511 (Television Broadcasts Ltd) vs Hang Seng (Hong Kong) Comparison

511

Hang Seng (Hong Kong)

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511

Hang Seng (Hong Kong)

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511

Hang Seng (Hong Kong)

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Television Broadcasts Ltd
Glance View

Market Cap

1.4B HKD

Industry

Media

Television Broadcasts Ltd. engages in the provision of terrestrial television broadcasting, program production, and television-related activities. The firm operates its business through seven segments. The Hong Kong TV Broadcasting segment engages in the broadcasting of television programmes and commercials on terrestrial TV platforms and production of programmes and co-produced dramas. The MyTV SUPER segment operates myTV SUPER over the top (OTT) services and website portals. The Big Big Channel Business segment operates online social media platform Big Big Channel, e-commerce platform Big Big Shop, music entertainment, event and digital marketing. The Programme Licensing and Distribution segment distributes TV programmes and channels. The Overseas Pay TV and TVB Anywhere segment provides pay TV and OTT services. The Other Activities segment engages in property investment. The Corporate Support segment provides financing services, and new media platforms development and information technology (IT) support services.

View Television Broadcasts Ltd Analysis

Intrinsic Value

Undervaluation 51%

Intrinsic Value

Price

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

511

vs

H
Hang Seng (Hong Kong)

Stocks Performance
511 vs Hang Seng (Hong Kong)

Performance Gap
511 vs Hang Seng (Hong Kong)

Performance By Year
511 vs Hang Seng (Hong Kong)

Competitors Performance
Television Broadcasts Ltd vs Peers

Television Broadcasts Ltd
Glance View

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511 vs H Hang Seng (Hong Kong)

Stocks Performance 511 vs Hang Seng (Hong Kong)

Performance Gap 511 vs Hang Seng (Hong Kong)

Performance By Year 511 vs Hang Seng (Hong Kong)

Competitors Performance Television Broadcasts Ltd vs Peers

Television Broadcasts Ltd Glance View

Company

Help

Tools

Stocks

511

vs

H
Hang Seng (Hong Kong)

Stocks Performance
511 vs Hang Seng (Hong Kong)

Performance Gap
511 vs Hang Seng (Hong Kong)

Performance By Year
511 vs Hang Seng (Hong Kong)

Competitors Performance
Television Broadcasts Ltd vs Peers

Television Broadcasts Ltd
Glance View