Television Broadcasts Limited Corporate Events
TVB Sets 2026 AGM, Seeks Renewal of Share Issuance Mandate
Apr 23, 2026
Television Broadcasts Limited has called its annual general meeting for 27 May 2026 at TVB City in Tseung Kwan O, where shareholders will review and adopt the audited financial statements, directors’ and independent auditor’s reports f...
TVB Swings Back to Profit as Advertising and Digital Push Offset Mainland Slowdown
Mar 25, 2026
Television Broadcasts Limited reported a solid turnaround for 2025, with EBITDA rising to HK$365 million from HK$295 million and a swing to a HK$59 million profit attributable to shareholders after a HK$491 million loss in 2024, though the board a...
TVB Plans Corporate Name Change to Reflect Broader Media Strategy
Mar 25, 2026
Television Broadcasts Limited, a long‑established Hong Kong media group, has proposed changing its English name to TVB Limited and its Chinese name to better reflect its broader role in content production, digital streaming and IP licensing ...
TVB Sets March 2026 Board Meeting to Approve 2025 Results and Consider Final Dividend
Mar 12, 2026
Television Broadcasts Limited has scheduled a board meeting for 25 March 2026 to review and approve the annual results for the year ended 31 December 2025. The board will also consider the recommendation of a final dividend, a decision that could ...
TVB Signals Return to Profit as Advertising and Digital Media Drive 2025 Rebound
Feb 10, 2026
Television Broadcasts Limited expects a strong turnaround in its 2025 financial performance, forecasting EBITDA above HK$350 million versus HK$295 million a year earlier and a profit attributable to shareholders exceeding HK$50 million, compared w...
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.