For the first time, Bank of America Merrill Lynch gave TV Radio (0511.HK) a rating that outperformed the market, targeting HK$51.9. The reason was that in addition to expensive valuations, adding a free license would bring medium- to long-term risks; 60% of its revenue came from the local market, with a compound increase of only 2% over the past two years, and expectations for developing mainland business were too high.
美银美林首次给予电视广播(0511.HK)跑输大市评级，目标51.9港元
Bank of America Merrill Lynch gave TV broadcast (0511.HK) a rating that outperformed the market for the first time, targeting HK$51.9
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