Reported Earnings • Apr 28
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: HK$0.13 (up from HK$1.09 loss in FY 2024). Revenue: HK$3.19b (down 2.0% from FY 2024). Net income: HK$59.3m (up HK$550.3m from FY 2024). Profit margin: 1.9% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) also missed analyst estimates by 7.1%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Media industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 26
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: HK$0.13 (up from HK$1.09 loss in FY 2024). Revenue: HK$3.19b (down 2.0% from FY 2024). Net income: HK$59.3m (up HK$550.3m from FY 2024). Profit margin: 1.9% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) also missed analyst estimates by 7.1%. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Media industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Annonce • Mar 25
Television Broadcasts Limited, Annual General Meeting, May 27, 2026 Television Broadcasts Limited, Annual General Meeting, May 27, 2026. New Risk • Mar 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. This is currently the only risk that has been identified for the company. Annonce • Mar 12
Television Broadcasts Limited to Report Fiscal Year 2025 Results on Mar 25, 2026 Television Broadcasts Limited announced that they will report fiscal year 2025 results at 4:00 PM, China Standard Time on Mar 25, 2026 Annonce • Jan 21
Television Broadcasts Limited Announces the Cessation of Eric Tsang Chi Wai as A Member of the Executive Committee, Effective 21 January 2026 Television Broadcasts Limited announced that Eric Tsang Chi Wai ceased to be a member of the Executive Committee with effect from 21 January 2026. Reported Earnings • Aug 29
First half 2025 earnings released: HK$0.23 loss per share (vs HK$0.33 loss in 1H 2024) First half 2025 results: HK$0.23 loss per share (improved from HK$0.33 loss in 1H 2024). Revenue: HK$1.50b (down 1.0% from 1H 2024). Net loss: HK$108.1m (loss narrowed 25% from 1H 2024). Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Media industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Aug 28
Now 22% undervalued Over the last 90 days, the stock has risen 19% to HK$3.80. The fair value is estimated to be HK$4.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has grown by 20%. Annonce • Aug 15
Television Broadcasts Limited to Report First Half, 2025 Results on Aug 27, 2025 Television Broadcasts Limited announced that they will report first half, 2025 results on Aug 27, 2025 Reported Earnings • Apr 27
Full year 2024 earnings released: HK$1.09 loss per share (vs HK$1.74 loss in FY 2023) Full year 2024 results: HK$1.09 loss per share (improved from HK$1.74 loss in FY 2023). Revenue: HK$3.26b (down 1.9% from FY 2023). Net loss: HK$491.0m (loss narrowed 36% from FY 2023). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 27
Full year 2024 earnings released: HK$1.09 loss per share (vs HK$1.74 loss in FY 2023) Full year 2024 results: HK$1.09 loss per share (improved from HK$1.74 loss in FY 2023). Revenue: HK$3.26b (down 1.9% from FY 2023). Net loss: HK$491.0m (loss narrowed 36% from FY 2023). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Annonce • Mar 26
Television Broadcasts Limited, Annual General Meeting, May 28, 2025 Television Broadcasts Limited, Annual General Meeting, May 28, 2025. New Risk • Mar 21
New major risk - Revenue and earnings growth Earnings have declined by 18% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Annonce • Mar 12
Television Broadcasts Limited to Report Fiscal Year 2024 Results on Mar 26, 2025 Television Broadcasts Limited announced that they will report fiscal year 2024 results on Mar 26, 2025 Annonce • Dec 04
Television Broadcasts Limited Appoints Tsang Lai Chun as Executive Director The board of directors of Television Broadcasts Limited announced the appointment of Ms. Tsang Lai Chun as Executive Director of the Company, with effect from 4 December 2024. Ms. Tsang, aged 72, was appointed as the Assistant General Manager (Drama Production) at TVB in 2016 and is a director of TVB, Staff & Artistes Fund for Charities Limited. Ms. Tsang is a highly esteemed management figure within the television industry. As the head of the drama division at TVB, she has consistently demonstrated strategic leadership in guiding her team to achieve optimal performance since she joined TVB in 1974. She has been instrumental in unearthing compelling narratives and nurturing talent in acting and production, combining these elements to create a series of influential and successful television works for TVB. Ms. Tsang's management and execution skills are fully evident in the series she has produced. Her productions are not only beloved by audiences but have also had a significant positive impact on TVB's brand image and commercial revenue. Save as disclosed in this paragraph, Ms. Tsang did not hold any other directorships in the last three years in public companies the securities of which are listed on any securities market in Hong Kong or overseas or any other position in the Group. Ms. Tsang has a continuous service agreement (the Contract) with the Company as the Assistant General Manager (Drama Production). Ms. Tsang has also entered into a letter of appointment with the Company as an Executive Director for a term of three years commencing from 4 December 2024. In accordance with the articles of association of the Company, Ms. Tsang will hold office until the next following general meeting of the Company, and will then be eligible for election at the meeting. Upon her successful election at the meeting, she will be subject to retirement by rotation and re-election in accordance with the articles of association of the Company. New Risk • Oct 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Shareholders have been diluted in the past year (6.6% increase in shares outstanding). Reported Earnings • Aug 24
