Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/19341" target="_blank" data-smartkarma-citation="entities:19341:1">Television Broadcasts Ltd (511 HK)</a>, Hong Kong's largest free-to-air broadcaster, touched a ten-year low last week, three months after the <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2018/0123/LTN20180123698.pdf" target="_blank">lapse of its buyback offer</a>.Following the release of <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2018/0321/LTN20180321703.pdf" target="_blank">FY17 results</a> - where the adjusted earnings paint a more positive tilt than the headline numbers - I met with management to discuss the latest business developments. Management has recently completed an NDR in London and Singapore.The takeaway is largely positive. Revenues are stabilising, although growth would not be considered robust. Apart from its <a href="https://promo.bigbigchannel.com.hk/en/" target="_blank">Big Big Channel</a> (social media platform, 1% of revenue), all remaining segments are expected to be profitable and/or break even in FY18.And the opportunity to relaunch the buyback cannot be ruled out.

Television Broadcasts Ltd (511 HK), Hong Kong's largest free-to-air broadcaster, touched a ten-year low last week, three months after the lapse of its buyback offer.Following the release of FY17 results - where the adjusted earnings paint a more positive tilt than the headline numbers - I met with management to discuss the latest business developments. Management has recently completed an NDR in London and Singapore.The takeaway is largely positive. Revenues are stabilising, although growth would not be considered robust. Apart from its Big Big Channel (social media platform, 1% of revenue), all remaining segments are expected to be profitable and/or break even in FY18.And the opportunity to relaunch the buyback cannot be ruled out. 

China

Meike International Holdings Ltd design, develop, produce, market and distribute leisure sportswear products, including footwear and apparel, and sports accessories under the Meike brand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Meike International Holdings (953 HK)

TVB: A Discussion with Management

Television Broadcasts Ltd (511 HK), Hong Kong's largest free-to-air broadcaster, touched a ten-year low last week, three months after the lapse of...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)