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Television Broadcasts

SEHK:511
Snowflake Description

Moderate growth potential second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
511
SEHK
HK$6B
Market Cap
  1. Home
  2. HK
  3. Media
Company description

Television Broadcasts Limited, together with its subsidiaries, engages in terrestrial television broadcasting, program production, and other television-related activities. The last earnings update was 72 days ago. More info.


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511 Share Price and Events
7 Day Returns
0.9%
SEHK:511
1.4%
HK Media
-0.2%
HK Market
1 Year Returns
-45.1%
SEHK:511
-42.3%
HK Media
-6.6%
HK Market
511 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Television Broadcasts (511) 0.9% -0.3% -11.6% -45.1% -48.8% -73.1%
HK Media 1.4% 2.6% -15.9% -42.3% -46% -64.7%
HK Market -0.2% 2.3% -5.5% -6.6% 22.5% 4.4%
1 Year Return vs Industry and Market
  • 511 underperformed the Media industry which returned -42.3% over the past year.
  • 511 underperformed the Market in Hong Kong which returned -6.6% over the past year.
Price Volatility
511
Industry
5yr Volatility vs Market

511 Value

 Is Television Broadcasts undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Television Broadcasts to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Television Broadcasts.

SEHK:511 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9%
Perpetual Growth Rate 10-Year HK Government Bond Rate 2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SEHK:511
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.7%
Media Unlevered Beta Simply Wall St/ S&P Global 0.77
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.772 (1 + (1- 25%) (52.02%))
1.049
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.05
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.049 * 6.65%)
8.98%

Discounted Cash Flow Calculation for SEHK:511 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Television Broadcasts is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SEHK:511 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 8.98%)
2019 457.00 Analyst x1 419.36
2020 517.00 Analyst x1 435.33
2021 564.60 Est @ 9.21% 436.26
2022 604.38 Est @ 7.05% 428.53
2023 637.82 Est @ 5.53% 414.99
2024 666.36 Est @ 4.47% 397.84
2025 691.23 Est @ 3.73% 378.70
2026 713.45 Est @ 3.21% 358.67
2027 733.79 Est @ 2.85% 338.51
2028 752.84 Est @ 2.6% 318.69
Present value of next 10 years cash flows HK$3,926.86
SEHK:511 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= HK$752.84 × (1 + 2%) ÷ (8.98% – 2%)
HK$11,011.68
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$11,011.68 ÷ (1 + 8.98%)10
HK$4,661.42
SEHK:511 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$3,926.86 + HK$4,661.42
HK$8,588.28
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$8,588.28 / 438.00
HK$19.61
SEHK:511 Discount to Share Price
Calculation Result
Value per share (HKD) From above. HK$19.61
Current discount Discount to share price of HK$13.42
= -1 x (HK$13.42 - HK$19.61) / HK$19.61
31.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Television Broadcasts is available for.
Intrinsic value
32%
Share price is HK$13.42 vs Future cash flow value of HK$19.61
Current Discount Checks
For Television Broadcasts to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Television Broadcasts's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Television Broadcasts's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Television Broadcasts's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Television Broadcasts's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:511 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in HKD HK$-0.45
SEHK:511 Share Price ** SEHK (2019-06-26) in HKD HK$13.42
Hong Kong Media Industry PE Ratio Median Figure of 18 Publicly-Listed Media Companies 14.99x
Hong Kong Market PE Ratio Median Figure of 1,488 Publicly-Listed Companies 10.77x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Television Broadcasts.

SEHK:511 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:511 Share Price ÷ EPS (both in HKD)

= 13.42 ÷ -0.45

-29.53x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Television Broadcasts is loss making, we can't compare its value to the HK Media industry average.
  • Television Broadcasts is loss making, we can't compare the value of its earnings to the Hong Kong market.
Price based on expected Growth
Does Television Broadcasts's expected growth come at a high price?
Raw Data
SEHK:511 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -29.53x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
58.5%per year
Asia Media Industry PEG Ratio Median Figure of 15 Publicly-Listed Media Companies 0.86x
Hong Kong Market PEG Ratio Median Figure of 470 Publicly-Listed Companies 0.77x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Television Broadcasts, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Television Broadcasts's assets?
Raw Data
SEHK:511 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in HKD HK$14.12
SEHK:511 Share Price * SEHK (2019-06-26) in HKD HK$13.42
Hong Kong Media Industry PB Ratio Median Figure of 41 Publicly-Listed Media Companies 0.93x
Hong Kong Market PB Ratio Median Figure of 2,173 Publicly-Listed Companies 0.93x
SEHK:511 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:511 Share Price ÷ Book Value per Share (both in HKD)

