Tokyo Broadcasting System: asset backed situation
Investing in this top Japanese broadcaster offers potential for massive discounts and access to prime Tokyo real estate
Tokyo Broadcasting System (‘TBS’) is one of the top five major broadcasters in Japan. However, its broadcasting business is masked by its excessively large securities portfolio. It has excess cash, listed securities, and prime Tokyo real estate which cover its market capitalisation almost two times over. TBS trades on a 49%* discount.
*AVI estimate at 31 December 2019