Barclays Bank has initiated its research coverage on Television Broadcasts (HKG:0511) (TVB) with an Overweight rating and a price target of HK$63.

Barclays sees a good combination of stability and growth potential in TVB and views TVB's leading position in the Hong Kong free-TV market as sustainable in the medium term, providing stable cash flow for its dividend distributions. In addition, the bank sees significant potential in TVB's new media business and China business going forward, but sees no immediate threat from different advertising platforms in Hong Kong.