First half 2024 earnings released: HK$0.33 loss per share (vs HK$0.93 loss in 1H 2023) First half 2024 results: HK$0.33 loss per share (improved from HK$0.93 loss in 1H 2023). Revenue: HK$1.51b (down 3.0% from 1H 2023). Net loss: HK$143.5m (loss narrowed 65% from 1H 2023). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Media industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 20% per year. Annonce • Aug 07
Television Broadcasts Limited to Report Q2, 2024 Results on Aug 21, 2024 Television Broadcasts Limited announced that they will report Q2, 2024 results on Aug 21, 2024 New Risk • May 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Annonce • May 15
Television Broadcasts Limited has filed a Follow-on Equity Offering in the amount of HKD 109.379289 million. Television Broadcasts Limited has filed a Follow-on Equity Offering in the amount of HKD 109.379289 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 8,743,836
Price\Range: HKD 3.36
Security Name: Shares
Security Type: Common Stock
Securities Offered: 20,000,000
Price\Range: HKD 4
Transaction Features: Subsequent Direct Listing Major Estimate Revision • May 15
Consensus EPS estimates upgraded to HK$0.24 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from HK$3.50b to HK$3.43b. 2024 losses expected to reduce from -HK$0.61 to -HK$0.24 per share. Media industry in Hong Kong expected to see average net income growth of 46% next year. Consensus price target down from HK$6.60 to HK$5.50. Share price rose 8.3% to HK$3.77 over the past week. New Risk • May 14
New major risk - Revenue and earnings growth Earnings have declined by 26% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 26% per year over the past 5 years. Reported Earnings • Apr 27
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: HK$1.74 loss per share (improved from HK$1.84 loss in FY 2022). Revenue: HK$3.32b (down 7.3% from FY 2022). Net loss: HK$762.8m (loss narrowed 5.5% from FY 2022). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) missed analyst estimates by 46%. Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Media industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Annonce • Mar 28
Television Broadcasts Limited, Annual General Meeting, Jun 28, 2024 Television Broadcasts Limited, Annual General Meeting, Jun 28, 2024. Location: TVB City, 77 Chun Choi Street, Tseung KwanOIndustrialEstate Kowloon Hong Kong Reported Earnings • Mar 28
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: HK$1.74 loss per share (improved from HK$1.84 loss in FY 2022). Revenue: HK$3.32b (down 7.3% from FY 2022). Net loss: HK$762.8m (loss narrowed 5.5% from FY 2022). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) missed analyst estimates by 46%. Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Media industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 28
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.5% to HK$3.08. The fair value is estimated to be HK$4.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has declined by 37%. Revenue is forecast to grow by 9.8% in 2 years. Earnings are forecast to grow by 88% in the next 2 years. Annonce • Mar 27
Television Broadcasts Limited Announces Changes in Composition of the Board Committees The Board of Directors of Television Broadcasts Limited announced the following changes in the composition of the Board Committees with effect from 27 March 2024: Audit Committee: Mr. Anthony Lee Hsien Pin ceased to be a member of the Audit Committee and Dr. Allan Zeman has been appointed as a new member of the Audit Committee. Following the above changes, the Audit Committee comprises three members, namely Dr. William Lo Wing Yan (chairman), Dr. Allan Zeman and Mr. Felix Fong Wo. Nomination Committee: Mr. Thomas Hui To ceased to be the chairman of the Nomination Committee, but remains as a member of the Nomination Committee. Mr. Felix Fong Wo, being the existing member of the Nomination Committee, has been appointed as the chairman of the Nomination Committee. Following the above changes, the Nomination Committee comprises five members, namely Mr. Felix Fong Wo (chairman), Mr. Thomas Hui To, Mr. Anthony Lee Hsien Pin, Dr. William Lo Wing Yan and Dr. Allan Zeman. Annonce • Mar 14
Television Broadcasts Limited to Report Fiscal Year 2023 Results on Mar 27, 2024 Television Broadcasts Limited announced that they will report fiscal year 2023 results on Mar 27, 2024 Buy Or Sell Opportunity • Mar 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.3% to HK$3.11. The fair value is estimated to be HK$3.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has declined by 26%. Revenue is forecast to grow by 7.4% in 2 years. Earnings are forecast to grow by 82% in the next 2 years. Buy Or Sell Opportunity • Jan 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to HK$3.05. The fair value is estimated to be HK$3.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has declined by 26%. Revenue is forecast to grow by 7.4% in 2 years. Earnings are forecast to grow by 82% in the next 2 years. Buying Opportunity • Jan 17
