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Television Broadcasts Limited (0511) Fair Value & Analysis

Communication Services · HK · Market cap HK$1.0B

TB Television Broadcasts Limited 0511 · HK
PriceHK$2.53
Fair ValueHK$2.79
Upside+10.3%
Quality55/100
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Mixed Growth
Thin margins · 1.9% net margin
Low debt · generates free cash flow
Ranks above peers (10/15)
Narrow moat 27/100
Evidence: High Range HK$2.09 – HK$2.79 Share as image

Fair value as of: Aug 13, 2026

From 22 valuation models · updated 2 days ago

Share price +8.1% over the past month.

A solid business, screening 10% undervalued on our models.

What matters now

  • Our model range runs from HK$2.09 (bear) to HK$2.79 (bull), base HK$2.79. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 55/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

HK$13.40 HK$2.22 Fair Value HK$2.79 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$2.22 – HK$13.40 · fair‑value band HK$2.09 – HK$2.79 · the HK$2.53 price screens below the HK$2.79 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Television Broadcasts Limited (0511) currently trades at HK$2.53, while our model-based Fair Value estimate is HK$2.79, implying the stock looks roughly 10.3% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Communication Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Television Broadcasts Limited generated revenue of HK$3.2B at a net margin of 1.9%. Revenue declined 2.9% year over year. It earns a return on equity of 0.8%. Net debt stands at HK$1.3B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$2.09 (bear case) to HK$2.79 (bull case); at HK$2.53, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 45% below its 52-week high and 16% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 20% fair-value upside, at 10%, 0511 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF HK$3.37 HK$4.47 HK$6.17 80
Residual Income HK$3.36 HK$3.14 HK$2.36 76
Rev-Margin DCF HK$1.81 HK$2.53 HK$3.47 74
All 22 models by family
DCF Models
FCF DCF HK$3.25 HK$4.41 HK$6.35 38
Owner Earnings HK$3.11 HK$4.22 HK$6.10 31
5Y Revenue Exit HK$1.81 HK$2.43 HK$3.33 39
5Y EBITDA Exit HK$3.83 HK$5.93 HK$8.72 41
5Y P/E Exit HK$2.11 HK$2.96 HK$3.98 38
10Y Revenue Exit HK$2.39 HK$2.89 HK$3.37 36
10Y EBITDA Exit HK$3.55 HK$4.86 HK$6.26 37
10Y P/E Exit HK$2.59 HK$3.18 HK$3.72 35
Earnings-Based
Graham-Dodd HK$0.8600 HK$1.06 HK$1.19 54
EPV HK$0.5100 HK$0.6600 HK$0.7800 59
Multiples
P/E Multiple HK$2.09 HK$2.79 HK$3.49 63
P/S Multiple HK$1.62 HK$2.16 HK$2.70 58
P/B Multiple HK$1.62 HK$2.16 HK$2.70 55
EV/EBIT HK$1.23 HK$1.83 HK$2.43 53
EV/EBITDA HK$5.10 HK$6.99 HK$8.88 54
EV/Revenue HK$0.7900 HK$1.38 HK$1.96 43
Asset-Based
NCAV (Graham) HK$2.50 HK$3.35 HK$5.00 50
Growth DCF
Growth DCF HK$3.37 HK$4.47 HK$6.17 80
Rev-Margin DCF HK$1.81 HK$2.53 HK$3.47 74
Economic Profit
Residual Income HK$3.36 HK$3.14 HK$2.36 76
ROIC Compounder HK$0.5100 HK$0.6600 HK$0.7800 72
Growth Earnings
Growth-Adj P/E HK$1.48 HK$2.11 HK$2.74 68

Widest divergence: Asset-Based (HK$3.35) versus Earnings-Based (HK$0.6600). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$3.2B
Revenue growth (YoY) -2.9%
Net margin 1.9%
Return on equity 0.8%
Free cash flow HK$220M FY2025
P/E ratio 17.2 as of Jul 2, 2026
More key figures
Operating margin 11.8%
EPS (TTM) HK$-0.2300
EPS growth (YoY) +5.6%
Net debt HK$1.3B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 53 · Market factors (momentum, volatility) 30

Profitability 30
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 39
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 50
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Television Broadcasts Limited, together with its subsidiaries, engages in terrestrial television broadcasting, digital media services, and other television-related activities. It operates through TV Broadcasting; Digital Media; Chinese Mainland Operations; and International Operations segments.

