Salomon upgrades Television Broadcasts rating to ˇ§neutralˇ¨

Television Broadcasts (0511) paid HK$88 mln charged TV margin for its subsidiary Galaxy Satellite Broadcast the day before yesterday. Salomon Smith Barney announced in the morning that the outlook of the company began to become clear, but the future direction of it needed further explanation. 

The fund house upgraded the investment rating of Television Broadcasts to ˇ§neutralˇ¨, but expected the EBITDA of the company to decrease, while estimated its per share profit to ascend for special projects.

Salomon Smith Barney predicted the annual net profit of Television Broadcasts in 2001 to be HK$787 mln with per share profit of HK$1.7, up 18.4% and annual net profit in 2002 to be HK$812 mln with per share profit of HK$1.85, rising 2.8%.

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