Showing posts with label Deccan Chronicle. Show all posts
Showing posts with label Deccan Chronicle. Show all posts
29 August 2012
26 August 2012
10 June 2011
Deutsche Bank: News Headlines June 9,2011
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News Headlines
India face tough times to meet FY12 revenue target (Reuters)
India face a difficulties to achieve rev collections because of slowing growth,
indicating the govt. may come under pressure to meet its fiscal deficit target.
Currencies
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50
Jun-10
J ul-10
Aug-10
Sep-10
Oc t -10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
M ay -11
Jun-11
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1.10
1.20
1.30
1.40
1.50
Monsoon to reach India's rice areas this weekend (Reuters)
Monsoon is expected to arrive over India's main rice growing areas this weekend,
which could help erase an initial delay in planting of the main summer food crop.
Need sustained efforts to achieve tax targets (BS)
FM said it would not be easy to realise the Rs 3,92,908-crore target in indirect tax
collections this year, because the economic growth was likely to slip to 8.75%,
against the Budget estimate of 9%.
Irda releases M&A guidelines for general insurance firms (BS)
The Irda released regulatory guidelines for M&As for non-life insurance companies.
Govt puts off fuel price hike on political woes (Reuters)
The govt. has yet again deferred a decision on raising prices of diesel, kerosene and
cooking gas, needed to rein in the fiscal gap, as it deals with one of the worst
political crises in recent years.
Retail share of stocks slumps to 5-year low (BS)
According to data compiled by BS Research Bureau, the share of retail investors in
the market cap of actively-traded stocks on the BSE has dipped to a five-year low.
Capital investment in agriculture must go up (ET)
Capital investment in agriculture has to go up substantially and urgently to insulate
agriculture production against climate change and other critical impact factors, farm
minister told the consultative panel on agriculture.
Indian mills to seek nod for more sugar exports (Reuters)
India's sugar mills will soon seek govt permission to export an additional half a mln t
of the sweetner as output is expected to rise in the next season from October, the
chief of a leading industry body said.
Bank borrowings from RBI signal rate hike (ET)
Banks' rising borrowings from the RBI indicate that lenders foresee a spike in interest
rates next week as the advance tax payments by companies suck out liquidity hinting
at a possible policy rate increase.
Bharti takes tower sharing to Africa (BS)
Bharti Airtel, which acquired Zain Telecom’s assets in 16 African countries last year,
has started discussions with all its key competitors on the continent for sharing tower
infrastructure and back-end optic fibre networks.
ONGC, GAIL Said to Bid for Part of Exxon Stake in Kazakhstan’s Kashagan (ET)
ONGC and GAIL India are in talks to buy part of Exxon Mobil’s stake in Kazakhstan’s
Kashagan field.
GAIL to form JV with KSIIDC to bring piped gas to city (BS)
The state-owned KSIIDC and GAIL (India) signed a JV agreement to jointly pursue
various natural gas related business activities in Karnataka.
Tata Motors in talks to raise up to $500 mln overseas (Reuters)
Tata Motors, plans to raise up to $500 mln overseas through external commercial
borrowings over the next two months, two sources with the knowledge of the deal.
JSW Steel May production up 2% at 5.77 lakh tonnes (ET)
Sajjan Jindal-led JSW steel reported a 2 per cent jump in crude steel production in
May at 5.77 lakh-tonnes, as against 5.65-lakh tonnes in the same month last year.
Rising prices to pare India's FY12 growth to 8.2%, says World Bank (BS)
India’s economic growth theory has been confirmed by the World Bank. India’s
growth would ease to 8.2 % this financial year against 8.5 % a year ago, as high
inflation had cut into disposable income and hence demand.
U.S. Economy ’Steady’ in Most Areas (Bloomberg Finance LP)
The Federal Reserve said the economy expanded at a “steady pace” in most of the
U.S. while slowing in four of 12 regions as consumers contended with higher food
and fuel prices and shortages of parts reduced auto production.
