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UBS Investment Research
Indian Publishing Sector
IRS Q1: HT Media continues to gain readers
„ Event: IRS Q111 newspaper readership statistics released
The Media Users Research Council (MRUC) has released the Indian Readership
Survey (IRS) Q1 2011. Dainik Jagran (DJ) remains the largest read newspaper in
India, followed by Dainik Bhaskar and Hindustan (HH). Average issue readership
(AIR) for DJ dropped from 16.1m readers to 15.9m, while that of HH increased from
11.5m to 11.8m. Dainik Bhaskar’s readership remained largely unchanged at 14.0m.
The Hindustan Times (HT) gained readership from 3.6m to 3.7m, while The Times of
India remained unchanged at 7.4m. Mint’s readership increased from 199k to 222k.
„ Impact: maintain estimates; more readers =>better ad yield for HT Media
We maintain our earnings estimates for DB Corp, HT Media and Jagran given the
absence of major surprises in the IRS results. We expect HT Media to continue to
benefit from improving ad yields led by readership increase for Mint and HT’s Mumbai
edition.
„ Action: maintain positive view on India print media
India’s print media segment differs from its global peers because of its larger scale, the
greater relevance of regionalisation, and minimal competition from the internet. We
expect India print media revenues to rise in the next five years, led by rising income
and literacy levels, favourable demographics and increasing print penetration.
„ Valuation: DB Corp is our preferred pick in India print media sector
We maintain our Buy ratings on DB Corp, HT Media and Jagran with FY13E PE
multiple-based price targets of Rs310, Rs195 and Rs145, respectively. We believe DB
Corp has the best exposure to the fast-growing regional print market, due to its welldiversified geographical reach, strong management vision and execution track record.
Q Statement of Risk
The key risks for the India publishing sector are: 1) currency fluctuations and
increase in newsprint prices could impact profitability; 2) a macroeconomic
slowdown could impact advertising revenues; 3) intense competition; and 4)
threat from online usage in the long term.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
UBS Investment Research
Indian Publishing Sector
IRS Q1: HT Media continues to gain readers
„ Event: IRS Q111 newspaper readership statistics released
The Media Users Research Council (MRUC) has released the Indian Readership
Survey (IRS) Q1 2011. Dainik Jagran (DJ) remains the largest read newspaper in
India, followed by Dainik Bhaskar and Hindustan (HH). Average issue readership
(AIR) for DJ dropped from 16.1m readers to 15.9m, while that of HH increased from
11.5m to 11.8m. Dainik Bhaskar’s readership remained largely unchanged at 14.0m.
The Hindustan Times (HT) gained readership from 3.6m to 3.7m, while The Times of
India remained unchanged at 7.4m. Mint’s readership increased from 199k to 222k.
„ Impact: maintain estimates; more readers =>better ad yield for HT Media
We maintain our earnings estimates for DB Corp, HT Media and Jagran given the
absence of major surprises in the IRS results. We expect HT Media to continue to
benefit from improving ad yields led by readership increase for Mint and HT’s Mumbai
edition.
„ Action: maintain positive view on India print media
India’s print media segment differs from its global peers because of its larger scale, the
greater relevance of regionalisation, and minimal competition from the internet. We
expect India print media revenues to rise in the next five years, led by rising income
and literacy levels, favourable demographics and increasing print penetration.
„ Valuation: DB Corp is our preferred pick in India print media sector
We maintain our Buy ratings on DB Corp, HT Media and Jagran with FY13E PE
multiple-based price targets of Rs310, Rs195 and Rs145, respectively. We believe DB
Corp has the best exposure to the fast-growing regional print market, due to its welldiversified geographical reach, strong management vision and execution track record.
Q Statement of Risk
The key risks for the India publishing sector are: 1) currency fluctuations and
increase in newsprint prices could impact profitability; 2) a macroeconomic
slowdown could impact advertising revenues; 3) intense competition; and 4)
threat from online usage in the long term.
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