According to a report published by Deutsche Bank, although the pressure on free TV licenses has decreased, its operating expenses in Hong Kong are higher than expected. Coupled with satellite operation issues, the bank lowered its 2013-15 earnings test by 10%, 12%, and 5% respectively. The target price of the stock was lowered by 5% from 60.47 yuan to 57.55 yuan, and the rating remained “held”. However, Deutsche Bank is still optimistic about this stock because of the company's strong cash flow and ability to increase dividends.

The report predicts that in the first half of this year, TV broadcast earnings will fall 11% year-on-year to 753 million yuan, mainly due to salary reviews in July of last year and January of this year, which will have an impact on the whole year of salary increases. Mid-term sales, on the other hand, increased 5.6% year-on-year to 2.6 billion yuan, mainly driven by 6.9% growth in the broadcasting business, but this will be offset by adverse factors in overseas operations.