World Bank Urges Rate Rises in Emerging Nations With Global Growth at 3.2%
(Bloomberg Finance LP)
Emerging-market economies, growing almost 3 times faster than their developed
counterparts, need to speed spending cuts and interest-rate increases as they fight
inflation and overheating.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
News Headlines
India face tough times to meet FY12 revenue target (Reuters)
India face a difficulties to achieve rev collections because of slowing growth,
indicating the govt. may come under pressure to meet its fiscal deficit target.
Currencies
30
35
40
45
50
Jun-10
J ul-10
Aug-10
Sep-10
Oc t -10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
M ay -11
Jun-11
1.00
1.10
1.20
1.30
1.40
1.50
Monsoon to reach India's rice areas this weekend (Reuters)
Monsoon is expected to arrive over India's main rice growing areas this weekend,
which could help erase an initial delay in planting of the main summer food crop.
Need sustained efforts to achieve tax targets (BS)
FM said it would not be easy to realise the Rs 3,92,908-crore target in indirect tax
collections this year, because the economic growth was likely to slip to 8.75%,
against the Budget estimate of 9%.
Irda releases M&A guidelines for general insurance firms (BS)
The Irda released regulatory guidelines for M&As for non-life insurance companies.
Govt puts off fuel price hike on political woes (Reuters)
The govt. has yet again deferred a decision on raising prices of diesel, kerosene and
cooking gas, needed to rein in the fiscal gap, as it deals with one of the worst
political crises in recent years.
Retail share of stocks slumps to 5-year low (BS)
According to data compiled by BS Research Bureau, the share of retail investors in
the market cap of actively-traded stocks on the BSE has dipped to a five-year low.
Capital investment in agriculture must go up (ET)
Capital investment in agriculture has to go up substantially and urgently to insulate
agriculture production against climate change and other critical impact factors, farm
minister told the consultative panel on agriculture.
Indian mills to seek nod for more sugar exports (Reuters)
India's sugar mills will soon seek govt permission to export an additional half a mln t
of the sweetner as output is expected to rise in the next season from October, the
chief of a leading industry body said.
Bank borrowings from RBI signal rate hike (ET)
Banks' rising borrowings from the RBI indicate that lenders foresee a spike in interest
rates next week as the advance tax payments by companies suck out liquidity hinting
at a possible policy rate increase.
Bharti takes tower sharing to Africa (BS)
Bharti Airtel, which acquired Zain Telecom’s assets in 16 African countries last year,
has started discussions with all its key competitors on the continent for sharing tower
infrastructure and back-end optic fibre networks.
ONGC, GAIL Said to Bid for Part of Exxon Stake in Kazakhstan’s Kashagan (ET)
ONGC and GAIL India are in talks to buy part of Exxon Mobil’s stake in Kazakhstan’s
Kashagan field.
GAIL to form JV with KSIIDC to bring piped gas to city (BS)
The state-owned KSIIDC and GAIL (India) signed a JV agreement to jointly pursue
various natural gas related business activities in Karnataka.
Tata Motors in talks to raise up to $500 mln overseas (Reuters)
Tata Motors, plans to raise up to $500 mln overseas through external commercial
borrowings over the next two months, two sources with the knowledge of the deal.
JSW Steel May production up 2% at 5.77 lakh tonnes (ET)
Sajjan Jindal-led JSW steel reported a 2 per cent jump in crude steel production in
May at 5.77 lakh-tonnes, as against 5.65-lakh tonnes in the same month last year.
Rising prices to pare India's FY12 growth to 8.2%, says World Bank (BS)
India’s economic growth theory has been confirmed by the World Bank. India’s
growth would ease to 8.2 % this financial year against 8.5 % a year ago, as high
inflation had cut into disposable income and hence demand.
U.S. Economy ’Steady’ in Most Areas (Bloomberg Finance LP)
The Federal Reserve said the economy expanded at a “steady pace” in most of the
U.S. while slowing in four of 12 regions as consumers contended with higher food
and fuel prices and shortages of parts reduced auto production.