= 13.42 ÷ 14.12

0.95x

* Primary Listing of Television Broadcasts.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Television Broadcasts is overvalued based on assets compared to the HK Media industry average.
X
Value checks
We assess Television Broadcasts's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Media industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Media industry average (and greater than 0)? (1 check)
  5. Television Broadcasts has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

511 Future Performance

 How is Television Broadcasts expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
58.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Television Broadcasts expected to grow at an attractive rate?
  • Television Broadcasts's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • Television Broadcasts's earnings growth is expected to exceed the Hong Kong market average.
  • Television Broadcasts's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:511 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:511 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 58.5%
SEHK:511 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 4.1%
Hong Kong Media Industry Earnings Growth Rate Market Cap Weighted Average 24.4%
Hong Kong Media Industry Revenue Growth Rate Market Cap Weighted Average 15.9%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.1%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SEHK:511 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:511 Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 5,117 679 546 1
2020-12-31 5,008 782 551 3
2019-12-31 4,850 518 414 3
SEHK:511 Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2018-12-31 4,477 131 -199
2018-09-30 4,511 274 38
2018-06-30 4,545 418 275
2018-03-31 4,440 250 259
2017-12-31 4,336 82 244
2017-09-30 4,302 180 306
2017-06-30 4,268 279 368
2017-03-31 4,239 551 399
2016-12-31 4,210 823 429
2016-09-30 4,299 949 467
2016-06-30 4,388 1,074 505
2016-03-31 4,421 1,130 250

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Television Broadcasts's earnings are expected to grow significantly at over 20% yearly.
  • Television Broadcasts's revenue is expected to grow by 4.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:511 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Television Broadcasts Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:511 Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.25 1.25 1.25 1.00
2020-12-31 1.26 1.62 1.05 3.00
2019-12-31 1.13 1.50 0.95 3.00
SEHK:511 Past Financials Data
Date (Data in HKD Millions) EPS *
2018-12-31 -0.45
2018-09-30 0.09
2018-06-30 0.63
2018-03-31 0.59
2017-12-31 0.56
2017-09-30 0.70
2017-06-30 0.84
2017-03-31 0.91
2016-12-31 0.98
2016-09-30 1.07
2016-06-30 1.15
2016-03-31 0.57

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Television Broadcasts is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Television Broadcasts's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Television Broadcasts has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

511 Past Performance

  How has Television Broadcasts performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Television Broadcasts's growth in the last year to its industry (Media).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Television Broadcasts does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Television Broadcasts's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Television Broadcasts's 1-year growth to the HK Media industry average as it is not currently profitable.
Earnings and Revenue History
Television Broadcasts's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Television Broadcasts Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:511 Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 4,477.31 -199.08 1,751.39
2018-09-30 4,511.23 37.85 1,768.32
2018-06-30 4,545.15 274.78 1,785.26
2018-03-31 4,440.44 259.20 1,718.96
2017-12-31 4,335.73 243.62 1,652.67
2017-09-30 4,301.70 305.91 1,624.54
2017-06-30 4,267.67 368.20 1,596.41
2017-03-31 4,238.99 398.60 1,603.96
2016-12-31 4,210.31 428.99 1,611.50
2016-09-30 4,299.07 466.92 1,476.12
2016-06-30 4,387.83 504.85 1,340.73
2016-03-31 4,421.28 250.28 1,385.48
2015-12-31 4,454.73 -4.28 1,430.23
2015-09-30 4,554.16 181.26 1,480.68
2015-06-30 4,653.60 366.81 1,531.13
2015-03-31 4,782.83 809.08 1,425.13
2014-12-31 4,912.06 1,251.36 1,319.14
2014-09-30 5,147.60 1,412.79 1,327.75
2014-06-30 5,383.14 1,574.22 1,336.36
2014-03-31 5,534.59 1,656.10 1,348.86
2013-12-31 5,686.05 1,737.99 1,361.36
2013-09-30 5,637.43 1,695.23 1,346.86
2013-06-30 5,588.81 1,652.48 1,332.37
2013-03-31 5,518.35 1,692.37 1,293.52
2012-12-31 5,447.88 1,732.26 1,254.68
2012-09-30 5,371.31 1,708.54 1,237.79
2012-06-30 5,294.73 1,686.92 1,218.38

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Television Broadcasts has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Television Broadcasts has efficiently used its assets last year compared to the HK Media industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Television Broadcasts improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Television Broadcasts's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Media industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Television Broadcasts has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

511 Health

 How is Television Broadcasts's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Television Broadcasts's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Television Broadcasts is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Television Broadcasts's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Television Broadcasts's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Television Broadcasts Company Filings, last reported 5 months ago.

