OTCPK:TVBC.Y

Stock Analysis Report

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

Reasonable growth potential and fair value.

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: TVBC.Y has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

TVBC.Y

-1.2%

US Media

-1.1%

US Market


1 Year Return

-24.1%

TVBC.Y

17.4%

US Media

17.8%

US Market

Return vs Industry: TVBC.Y underperformed the US Media industry which returned 16.9% over the past year.

Return vs Market: TVBC.Y underperformed the US Market which returned 17.9% over the past year.


Shareholder returns

TVBC.YIndustryMarket
7 Day0%-1.2%-1.1%
30 Day1.4%2.1%1.5%
90 Day-11.2%5.3%6.6%
1 Year-18.8%-24.1%18.9%17.4%20.2%17.8%
3 Year-60.8%-66.0%15.7%10.9%47.5%38.1%
5 Year-67.5%-76.7%32.7%22.2%71.2%52.4%

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

No news available

Valuation

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

23.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: TVBC.Y ($3) is trading below our estimate of fair value ($3.91)

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


Price To Earnings Ratio

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

PE vs Market: TVBC.Y is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: TVBC.Y is good value based on its PB Ratio (0.8x) compared to the US Media industry average (1.3x).


Next Steps

Future Growth

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

100.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TVBC.Y is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.7%).

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

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

Revenue vs Market: TVBC.Y's revenue (13.2% per year) is forecast to grow faster than the US market (7.6% per year).

High Growth Revenue: TVBC.Y's revenue (13.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if TVBC.Y's Return on Equity is forecast to be high in 3 years time


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: TVBC.Y is currently unprofitable.

Growing Profit Margin: TVBC.Y is currently unprofitable.


Past Earnings Growth Analysis

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

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

Earnings vs Industry: TVBC.Y is unprofitable, making it difficult to compare its past year earnings growth to the Media industry (2.4%).


Return on Equity

High ROE: TVBC.Y has a negative Return on Equity (-2.75%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Television Broadcasts's financial position?


Financial Position Analysis

Short Term Liabilities: TVBC.Y's short term assets (HK$4.5B) exceed its short term liabilities (HK$815.3M).

Long Term Liabilities: TVBC.Y's short term assets (HK$4.5B) exceed its long term liabilities (HK$2.7B).


Debt to Equity History and Analysis

Debt Level: TVBC.Y's debt to equity ratio (41.1%) is considered high.

Reducing Debt: TVBC.Y's debt to equity ratio has increased from 2.8% to 41.1% over the past 5 years.


Balance Sheet

Inventory Level: TVBC.Y has a low level of unsold assets or inventory.

Debt Coverage by Assets: TVBC.Y's debt is covered by short term assets (assets are 1.7x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: TVBC.Y has been profitable on average in the past, therefore cash runway is not a concern.

Forecast Cash Runway: TVBC.Y has been profitable on average in the past, therefore cash runway is not a concern.


Next Steps

Dividend

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

8.47%

Current Dividend Yield


Dividend Yield vs Market

company8.5%marketbottom25%1.4%markettop25%3.7%industryaverage2.2%forecastin3Years13.6%

Current dividend yield vs market & industry

Notable Dividend: TVBC.Y's dividend (8.47%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: TVBC.Y's dividend (8.47%) is in the top 25% of dividend payers in the US market (3.73%)


Stability and Growth of Payments

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

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


Current Payout to Shareholders

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


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

8.1yrs

Average management tenure


CEO

Mark Lee (63yo)

10.4yrs

Tenure

HK$13,204,000

Compensation

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 se ...


CEO Compensation Analysis

Compensation vs Market: Mark's total compensation ($USD1.70M) is below average for companies of similar size in the US market ($USD2.51M).

Compensation vs Earnings: Mark's compensation has increased whilst the company is unprofitable.


Leadership Team

NamePositionTenureCompensationOwnership
Po Lee
Group CEO & Executive Director10.4yrsHK$13.20m0.10% HK$663.7k
Shin Keong Cheong
Strategic Consultant24.3yrsHK$8.76mno data
To Hui
Executive Director4.8yrsHK$3.11mno data
Yau Mak
CFO & Company Secretary15.3yrsno datano data
Shu Chan
Deputy General Manager of Legal & International Operations3.6yrsno datano data
Chung Ping Lo
Chief Advisor5.8yrsHK$171.00kno data
Hadassa Gerber
Chief Research Officer & Senior VP5.7yrsno datano data

8.1yrs

Average Tenure

60yo

Average Age

Experienced Management: TVBC.Y's management team is seasoned and experienced (8.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Po Lee
Group CEO & Executive Director10.4yrsHK$13.20m0.10% HK$663.7k
To Hui
Executive Director4.8yrsHK$3.11mno data
Allan Zeman
Independent Non-Executive Director4.8yrsHK$315.00kno data
Wing Yan Lo
Independent Non-Executive Director5yrsHK$616.00kno data
Wo Fong
Independent Non-executive Director0.2yrsno datano data
Hsien Pin Lee
Non-Executive Director8yrsHK$465.00kno data
Ruigang Li
Vice Chairman3.3yrsHK$540.00kno data
Wen-Chi Chen
Non-Executive Director8yrsHK$410.00kno data
Chia-Ling Wang
Independent Non-Executive Director4.8yrsHK$445.00kno data
Ching Ying Wong
Independent Non-Executive Director0.2yrsno datano data

4.8yrs

Average Tenure

62.5yo

Average Age

Experienced Board: TVBC.Y's board of directors are considered experienced (4.8 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: TVBC.Y
  • Exchange: OTCPK
  • Founded: 1967
  • Industry: Broadcasting
  • Sector: Media
  • Market Cap: HK$5.168b
  • Listing Market Cap: HK$663.661m
  • 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 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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/24 01:49
End of Day Share Price2020/02/03 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.