World Bank Urges Rate Rises in Emerging Nations With Global Growth at 3.2%
(Bloomberg Finance LP)
Emerging-market economies, growing almost 3 times faster than their developed
counterparts, need to speed spending cuts and interest-rate increases as they fight
inflation and overheating.
17 March 2011
Print Media Sector Update - IRS 4Q2010 Analysis
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Key Takeaways
„ Rajasthan Patrika moves a rank higher in Top-10 order: The top-10 order in
the print media remained largely unchanged, with only Daily Thanthi and
Rajasthan Patrika swapping places. Dainik Jagran maintained its lead albeit
on a flattish growth rate, while Hindustan closed the leadership gap at No.3
position with Dainik Bhaskar, growing smartly at 5.7% ror. With the exception
of Malyalam Manorama, all other top-5 dailies registered growth.
„ Pecking order remains unchanged for the English dailies: Four out of the top-
10 English dailies registered a decline in their AIR figures, with DNA and
Mumbai Mirror exhibiting sequential slides in their readership. Deccan
Chronicle and The Economic Times (The ET) recorded flattish declines in their
readership. Times of India (ToI) retained its leadership with an AIR of 7.4mn.
Hindustan Times (HT) registered an AIR of 3.6mn, an increase of ~2% ror
over the 3Q survey and retaining its second position followed by The Hindu
with an AIR of 2.1mn (up 0.5% ror over the 3Q survey).
„ Hindustan registers maximum growth amongst top-5 Hindi dailies: Among
the Hindi publications, Dainik Jagran retained its No.1 position, while
competitors Dainik Bhaskar and Hindustan reported an AIR of 14mn and
11.5mn, respectively. Hindustan emerged the top gainer in terms of
readership among the top-5 Hindi dailies.
Our Universe
„ Jagran Prakashan – Dainik Jagran, flagship Hindi daily of Jagran Prakashan,
posted flattish readership growth in 4Q survey over 3Q. It faired well in its
home market of Uttar Pradesh (UP) despite increased competition and
emerged strong with an increase in readership in Haryana, Jharkhand,
Madhya Pradesh (MP) and Punjab/Chandigarh.
„ DB Corp – Dainik Bhaskar, the flagship Hindi daily of DB Corp, continued its
strong growth momentum, increasing its readership by 3.7% ror over the 3Q
survey. It retained multi-state leadership in the states of MP, Haryana,
Chattisgarh and Punjab/Chandigarh. However, the daily lost substantial
ground in Haryana to Dainik Jagran, which grew smartly at 8.1% ror,
garnering ~1mn readers (1.4mn readers for Dainik Bhaskar).
„ HT Media – HT Media put up a good show across its publications, with
Hindustan, HT and Mint recording ror rise in readership of 5.7%, 2.1% and
11.2%, respectively. Mint reported flat readership on absolute basis.
„ Deccan Chronicle – Deccan Chronicle put up a poor performance in terms of
readership across its key markets, registering a decline of 1% ror in overall AIR to
1.1mn over 3Q survey. The publication seems to have lost focus in Bangalore,
while the Chennai market registered heartening gains despite competition
from ToI.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Key Takeaways
„ Rajasthan Patrika moves a rank higher in Top-10 order: The top-10 order in
the print media remained largely unchanged, with only Daily Thanthi and
Rajasthan Patrika swapping places. Dainik Jagran maintained its lead albeit
on a flattish growth rate, while Hindustan closed the leadership gap at No.3
position with Dainik Bhaskar, growing smartly at 5.7% ror. With the exception
of Malyalam Manorama, all other top-5 dailies registered growth.
„ Pecking order remains unchanged for the English dailies: Four out of the top-
10 English dailies registered a decline in their AIR figures, with DNA and
Mumbai Mirror exhibiting sequential slides in their readership. Deccan
Chronicle and The Economic Times (The ET) recorded flattish declines in their
readership. Times of India (ToI) retained its leadership with an AIR of 7.4mn.