SEHK:511 Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 6,307.03 3,044.31 1,314.85
2018-09-30 6,307.03 3,044.31 1,314.85
2018-06-30 6,928.72 3,337.16 2,099.47
2018-03-31 6,928.72 3,337.16 2,099.47
2017-12-31 7,157.05 3,814.41 982.33
2017-09-30 7,157.05 3,814.41 982.33
2017-06-30 7,170.69 3,805.63 1,932.45
2017-03-31 7,170.69 3,805.63 1,932.45
2016-12-31 7,230.09 3,842.49 6,973.36
2016-09-30 7,230.09 3,842.49 6,973.36
2016-06-30 7,311.60 0.00 2,578.01
2016-03-31 7,311.60 0.00 2,578.01
2015-12-31 7,836.17 234.85 2,817.36
2015-09-30 7,836.17 234.85 2,817.36
2015-06-30 8,024.77 401.36 2,856.04
2015-03-31 8,024.77 401.36 2,856.04
2014-12-31 8,704.35 391.60 3,331.55
2014-09-30 8,704.35 391.60 3,331.55
2014-06-30 8,256.52 227.99 2,862.42
2014-03-31 8,256.52 227.99 2,862.42
2013-12-31 8,426.83 252.36 2,900.44
2013-09-30 8,426.83 252.36 2,900.44
2013-06-30 7,688.96 62.69 2,920.84
2013-03-31 7,688.96 62.69 2,920.84
2012-12-31 7,831.31 205.33 3,604.35
2012-09-30 7,887.34 205.33 3,604.35
2012-06-30 7,189.32 212.64 3,526.41
  • Television Broadcasts's level of debt (48.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (3% vs 48.3% today).
  • Debt is not well covered by operating cash flow (4.3%, less than 20% of total debt).
  • Television Broadcasts is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess Television Broadcasts's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Television Broadcasts has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

511 Dividends

 What is Television Broadcasts's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7.45%
Current annual income from Television Broadcasts dividends. Estimated to be 8.79% next year.
If you bought HK$2,000 of Television Broadcasts shares you are expected to receive HK$149 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Television Broadcasts's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.1%).
  • Television Broadcasts's dividend is above the markets top 25% of dividend payers in Hong Kong (5.89%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SEHK:511 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Hong Kong Media Industry Average Dividend Yield Market Cap Weighted Average of 12 Stocks 7.5%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 966 Stocks 3.7%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.2%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.1%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SEHK:511 Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.00 1.00
2020-12-31 1.30 3.00
2019-12-31 1.00 1.00
SEHK:511 Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2019-05-22 1.000 7.527
2018-08-22 0.900 5.380
2018-04-18 1.200 4.808
2018-03-21 1.200 4.798
2017-08-24 0.900 3.328
2017-05-15 0.000 0.000
2017-03-29 0.000 0.000
2016-03-23 2.600 9.187
2015-04-16 2.600 7.811
2015-03-31 2.600 5.389
2014-08-20 2.600 5.651
2014-04-08 2.600 5.272
2014-03-26 2.600 5.641
2013-04-18 2.600 5.130
2013-03-27 2.600 4.480
2012-03-21 2.200 3.937
2011-08-24 2.100 4.553
2011-03-29 2.000 4.063
2010-09-06 1.700 4.064
2010-03-26 1.600 4.374
2009-08-26 1.650 4.630
2009-04-07 1.700 5.419

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Television Broadcasts's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess Television Broadcasts's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Television Broadcasts afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Television Broadcasts has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

511 Management

 What is the CEO of Television Broadcasts's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Mark Lee
COMPENSATION HK$13,724,000
AGE 62
TENURE AS CEO 9.8 years
CEO Bio

Mr. Po On Lee, also known as Mark, has been Group Chief Executive Officer of Television Broadcasts Limited since September 15, 2009 and also has been its Executive Director since March 24, 2010. Mr. Lee served as Group General Manager of Television Broadcasts Limited from September 15, 2009 to December 31, 2014. He served as the Chief Executive Officer of Television Broadcasts Limited. He served as a General Manager of Finance and Administration at Television Broadcasts Limited from February 2007 to September 2009. Mr. Lee has 30 years of financial and commercial experience including working with KPMG and Asia Television Limited. From 1988 to early 2007, he worked as an Executive Director of a Hong Kong listed consortium engaged in real estate, hotel, media, entertainment and retail business in Hong Kong and overseas. He served as Non-Executive Independent Director at Tat Seng Packaging Group Ltd. since April 22, 2016 until April 26, 2019. He served as Non-Executive & Independent Director of Hanwell Holdings Limited since August 10, 2012 until April 26, 2019. Mr. Lee is a Member of the Institute of Chartered Accountants in England and Wales and also a Member of the Hong Kong Institute of Certified Public Accountants.