Now 22% undervalued Over the last 90 days, the stock is up 5.9%. The fair value is estimated to be HK$3.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has declined by 26%. Revenue is forecast to grow by 7.4% in 2 years. Earnings is forecast to grow by 82% in the next 2 years. Buying Opportunity • Dec 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.1%. The fair value is estimated to be HK$3.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has declined by 26%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 80% in the next 2 years. Buying Opportunity • Oct 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 35%. The fair value is estimated to be HK$3.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has declined by 26%. Revenue is forecast to grow by 40% in 2 years. Earnings is forecast to grow by 79% in the next 2 years. Buying Opportunity • Sep 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 36%. The fair value is estimated to be HK$3.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has declined by 26%. Revenue is forecast to grow by 40% in 2 years. Earnings is forecast to grow by 79% in the next 2 years. New Risk • Aug 24
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (17% average weekly change). Annonce • Aug 10
Television Broadcasts Limited to Report First Half, 2023 Results on Aug 23, 2023 Television Broadcasts Limited announced that they will report first half, 2023 results on Aug 23, 2023 Annonce • Jun 01
Television Broadcasts Limited Announces Retirement of Ms. Belinda Wong Ching Ying as an Independent Non-Executive Director of the Company Television Broadcasts Limited announced that at its Annual General Meeting held on May 31, 2023, the Board further announces that Ms. Belinda Wong Ching Ying retired as an Independent Non-executive Director of the Company with effect from the conclusion of the AGM in order to allocate more time for her other business commitments. Ms. Wong has confirmed that she has no disagreement with the Board, and that she is not aware of any matter relating to her retirement that needs to be brought to the attention of the Shareholders. Following the retirement of Ms. Wong at the conclusion of the AGM, the Board has three Independent Non-executive Directors out of a total of seven Directors which complies with Rule 3.10(1) and Rule 3.10A of the Listing Rules that require at least three independent non-executive directors, representing at least one-third of the Board. Reported Earnings • Mar 29
Full year 2022 earnings released: HK$1.84 loss per share (vs HK$1.48 loss in FY 2021) Full year 2022 results: HK$1.84 loss per share (further deteriorated from HK$1.48 loss in FY 2021). Revenue: HK$3.59b (up 24% from FY 2021). Net loss: HK$807.1m (loss widened 25% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Board Change • Jan 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 1 highly experienced director. Non-Executive Director Kenneth Hsu was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 25
First half 2022 earnings released: HK$0.51 loss per share (vs HK$0.65 loss in 1H 2021) First half 2022 results: HK$0.51 loss per share (up from HK$0.65 loss in 1H 2021). Revenue: HK$1.82b (up 46% from 1H 2021). Net loss: HK$224.3m (loss narrowed 21% from 1H 2021). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 27
First half 2021 earnings released: HK$0.65 loss per share (vs HK$0.67 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: HK$1.25b (up 1.8% from 1H 2020). Net loss: HK$283.5m (loss narrowed 3.3% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. Executive Departure • Jun 03
Non-Executive Director Wen-Chi Chen has left the company On the 26th of May, Wen-Chi Chen's tenure as Non-Executive Director ended after 9.3 years in the role. We don't have any record of a personal shareholding under Wen-Chi's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 7.04 years. Executive Departure • May 27
Executive Vice Chairman of the Board & Group CEO Po On Lee has left the company On the 27th of May, Po On Lee's tenure as Executive Vice Chairman of the Board & Group CEO of the company ended after 11.7 years in the role. As of March 2021, Po On personally held 438.00k shares (HK$4.2m worth at the time). Po On is the only executive to leave the company over the last 12 months. Under Po On's leadership, the company delivered a total shareholder return of -55%. Reported Earnings • Apr 24
Full year 2020 earnings released: HK$0.64 loss per share (vs HK$0.67 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: HK$2.72b (down 25% from FY 2019). Net loss: HK$280.9m (loss narrowed 4.8% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 25
Full year 2020 earnings released: HK$0.64 loss per share (vs HK$0.67 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: HK$2.72b (down 25% from FY 2019). Net loss: HK$280.9m (loss narrowed 4.8% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 12
New 90-day high: HK$8.84 The company is up 22% from its price of HK$7.27 on 13 November 2020. The Hong Kong market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Media industry, which is up 37% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: HK$8.28 The company is up 11% from its price of HK$7.43 on 16 September 2020. The Hong Kong market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 3.0% over the same period. Is New 90 Day High Low • Oct 21
New 90-day low: HK$6.56 The company is down 28% from its price of HK$9.10 on 23 July 2020. The Hong Kong market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 14% over the same period. Is New 90 Day High Low • Sep 30
New 90-day low: HK$6.74 The company is down 28% from its price of HK$9.39 on 02 July 2020. The Hong Kong market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 2.0% over the same period. Reported Earnings • Sep 18
First half earnings released Over the last 12 months the company has reported total losses of HK$800.6m, with losses widening by 325% from the prior year. Total revenue was HK$2.91b over the last 12 months, down 31% from the prior year.