Hindustan Times (HT) registered an AIR of 3.6mn, an increase of ~2% ror
over the 3Q survey and retaining its second position followed by The Hindu
with an AIR of 2.1mn (up 0.5% ror over the 3Q survey).
„ Hindustan registers maximum growth amongst top-5 Hindi dailies: Among
the Hindi publications, Dainik Jagran retained its No.1 position, while
competitors Dainik Bhaskar and Hindustan reported an AIR of 14mn and
11.5mn, respectively. Hindustan emerged the top gainer in terms of
readership among the top-5 Hindi dailies.
Our Universe
„ Jagran Prakashan – Dainik Jagran, flagship Hindi daily of Jagran Prakashan,
posted flattish readership growth in 4Q survey over 3Q. It faired well in its
home market of Uttar Pradesh (UP) despite increased competition and
emerged strong with an increase in readership in Haryana, Jharkhand,
Madhya Pradesh (MP) and Punjab/Chandigarh.
„ DB Corp – Dainik Bhaskar, the flagship Hindi daily of DB Corp, continued its
strong growth momentum, increasing its readership by 3.7% ror over the 3Q
survey. It retained multi-state leadership in the states of MP, Haryana,
Chattisgarh and Punjab/Chandigarh. However, the daily lost substantial
ground in Haryana to Dainik Jagran, which grew smartly at 8.1% ror,
garnering ~1mn readers (1.4mn readers for Dainik Bhaskar).
„ HT Media – HT Media put up a good show across its publications, with
Hindustan, HT and Mint recording ror rise in readership of 5.7%, 2.1% and
11.2%, respectively. Mint reported flat readership on absolute basis.
„ Deccan Chronicle – Deccan Chronicle put up a poor performance in terms of
readership across its key markets, registering a decline of 1% ror in overall AIR to
1.1mn over 3Q survey. The publication seems to have lost focus in Bangalore,
while the Chennai market registered heartening gains despite competition
from ToI.
21 February 2011
Buy Deccan Chronicle Holding; Target Rs. 128. – 3QFY2011 Result - Angel Broking
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Post Deccan Chronicle Holdings’ (DCHL) 3QFY2011 results, we have revised our
estimates downwards primarily to factor in lower revival in advertisement volume.
The company posted dismal results for the quarter, with top-line de-growth of
14.5% yoy and earnings decline of 54.7% yoy impacted by margin contraction of
1,648bp yoy. Owing to attractive valuations, we maintain a Buy on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Deccan Chronicle Holding – 3QFY2011 Result Update
Angel Broking maintains a Buy on Deccan Chronicle Holding with a Target Price of Rs. 128.
Post Deccan Chronicle Holdings’ (DCHL) 3QFY2011 results, we have revised our
estimates downwards primarily to factor in lower revival in advertisement volume.
The company posted dismal results for the quarter, with top-line de-growth of
14.5% yoy and earnings decline of 54.7% yoy impacted by margin contraction of
1,648bp yoy. Owing to attractive valuations, we maintain a Buy on the stock.
20 February 2011
Buy Deccan Chronicle Holdings; Target :Rs 86:: ICICI Securities,
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Deccan Chronicle Holdings- Unrest over Telangana impacts ad volume…
Deccan Chronicle (DCHL) reported a disappointing set of numbers with
the topline declining 14.5% YoY to | 199.6 crore (I-direct estimate: |
257.2 crore) in an otherwise robust quarter for media companies backed
by the festive season (HT Media, DB Corp and Jagran Prakashan
reported over 20% YoY growth in Q3FY11). The management attributed
this to a sharp fall in advertisement volume due to the unrest in Andhra
Pradesh where the company has over 60% readership share. With
falling advertisement volumes, margins also declined by 1648 bps YoY
to 37.8%. DCHL reported an EBITDA of | 75.4 crore. Higher tax outgo of
| 25.0 crore further dented the profitability with PAT margins at 17.6%.
