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HT Media: Buy; PT Rs180
HT Media expects strong revenue growth to come from primarily advertising
yield improvement in Mumbai as readership expands further and gains
market share. HT Media expects its Hindi newspaper (Hindustan) revenues
to grow at an average 20% per year for next three years, led by high growth
in Uttar Pradesh (UP).
HT Media launched Mint – its business newspaper – in Hyderabad and has
now completed the geographical expansion. It plans to increase circulation of
Mint in its existing markets by 50,000 copies (daily) in FY12. HT Media
expects Mint to achieve EBITDA breakeven over the next few quarter.
HT Media expects newsprint prices to remain in the range of US$725/t to
US$775/t (landed cost, including freight).
HT Media does not expect 1QFY12 to be a strong quarter due to the late
pick-up in education sector advertising, given the delay in examination
results.
HT Media is likely to look for acquisition opportunities in the regional print
space (excluding UP), internet business and education sector.
The HT Burda joint venture is expected to achieve EBITDA break-even in
FY12. HT Burda is operating at near full capacity level for the next two
months.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
HT Media: Buy; PT Rs180
HT Media expects strong revenue growth to come from primarily advertising
yield improvement in Mumbai as readership expands further and gains
market share. HT Media expects its Hindi newspaper (Hindustan) revenues
to grow at an average 20% per year for next three years, led by high growth
in Uttar Pradesh (UP).
HT Media launched Mint – its business newspaper – in Hyderabad and has
now completed the geographical expansion. It plans to increase circulation of
Mint in its existing markets by 50,000 copies (daily) in FY12. HT Media
expects Mint to achieve EBITDA breakeven over the next few quarter.
HT Media expects newsprint prices to remain in the range of US$725/t to
US$775/t (landed cost, including freight).
HT Media does not expect 1QFY12 to be a strong quarter due to the late
pick-up in education sector advertising, given the delay in examination
results.
HT Media is likely to look for acquisition opportunities in the regional print
space (excluding UP), internet business and education sector.
The HT Burda joint venture is expected to achieve EBITDA break-even in
FY12. HT Burda is operating at near full capacity level for the next two
months.
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