Full company description

Television Broadcasts Limited, together with its subsidiaries, engages in terrestrial television broadcasting, digital media services, and other television-related activities. It operates through TV Broadcasting; Digital Media; Chinese Mainland Operations; and International Operations segments. The TV Broadcasting segment is involved in the broadcasting of television programmes and commercials on terrestrial TV platforms; production of programmes; music entertainment, and operation of e-Commerce business. The Digital Media segment operates myTV SUPER OTT service, online social media platform, digital marketing, and other digital-related businesses in Hong Kong. The Chinese Mainland Operations segment co-produces dramas; and distributes television programmes and channels to telecast, video, and media operators in Mainland China. The International Operations segment offers pay television and OTT services to subscribers; and distributes television programmes and channels to telecast, video, and media operators in Malaysia, Singapore, and internationally. The company also produces motion pictures for theatrical release and distribution; artiste management; and produces, sells, and licenses musical works and sound recordings. In addition, it provides event and digital marketing; artistes consultancy, management, and agency services; programme licensing services; programmes and marketing materials; film licensing and distribution services; agency services for design, production, and exhibition of advertisements, as well as film rights and management services; cultural and art development, software and IT services, and corporate finance services; and satellite and subscription television programs. Further, the company engages in digital new media and trading; online sale of groceries; e-commerce business trading; and property investment activities. Television Broadcasts Limited was incorporated in 1965 and is based in Kowloon, Hong Kong.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Television Broadcasts Limited reported revenue of HK$3.2B in FY2025 versus HK$2.9B in FY2021, a compound +2.4%/yr. Reported net income was HK$59.3M in FY2025.

Growth Quality 53/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$3.2B
Latest YoY
−2.0%
Avg. growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−3.8%
Avg. growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.2%
Avg. growth/yr (26Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−0.1%
Revenue +2.4%/yr
FY21 HK$2.9B
FY22 HK$3.6B
FY23 HK$3.3B
FY24 HK$3.3B
FY25 HK$3.2B
Net income
FY21 −HK$647M
FY22 −HK$807M
FY23 −HK$763M
FY24 −HK$491M
FY25 HK$59.3M

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Television Broadcasts Limited · Fair Value
HK$2.79 +10%Fair Value
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Cite: Fair Value Calculator (2026). "Television Broadcasts Limited Fair Value". https://www.fairvalue-calculator.com/stock/0511

Peer Group

Broadcasting · 66 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 55 · Above median
Fair Value upside +10% · Above median
Return on equity (TTM) 1% · Above median
Return on assets 2% · Above median
Net margin (TTM) 2% · Above median
Operating margin (TTM) 12% · Top 25%
Revenue growth -3% · Below median
Dividend yield (TTM) 3.6% · Below median
Debt / equity 0.45× · Higher than 75% of peers

Valuation Multiples vs Broadcasting median · lower = cheaper

P/E (TTM) 17.2× · Pricier than median
P/B 0.44× · Cheaper than median
P/S (TTM) 0.33× · Cheaper than median
P/FCF 0.6× · Cheaper than median
EV/EBITDA 4.7× · Cheaper than median
PEG 2.31× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 47 · sector 29
FUTURE 0 · sector 0
PAST 3 · sector 3
HEALTH 77 · sector 96
DIVIDEND 71 · sector 71

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Broadcasting stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Nexstar Media Group NXST $185.14 $151.97 -18%
SES S.A SESG €5.43 €18.90 +248%
PT Elang Mahkota Teknologi Tbk, through its subsidiaries, EMTK 500.00 IDR 1,094 IDR +119%
MFE-Mediaforeurope N.V MFEB €3.62 €5.38 +49%
Jiangsu Broadcasting Cable Information Network Corporation 600959 ¥3.10 ¥1.14 -63%
Sun TV Network Limited SUNTV ₹487.90 ₹586.58 +20%
MBC Group 4072 20.43 SAR 19.24 SAR -6%
Métropole Télévision S.A MMT €12.04 €15.96 +33%
Beijing Gehua Catv Network Co 600037 ¥7.15 ¥3.64 -49%
PT Surya Citra Media Tbk, SCMA 200.00 IDR 198.19 IDR -1%

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Frequently asked questions

Is Television Broadcasts Limited (0511) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$2.79 versus a price of HK$2.53, about +10% (undervalued).
What is the fair value of 0511?
Our model-based fair value for Television Broadcasts Limited is HK$2.79 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$2.53.
What is the quality score of 0511?
Television Broadcasts Limited has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Television Broadcasts Limited (0511)?
Television Broadcasts Limited reported trailing-twelve-month revenue of about HK$3.2B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 0511?
The net profit margin of Television Broadcasts Limited is about 1.9%, meaning it keeps roughly 1.9% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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