PAT for the quarter stood at | 35.2 crore, down 54.7% YoY.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Deccan Chronicle Holdings- Unrest over Telangana impacts ad volume…
Deccan Chronicle (DCHL) reported a disappointing set of numbers with
the topline declining 14.5% YoY to | 199.6 crore (I-direct estimate: |
257.2 crore) in an otherwise robust quarter for media companies backed
by the festive season (HT Media, DB Corp and Jagran Prakashan
reported over 20% YoY growth in Q3FY11). The management attributed
this to a sharp fall in advertisement volume due to the unrest in Andhra
Pradesh where the company has over 60% readership share. With
falling advertisement volumes, margins also declined by 1648 bps YoY
to 37.8%. DCHL reported an EBITDA of | 75.4 crore. Higher tax outgo of
| 25.0 crore further dented the profitability with PAT margins at 17.6%.
PAT for the quarter stood at | 35.2 crore, down 54.7% YoY.
18 November 2010
Deccan Chronicle Holdings:Struggling for ad volumes: ICICI Sec
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Deccan Chronicle Holdings
Struggling for ad volumes…
On a standalone basis, Deccan Chronicle reported a disappointing set of
results for Q2FY11. The topline stood at | 236.7 crore, which was below
our expectation of | 272.5 crore. The topline was up 21.0% QoQ while it
declined 5.7% YoY. The decline was led by de-growth of ~5.4% YoY in
ad revenues to | 221.7 crore. EBITDA declined to | 117.9 crore in
Q2FY11 from | 138.7 crore in Q2FY10 and | 138.7 crore in Q1FY11. The
EBITDA margin declined by 545 bps and 189 bps YoY and QoQ primarily
due to a rise in newsprint cost coupled with higher personal cost, which
increased 3.1% and 18.4% QoQ, respectively. PAT for the quarter stood
at | 82.6 crore (I-direct estimate of Rs 82.6 crore) vs. | 99.9 crore a year
ago.
Research Update with Emkay; 18 November, 2010
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Deccan Chronicle Q2FY11 Result Update; Results below estimates, Catalyst exist - BUY; Target Price: Rs 175
n Q2FY11 headline profit declined by 17% yoy to Rs826mn, below our estimate of Rs1.05bn affected by 5.7% yoy decline in revenues
n Shift of festivities to Q3 and high base led to ad-revenue decline of 6% yoy
n Cut EPS estimates by 6.5% and 5.5% to Rs12.1 and Rs15 for FY11E and FY12E respectively
n Target price cut to Rs175. Retain BUY rating on attractive valuations. Buyback upto Rs180/share and IPL franchise stake sale are near term triggers
McNally Bharat Engineering Q2FY11 Result Update; Management holds guidance, Reiterate BUY; Target Price: Rs 418
n Q2FY11 performance remains below estimates - revenue growth was healthy at 32% yoy to Rs4 bn, but APAT growth at 10% yoy to Rs97 mn was below expectations
n CMT springs positive surprise on qoq basis – revenues up 46% qoq and PBT up 425% qoq. MSE failed to deliver – revenues down 10% yoy and APAT down 24% yoy
n Despite lower Ebidta margins in H1FY11 - reiterates consolidated revenue guidance for FY11E of Rs25 bn and EBITDA margins at 10%, lending much needed comfort
n Valuations attractive at 8.1X FY12E - Reiterate ‘BUY’ rating with target price of Rs418/Share
Orient Paper & Industries Q2FY11 Result Update; Cement division hurts profitability; BUY; Target Price: Rs 77
n Net profit at Rs5mn (-98.8% yoy) below estimates, led by poor performance of cement division. Revenues at Rs4.25bn (+8%), electricals (+26%) & Paper division (+15%)
n Though EBITDA declined by 74%, led by 91% decline in cement EBIT, paper division surprised positively, showing signs of turnaround. Electricals margins saw dip of 658 bps to 5.2%
n Downgrade earnings by 11.9% for FY11 (EPS of Rs6.5) and 6.8% for FY12(EPS of Rs8.8) led by lower cement realizations and margin pressure in electricals segment
n OPIL on the verge of earnings recovery led by recent cement price hikes in its key markets and turnaround of paper division. Upgrading TP to Rs77 by rolling over to FY12 nos
Tulip Telecom Q2FY11 Result Update; In-line results, Retain BUY; Target Price: Rs 240
n Q2FY11 EBIDTA grew 28.5% to Rs1.6bn and APAT grew 35.3% yoy to Rs781mn, in line with estimate
n Better than expected revenue growth of 19% to Rs5.9bn along with EBIDTA margin expansion of 200bps yoy drives profit growth
n Net-debt rises to Rs11.6bn v/s Rs9.6bn in Q1FY11 primarily due to Qualcomm investment (Rs1.4bn)
n Retain estimates, BUY rating and target price Rs240. Valuations at FY12E EV/EBIDTA of 4.1x & P/E 6.9x, attractive
Pharma Q2FY11 Results Review
n Emkay Pharma universe grew by 13.8% (est. of 11.2%), driven by 51% and 26% each in Panacea Biotec, Aurobindo and Sun Pharma. Most of the companies in domestic pharma market reported robust growth.
