"HT Media's 3QFY13 PAT grew 11% YoY and 61% QoQ to INR536m (est INR534m). EBITDA/PBT was 2/6% above estimate, largely due to 4-5% QoQ decline in RM and employee costs. Ad revenue grew ~2% YoY and 14% QoQ to INR4.15b (3% YoY decline in English; 15% increase in Hindi), while circulation revenue increased 12% YoY to INR565m (6% in English; 15% in Hindi). Revenues increased 4% YoY and 7% QoQ to INR5.47b (1% below est). Ad revenue for English and Hindi segments was broadly in line. EBITDA increased 13% YoY to INR875m (2% above est) on continued cost control. Operating costs grew by only 2% YoY and 1% QoQ. RM costs remained flat YoY and declined 4% QoQ to INR1.87b (34% of revenue). Digital business EBIT loss stood at INR89m in 3QFY13 v/s INR100m in 2QFY13. Net cash increased to INR6b from INR5.45b in 2QFY13.
Valuation and view: While ad growth has rebounded post two preceding quarters of negative ad growth, English segment remains weak (posted fourth straight quarter of negative ad growth). We upgrade EPS estimates by 3-6%. We expect EPS to decline by ~4% in FY13E, followed by 12% EPS CAGR over FY13E-15E, led by 10% ad revenue CAGR. The stock trades at a P/E of 13.2x FY14E and 12.2x FY15E. Maintain Neutral with a target price of INR113," says Motilal Oswal research eport.
Institutional holding more than 40% in Indian cos
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Anda sedang membaca artikel tentang
Motilal Oswal neutral on HT Media; target Rs 113
Dengan url
https://rokokkanker.blogspot.com/2013/02/motilal-oswal-neutral-on-ht-media.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Motilal Oswal neutral on HT Media; target Rs 113
namun jangan lupa untuk meletakkan link
Motilal Oswal neutral on HT Media; target Rs 113
sebagai sumbernya
0 komentar:
Posting Komentar