HT Media - Hindi business remains strong, Maintain BUY :Emkay

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HT Media

Hindi business remains strong, Maintain BUY

BUY

CMP: Rs 140                                        Target Price: Rs 172

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n     Q2FY12 rev. better than expected, growing 10.7% yoy at Rs4.9bn. Print ad-rev grew 12.5% yoy (our est. of 9.2%) with Hindi ad-rev. growing 24% yoy & English by 8.1% yoy

n     EBIDTA declined 9.9% yoy, led by Rs63mn forex loss & Rs55mn provision for ad-equity. Adj. for one-offs EBITDA margin was at 16.8%. Burda JV EBITDA stood at Rs3mn v/s loss of Rs33mn

n     PAT at Rs438mn (our estimate of Rs380mn) was up 13.0% yoy, on account of high other income and lower tax outgo

n     Valuations at 16.4x FY12E and 12.2x FY13E on our EPS est. of Rs8.6/Rs11.5 for FY12E/13E. Maintain BUY with revised target price of Rs172 (earlier Rs183)