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IRS 2010 Q4 UPDATE
IRS 2010 Q4 data, released yesterday, is positive for HT Media, as all its
major newspapers/ editions have continued to perform strongly. Hindustan
Times' Average Issue Readership (AIR) has grown 2.1% q/q, while Hindustan
has grown 3.7% q/q. Mint has grown in readership to 1.99 lakh readers
(+11%, q/q). We re-iterate our bullish stance on HT Media (BUY, Price Target
Rs 224/share (FY-12 end).
n IRS Q4 2010 Average Issue Readership (AIR) shows continued gains for HT
Media's three newspapers, Hindustan Times, Mint, and Hindustan.
n HT Mumbai has consolidated its position in Mumbai. AIR for HT's Mumbai edition has risen 4% to 6.13lakh readers. It is worth noting that Mumbai Mirror, has
declined 6% in readership q/q, which is another positive for HT. HT has continued to lead in Delhi over The Times of India, even though the margin between
the two is still small. HT also continues to be a strong #2 in Chandigarh, where
it lags leader "The Tribune" by 5,000 readers, as per IRS Q4, 2010. (Source:
Hindustan Times)
n Mint, the business newspaper of HT Media has continued to gain readers. Mint
has 1.99 lakh readers, as per IRS 2010 Q4 (Source: Hindustan Times)
n Hindustan's readership has risen 5.7% q/q, and the newspaper lags Dainik
Bhaskar by 22% in AIR. While AIR numbers are usually believed to affect flow of
advertising rupees, it is worth noting that Hindustan has emerged as the #2 Hindi
newspaper in terms of Total Readership (average issue readership measures
readership that has happened in the past day, while total readership measures
the readership that has happened in the past week).
n As articulated in our reports/ notes on HT Media, we think the company is set to
benefit from investments made in the past few years. We believe HT Media's
newspapers shall continue to benefit from a rising Readership per Copy as well
as rising share in advertising revenues as readership rises. We note that the findings of the survey are also broadly positive for Hindustan Media Ventures Limited
(HMVL) (Not Covered).
n HT Media is among our preferred picks in the media space, and our top pick in
print media. The stock trades at 12.4x FY12E PER, which presents an opportunity
to gather substantial capital gains as concerns on newsprint expenses subside
and the growth story of HT Media unfolds. We have a price target of Rs 224/
share on HT Media. We re-iterate BUY.
n The findings of the survey are largely neutral for other print companies under our
coverage universe. Dainik Jagran's AIR continues to hover around the 16mn
mark. Dainik Bhaskar's readership has risen substantially, although we would
need to watch out for gains made by competitors and state-wise competitive
position of the company's newspapers. Nai Dunia has achieved 7.5% growth in
the quarter (q/q), while Prabhat Khabar has grown 14.3% (q/q). We note that
while Nai Dunia competes with Dainik Bhaskar in MP, Prabhat Khabar is defending its position in Jharkhand, where DB Corp has recently made an entry.
n We have an ACCUMULATE rating on Jagran Prakashan and DB Corp
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� �
IRS 2010 Q4 UPDATE
IRS 2010 Q4 data, released yesterday, is positive for HT Media, as all its
major newspapers/ editions have continued to perform strongly. Hindustan
Times' Average Issue Readership (AIR) has grown 2.1% q/q, while Hindustan
has grown 3.7% q/q. Mint has grown in readership to 1.99 lakh readers
(+11%, q/q). We re-iterate our bullish stance on HT Media (BUY, Price Target
Rs 224/share (FY-12 end).
n IRS Q4 2010 Average Issue Readership (AIR) shows continued gains for HT
Media's three newspapers, Hindustan Times, Mint, and Hindustan.
n HT Mumbai has consolidated its position in Mumbai. AIR for HT's Mumbai edition has risen 4% to 6.13lakh readers. It is worth noting that Mumbai Mirror, has
declined 6% in readership q/q, which is another positive for HT. HT has continued to lead in Delhi over The Times of India, even though the margin between
the two is still small. HT also continues to be a strong #2 in Chandigarh, where
it lags leader "The Tribune" by 5,000 readers, as per IRS Q4, 2010. (Source:
Hindustan Times)
n Mint, the business newspaper of HT Media has continued to gain readers. Mint
has 1.99 lakh readers, as per IRS 2010 Q4 (Source: Hindustan Times)
n Hindustan's readership has risen 5.7% q/q, and the newspaper lags Dainik
Bhaskar by 22% in AIR. While AIR numbers are usually believed to affect flow of
advertising rupees, it is worth noting that Hindustan has emerged as the #2 Hindi
newspaper in terms of Total Readership (average issue readership measures
readership that has happened in the past day, while total readership measures
the readership that has happened in the past week).
n As articulated in our reports/ notes on HT Media, we think the company is set to
benefit from investments made in the past few years. We believe HT Media's
newspapers shall continue to benefit from a rising Readership per Copy as well
as rising share in advertising revenues as readership rises. We note that the findings of the survey are also broadly positive for Hindustan Media Ventures Limited
(HMVL) (Not Covered).
n HT Media is among our preferred picks in the media space, and our top pick in
print media. The stock trades at 12.4x FY12E PER, which presents an opportunity
to gather substantial capital gains as concerns on newsprint expenses subside
and the growth story of HT Media unfolds. We have a price target of Rs 224/
share on HT Media. We re-iterate BUY.
n The findings of the survey are largely neutral for other print companies under our
coverage universe. Dainik Jagran's AIR continues to hover around the 16mn
mark. Dainik Bhaskar's readership has risen substantially, although we would
need to watch out for gains made by competitors and state-wise competitive
position of the company's newspapers. Nai Dunia has achieved 7.5% growth in
the quarter (q/q), while Prabhat Khabar has grown 14.3% (q/q). We note that
while Nai Dunia competes with Dainik Bhaskar in MP, Prabhat Khabar is defending its position in Jharkhand, where DB Corp has recently made an entry.
n We have an ACCUMULATE rating on Jagran Prakashan and DB Corp
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