11 March 2012

Media: Demystifying IRS Q4 2011: still with the top guns ::Kotak Securities, PDF link


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http://www.kotaksecurities.com/pdf/indiadaily/indiadaily09032012.pdf

Media
India
Demystifying IRS Q4 2011: still with the top guns. We stick with the top guns of the
Indian print media despite sub-optimal trends in IRS Q4 2011. Our positive view on
Hindi/regional print is driven by (1) robust advertising dynamics, (2) limited inter-media
competition supported by (3) attractive valuations and (4) steady cash flows/dividends
(~3.5% for Jagran and ~2% for DB Corp). Our analysis of IRS Q4 2011 (survey period
Oct 2010 – Sep 2011) reveals: (1) continued readership growth in Indian print media
(English/Hindi), (2) leading print companies consolidating their position in core markets,
(3) Mid-Day flourishing under Jagran and (4) HT consolidating its runner-up position in
Mumbai. We focus on yoy changes in readership from a trend perspective.

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