Hong Kong's TVB Ltd half-year revenue falls on weaker China operations

TVB

25/08/2026 13:55

Overview
Hong Kong TV broadcaster's half-year revenue fell 16% yr/yr
Loss attributable to equity holders narrowed 31% yr/yr

Outlook
Company expects modest growth in terrestrial TV advertising income for rest of 2026
Company expects to maintain double-digit growth in digital advertising income for 2026
TVB expects growth in full-year 2026 EBITDA and net profit attributable to equity holders vs 2025

Result Drivers
CHINESE MAINLAND OPERATIONS - Co said revenue from Chinese Mainland operations declined 61% yr/yr due to a smaller co-production drama slate and a softer market for content licensing
OPERATING COST REDUCTION - Co attributed improved gross margin and narrowed loss to an 18% yr/yr reduction in total operating costs, driven by continued cost discipline and scaling down non-performing businesses
DIGITAL ADVERTISING - Co said digital advertising revenue increased 13% yr/yr, helping offset declines in other segments

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
 
HK$1.26 bln
 
H1 Net Loss Attributable
 
HK$74 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the broadcasting peer group is "buy"
Wall Street's median 12-month price target for TVB Ltd is HK$4.10, about 67% above its August 25 closing price of HK$2.46
The stock recently traded at 5 times the next 12-month earnings vs. a P/E of 6 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)