n OPM contracted by 46bps (EBIDTA growth of 11.4%) to 21.6% (est. of 21.5%). Sun Pharma (34% vs. est. of 29%) & Panacea Biotec (22% vs. est. of 17.2%) surprised positively while Divi’s (33.9% vs. est. of 40.4%) & Dishman (17.4% vs. est. of 23) surprised negatively. During the quarter, most of the companies reported higher gross margins driven by improved product mix and higher contribution of domestic formulation business. However higher employee cost and SGA cost on account of ramp-up in sales force impacted operating margins.
n Despite higher depreciation cost (up 26%), APAT grew by 14% (est. of 6%) because of lower interest cost (down 15%).
n CRAMS companies again disappointed in this quarter. We expect gradual recovery in second half and strong growth in FY12E, driven by a) increased outsourcing by global players post consolidation phase and b) lower base effect
n Though the valuations of pharma sector has moved up (trading 8-10% premium to 5 years average multiple) but they are not yet in stretched territory
n While we remain positive on the sector (as fundamentals remain strong), we believe there is less room for error after the recent outperformance. Post strong outperformance, we believe that it pays to be more stock specific now rather than having a bullish stand on entire pharma space
n In the large cap - DRL, Lupin and Cadila are our preferred bet.
n In mid cap - we continue to like Torrent, Aurobindo and Ipca Labs.
n In the CRAMS space - we prefer Jubilant LifeSciences over other companies because of valuation comfort
Deccan Chronicle -Results below estimates, Catalyst exist - BUY:: Emkay
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Deccan Chronicle |
Results below estimates, Catalyst exist - BUY |
BUY
CMP: Rs 129 Target Price: Rs 175
n Q2FY11 headline profit declined by 17% yoy to Rs826mn, below our estimate of Rs1.05bn affected by 5.7% yoy decline in revenues
n Shift of festivities to Q3 and high base led to ad-revenue decline of 6% yoy
n Cut EPS estimates by 6.5% and 5.5% to Rs12.1 and Rs15 for FY11E and FY12E respectively
n Target price cut to Rs175. Retain BUY rating on attractive valuations. Buyback upto Rs180/share and IPL franchise stake sale are near term triggers
15 November 2010
Deccan Chronicle Holding – 2QFY2011 Result Update Angel Broking
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Deccan Chronicle Holding – 2QFY2011 Result Update
Angel Broking maintains a Buy on Deccan Chronicle Holding with a Target Price of Rs190.
Post Deccan Chronicle Holdings’ (DCHL) 2QFY2011 results, we have revised our
estimates downwards primarily to factor in lower revival in advertisement volume.
The company posted dismal results for the quarter, with top-line de-growth of
5.7% yoy and earnings decline of 17.3% yoy impacted by margin contraction by
281bp yoy. Owing to attractive valuations, we maintain a Buy on the stock.
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