CEO Compensation
  • Mark's compensation has increased whilst company is loss making.
  • Mark's remuneration is higher than average for companies of similar size in Hong Kong.
Management Team Tenure

Average tenure and age of the Television Broadcasts management team in years:

7.4
Average Tenure
59
Average Age
  • The average tenure for the Television Broadcasts management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Mark Lee

TITLE
Group CEO & Executive Director
COMPENSATION
HK$14M
AGE
62
TENURE
9.8 yrs

Shin Keong Cheong

TITLE
GM of Broad Casting & Executive Director
COMPENSATION
HK$26M
AGE
61
TENURE
23.6 yrs

To Thomas Hui

TITLE
Executive Director
COMPENSATION
HK$3M
AGE
46

Adrian Mak

TITLE
CFO & Company Secretary
AGE
57
TENURE
14.6 yrs

Desmond Chan

TITLE
Deputy General Manager of Legal & International Operations
AGE
50
TENURE
2.9 yrs

Kevin Lo

TITLE
Chief Advisor
COMPENSATION
HK$171K
AGE
81
TENURE
5.1 yrs

Hadassa Gerber

TITLE
Chief Research Officer & Senior VP
TENURE
5 yrs
Board of Directors Tenure

Average tenure and age of the Television Broadcasts board of directors in years:

4.4
Average Tenure
61.5
Average Age
  • The tenure for the Television Broadcasts board of directors is about average.
Board of Directors

Charles Chan

TITLE
Chairman
COMPENSATION
HK$810K
AGE
63
TENURE
4.4 yrs

Mark Lee

TITLE
Group CEO & Executive Director
COMPENSATION
HK$14M
AGE
62
TENURE
9.3 yrs

Ruigang Li

TITLE
Vice Chairman
COMPENSATION
HK$540K
AGE
49
TENURE
2.7 yrs

Shin Keong Cheong

TITLE
GM of Broad Casting & Executive Director
COMPENSATION
HK$26M
AGE
61
TENURE
4.4 yrs

To Thomas Hui

TITLE
Executive Director
COMPENSATION
HK$3M
AGE
46
TENURE
4.2 yrs

Raymond Or

TITLE
Independent Non-Executive Director
COMPENSATION
HK$625K
AGE
69
TENURE
6.5 yrs

William Lo

TITLE
Independent Non-Executive Director
COMPENSATION
HK$616K
AGE
57
TENURE
4.3 yrs

Anthony Lee

TITLE
Non-Executive Director
COMPENSATION
HK$465K
AGE
61
TENURE
7.3 yrs

Wen-Chi Chen

TITLE
Non-Executive Director
COMPENSATION
HK$410K
AGE
62
TENURE
7.3 yrs

Allan Zeman

TITLE
Independent Non-Executive Director
COMPENSATION
HK$315K
AGE
70
TENURE
4.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
X
Management checks
We assess Television Broadcasts's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Television Broadcasts has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

511 News

Simply Wall St News

At HK$12.90, Is It Time To Put Television Broadcasts Limited (HKG:511) On Your Watch List?

Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price. … Great news for investors – Television Broadcasts is still trading at a fairly cheap price. … This is because Television Broadcasts’s beta (a measure of share price volatility) is high, meaning its price movements will be exaggerated relative to the rest of the market.

Simply Wall St -

Should Television Broadcasts Limited (HKG:511) Be Part Of Your Income Portfolio?

Dividend paying stocks like Television Broadcasts Limited (HKG:511) tend to be popular with investors, and for good reason - some research suggests a significant amount of all stock market returns come from reinvested dividends. Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments. In this case, Television Broadcasts likely looks attractive to investors, given its 7.6% dividend yield and a payment history of over ten years. We'd guess that plenty of investors have purchased it for the income. Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. … While Television Broadcasts pays a dividend, it reported a loss over the last year. … Unfortunately, while Television Broadcasts pays a dividend, it also reported negative free cash flow last year.

