SEHK:511

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Television Broadcasts

Executive Summary

Television Broadcasts Limited, together with its subsidiaries, engages in terrestrial television broadcasting, program production, and other television-related activities.


Snowflake Analysis

Adequate balance sheet with reasonable growth potential.


Similar Companies

Share Price & News

How has Television Broadcasts's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 511 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.3%

511

6.5%

HK Media

3.0%

HK Market


1 Year Return

-32.4%

511

21.9%

HK Media

-0.9%

HK Market

Return vs Industry: 511 underperformed the Hong Kong Media industry which returned 20% over the past year.

Return vs Market: 511 underperformed the Hong Kong Market which returned 0.6% over the past year.


Shareholder returns

511IndustryMarket
7 Day-0.3%6.5%3.0%
30 Day-8.6%15.4%6.1%
90 Day-8.4%47.0%12.1%
1 Year-29.4%-32.4%23.4%21.9%3.1%-0.9%
3 Year-63.2%-68.6%-56.0%-61.2%7.1%-4.4%
5 Year-71.0%-78.3%-69.3%-74.4%8.7%-9.4%

Price Volatility Vs. Market

How volatile is Television Broadcasts's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Television Broadcasts undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 511 (HK$9.21) is trading below our estimate of fair value (HK$62.59)

Significantly Below Fair Value: 511 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: 511 is unprofitable, so we can't compare its PE Ratio to the HK Media industry average.

PE vs Market: 511 is unprofitable, so we can't compare its PE Ratio to the Hong Kong market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate 511's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: 511's PB Ratio (0.7x) is in line with the HK Media industry average.


Next Steps

Future Growth

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

106.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 511 is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.6%).

Earnings vs Market: 511 is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: 511's is expected to become profitable in the next 3 years.

Revenue vs Market: 511's revenue (14.5% per year) is forecast to grow faster than the Hong Kong market (10.8% per year).

High Growth Revenue: 511's revenue (14.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 511's Return on Equity is forecast to be low in 3 years time (8%).


Next Steps

Past Performance

How has Television Broadcasts performed over the past 5 years?

-54.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 511 is currently unprofitable.

Growing Profit Margin: 511 is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: 511 is unprofitable, and losses have increased over the past 5 years at a rate of -54.4% per year.

Accelerating Growth: Unable to compare 511's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: 511 is unprofitable, making it difficult to compare its past year earnings growth to the Media industry (-22.3%).


Return on Equity

High ROE: 511 has a negative Return on Equity (-4.99%), as it is currently unprofitable.


Next Steps

Financial Health

How is Television Broadcasts's financial position?


Financial Position Analysis

Short Term Liabilities: 511's short term assets (HK$4.3B) exceed its short term liabilities (HK$1.0B).

Long Term Liabilities: 511's short term assets (HK$4.3B) exceed its long term liabilities (HK$2.0B).


Debt to Equity History and Analysis

Debt Level: 511's debt to equity ratio (39.5%) is considered satisfactory.

Reducing Debt: 511's debt to equity ratio has increased from 4.5% to 39.5% over the past 5 years.

Debt Coverage: 511's debt is well covered by operating cash flow (31.9%).

Interest Coverage: Insufficient data to determine if 511's interest payments on its debt are well covered by EBIT.


Balance Sheet


Next Steps

Dividend

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

5.43%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: 511's dividend (5.43%) is higher than the bottom 25% of dividend payers in the Hong Kong market (2.26%).

High Dividend: 511's dividend (5.43%) is low compared to the top 25% of dividend payers in the Hong Kong market (6.67%).


Stability and Growth of Payments

Stable Dividend: 511's dividend payments have been volatile in the past 10 years.

Growing Dividend: 511's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: 511 is paying a dividend but the company is unprofitable.


Future Payout to Shareholders

Future Dividend Coverage: 511's dividends in 3 years are forecast to be covered by earnings (86.3% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

8.5yrs

Average management tenure


CEO

Mark Lee (64yo)

10.83yrs

Tenure

HK$11,151,000

Compensation

Mr. Po On Lee, also known as Mark, serves as Vice Chairman of the Board at Television Broadcasts Limited since April 29, 2020. He has been Group Chief Executive Officer of Television Broadcasts Limited sin ...


CEO Compensation Analysis

Compensation vs Market: Mark's total compensation ($USD1.44M) is above average for companies of similar size in the Hong Kong market ($USD304.70K).

Compensation vs Earnings: Mark's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Po On Lee
Executive Vice Chairman of the Board & Group CEO10.83yrsHK$11.15m0.10% HK$4.1m
Shin Keong Cheong
Strategic Consultant24.67yrsHK$6.74mno data
Yau Kee Mak
CFO & Company Secretary15.67yrsno datano data
Shu Hung Chan
Deputy General Manager of Legal & International Operations4yrsno datano data
Chung Ping Lo
Chief Advisor6.17yrsHK$171.00kno data
Hadassa Gerber
Chief Research Officer & Senior VP6.08yrsno datano data

8.5yrs

Average Tenure

63yo

Average Age

Experienced Management: 511's management team is seasoned and experienced (8.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Po On Lee
Executive Vice Chairman of the Board & Group CEO10.83yrsHK$11.15m0.10% HK$4.1m
Allan Zeman
Independent Non-Executive Director5.25yrsHK$315.00kno data
Wing Yan Lo
Independent Non-Executive Director5.42yrsHK$630.00kno data
Wo Fong
Independent Non-executive Director0.58yrHK$21.00kno data
Hsien Pin Lee
Non-Executive Director8.42yrsHK$500.00kno data
Ruigang Li
Non Executive Director3.75yrsHK$540.00kno data
To Hui
Chairman of the Board0.25yrHK$2.11mno data
Wen-Chi Chen
Non-Executive Director8.42yrsHK$410.00kno data
Chia-Ling Wang
Independent Non-Executive Director5.25yrsHK$445.00kno data
Ching Ying Wong
Independent Non-Executive Director0.58yrHK$21.00kno data

4.5yrs

Average Tenure

63.5yo

Average Age

Experienced Board: 511's board of directors are considered experienced (4.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Television Broadcasts Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Television Broadcasts Limited
  • Ticker: 511
  • Exchange: SEHK
  • Founded: 1967
  • Industry: Broadcasting
  • Sector: Media
  • Market Cap: HK$4.073b
  • Shares outstanding: 438.00m
  • Website: https://www.corporate.tvb.com

Number of Employees


Location

  • Television Broadcasts Limited
  • TVB City
  • 77 Chun Choi Street
  • Kowloon
  • Kowloon
  • Hong Kong

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TVBC.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
511SEHK (The Stock Exchange of Hong Kong Ltd.)YesOrdinary SharesHKHKDJan 1992
TBCNDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
511SHSC (Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect)YesOrdinary SharesHKHKDJan 1992
511SZSC (The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect)YesOrdinary SharesHKHKDJan 1992
TVBC.YOTCPK (Pink Sheets LLC)SPONSORED ADRUSUSDMar 1992

Biography

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, event, and marketing 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 and OTT services to subscribers. The Other Activities segment engages in property investment and other activities. The company also offers agency services on design, production, and exhibition of advertisements; film rights and program licensing; 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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/10 12:40
End of Day Share Price2020/07/10 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.