Simply Wall St -

Is Television Broadcasts Limited's (HKG:511) Balance Sheet Strong Enough To Weather A Storm?

Additionally, 511 has produced cash from operations of HK$131m over the same time period, leading to an operating cash to total debt ratio of 4.3%, meaning that 511’s debt is not covered by operating cash. … At the current liabilities level of HK$791m, it seems that the business has maintained a safe level of current assets to meet its obligations, with the current ratio last standing at 5.87x. … Next Steps: Although 511’s debt level is towards the higher end of the spectrum, its cash flow coverage seems adequate to meet obligations which means its debt is being efficiently utilised.

Simply Wall St -

Is Television Broadcasts Limited (HKG:511) Trading At A 20% Discount?

by taking the foreast future cash flows of the company and discounting them back to today's value. … I will be using the Discounted Cash Flow (DCF) model. … If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model

Simply Wall St -

Do Directors Own Television Broadcasts Limited (HKG:511) Shares?

The big shareholder groups in Television Broadcasts Limited (HKG:511) have power over the company. … Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … Taking a look at our data on the ownership groups (below), it's seems that.

Simply Wall St -

Don't Sell Television Broadcasts Limited (HKG:511) Before You Read This

We'll show how you can use Television Broadcasts Limited's (HKG:511) P/E ratio to inform your assessment of the investment opportunity. … Based on the last twelve months, Television Broadcasts's P/E ratio is 24.32. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Is Television Broadcasts Limited's (HKG:511) ROE Of 4.6% Concerning?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … That means that for every HK$1 worth of shareholders' equity, it generated HK$0.046 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Why Television Broadcasts Limited’s (HKG:511) Use Of Investor Capital Doesn’t Look Great

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Understanding Return On Capital Employed (ROCE). … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

Are Television Broadcasts Limited's (HKG:511) Interest Costs Too High?

However, an important fact which most ignore is: how financially healthy is the business? … So, understanding the company's financial health becomes. … Here are few basic financial health checks you should consider before taking the plunge.

Simply Wall St -

What You Must Know About Television Broadcasts Limited's (HKG:511) Beta Value

Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … Before we go on, it's worth noting that Warren Buffett pointed out in his 2014 letter to shareholders that 'volatility is far from synonymous with risk.' Having said that, beta can still be rather useful. … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

511 Company Info

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, myTV SUPER, Big Big Channel Business, Programme Licensing and Distribution, Overseas pay TV and TVB Anywhere, and Other Activities segments. The Hong Kong TV Broadcasting segment is involved in the broadcasting of television programs and commercials on terrestrial TV platforms; production of programs; and co-production of dramas. The myTV SUPER segment provides over-the-top services; and operates Website portals. The Big Big Channel Business segment operates an online social media and e-commerce platform; and provides music entertainment services. The Programme Licensing and Distribution segment distributes television programs and channels to telecast, video, and media operators. The Overseas pay TV and TVB Anywhere segment offers pay television services to subscribers. The Other Activities segment engages in magazine publishing, movie production, property investment, and other activities. The company also offers agency services on advertisements, design, television programs, and film rights; provides consultancy, management, and agency services to artistes; and produces, publishes, and licenses musical works and sells sound recordings, as well as offers corporate finance services. In addition, it produces motion pictures for theatrical release and distribution; provides satellite and subscription television programs; and licenses and distributes films. Further, the company engages in production of programs and provision of marketing materials; and provision of programming and channel services. It operates in Hong Kong, Mainland China, Malaysia, Singapore, the United States, Canada, Vietnam, Australia, Europe, and internationally. The company was founded in 1967 and is headquartered in Kowloon, Hong Kong.

Details
Name: Television Broadcasts Limited
511
Exchange: SEHK
Founded: 1967
HK$5,851,680,000
438,000,000
Website: http://www.corporate.tvb.com
Address: Television Broadcasts Limited
TVB City,
77 Chun Choi Street,
Kowloon,
Kowloon, Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 511 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 02. Jan 1992
OTCPK TVBC.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB TBCN Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
SHSC 511 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 02. Jan 1992
SZSC 511 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 02. Jan 1992
OTCPK TVBC.Y SPONSORED ADR Pink Sheets LLC US USD 20. Mar 1992
Number of employees
Current staff
Staff numbers
3,377
Television Broadcasts employees.
Industry
Broadcasting
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/26 12:41
End of day share price update: 2019/06/26 00:00
Last estimates confirmation: 2019/06/23
Last earnings filing: 2019/04/15
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.