Television

MOSt Inquire maintains "Buy" tag on Zee Telefilms

http://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/tv-images/2016/03/07/Untitled-1_29.jpg?itok=r6OM7ssW

MUMBAI: Motilal Oswal Securities Inquire (MOSt Inquire) Indian Equity Research's update on Zee Telefilms maintained its 'Buy' recommendation as the stock quoted at 16.6xFY03E (Rs 102 as on 10 December 2002) and 12.5x04FY04E earnings.

Speaking to indiantelevision.com, Subhabrata Majumder of Motilal Oswal Securities stated, "The takeover of operations by the promoter Subhash Chandra and his forthcoming appointment as the managing director has ushered in a phase wherein several changes are being initiated in every area of operation. Post CAS, the business and the revenue profile is also changing for the better with higher reliance on the stable pay revenues in the domestic and international arena."

Majumder also added, "It is a good sign that Zee is also exercising caution and restraint in the new programming acquisitions (non-film based programmes) other than the high-cost films slated for the Thursday night premier slots. In fact, the effective cost for the Zee Network has not been affected to the fact that the channel has been interspersing the new programmes with the recycled ones from his archives."

"However, the scrip had a heady run on the stock market since September 2001. From the Rs 80-90 levels, it increased to Rs 180-190 before settling down at the current level of around Rs 100. However, in the post-CAS scenario, the intrinsic value of the scrip should have placed it at about Rs 135," Majumder stated.

The MOSt Inquire report also states that there would be no adverse implication for Zee Telefilms due to the riders attached to recent revision of Star's bouquet rates. The report claims that the Star move cleared the decks for an upward revision of the Zee-Turner bouquet. Subsequently, Zee has taken the plunge and announced what is clearly a significant hike in its package price from Rs 42 to Rs 50 for the complete bouquet of 16 channels, effective 1 January 2003. The report states that this move will grow Zee's paid subscriber base apart and help it to grow in value and volume terms.

Majumder added, "The recent trends indicate that the ratio of subscription revenues to advertising revenues is undergoing a shift. In FY01, the advertising revenues and subscription revenues were 70.8 percent and 20.8 percent respectively. By FY03, the advertising revenues and subscription revenues will be 56.4 percent (estimated) and 40.1 percent (estimated) respectively. The EBITDA as a percentage of the net sales has also gone up from 25.6 percent in FY01 to 33.5 percent in FY03 (estimated)."

The MOSt Inquire report also stated that the inclusion of new channels in the Zee-Turner bouquet will make the Zee offering more attractive vis-à-vis the competitive bouquets. The Zee-Turner bouquet will have a variety of channels and genres. However, the Zee-Turner bouquet doesn't have any sports channel or infotainment/educational channel.

The report also estimates that Zee's domestic pay revenues would grow to Rs 2.4 billion in FY04, a growth of 52 percent over the firm's FY03 estimate of Rs1.6 billion. With this, the share of subscription revenues to total revenues would increase to 40% in FY03 and to 44% in FY04.

The report also stated that the flagship channel Zee TV's share in ad revenues as well as total revenues had been witnessing a sharp decline in recent times. This was likely to bring down the concentration risk in Zee's revenue-mix.

Latest Reads

http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/19/BARC_Marathi.jpg?itok=gSCdHeBx
No changes in Marathi, Telugu segments in BARC data week 2

In the Bengali market, Jalsha Movies and Aakash Aath interchanged their fourth and fifth positions in BARC data week 2. Bhojpuri Cinema and Big Ganga swapped their first and second position in the Bhojpuri space. Zee Kannada and Colors Kannada swapped their first and second positions in the Kannada...

Television TV Channels Viewership
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/18/dettol.jpg?itok=dKznWfK6
Dettol topples Trivago from top spot in BARC week 2 of 2019

The Broadcast Audience Research Council (BARC) India has released its data for top advertisers and brands for week 2 of 2019.

Television TV Channels Viewership
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/19/BARC.jpg?itok=6hNM0QtI
Four news genres saw no change in BARC week 2

All the four genres apart from Hindi news urban market saw no change in second week of the year. Aaj Tak continued to groove on the same tracks in the rural, urban and U+R genres as it did the previous year. India TV and News18 India interchanged their positions in the Hindi news urban market.

Television TV Channels Viewership
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/19/Kapil_Sharma_Show.jpg?itok=SXRBwXr7
Sony Entertainment Television leads urban areas in week 2 of BARC

Sony Entertainment Television jumped to second position to fifth position as compared to the previous week in the Hindi (U+R) genre in Broadcast Audience Research Council (BARC) data for week 2 of 2018. Zee Anmol retained its first position in the rural market. Sony Entertainment Television and...

Television TV Channels Viewership
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/18/aaj.jpg?itok=WTXjyKeT
Aaj Tak becomes the world’s first News Channel to be awarded YouTube’s ‘Diamond Play Button’

India’s No.1 news channel Aaj Tak creates history yet again! The prestigious ‘Diamond Play Button’ bestowed by YouTube, recognises Aaj Tak as the global no.1, the first and the only news channel in the world to have crossed the 10 Million Subscriber mark.

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/18/news.jpg?itok=PDqQIFhw
News18 India launches campaign; asserts channel’s leadership

News18 India, Network18’s general Hindi news channel, recently launched a campaign with a humorous and quirky film to drive home its leadership position in the crucial primetime band in the highly competitive Hindi TV news segment.

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/18/flix.jpg?itok=1RgvxTpA
Join Drac’s Pack on their cruise as &flix presents its next #FlixFirstPremiere ‘Hotel Transylvania 3: Summer Vacation’

It is seldom that you get to see the hilarious side to a monster trying to get himself a date with the help of a technological app like Siri! Have you ever seen a monster film that is full of fun, frolic, laughter, romance and adventure?

Television TV Channels English Entertainment
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/18/9xm.jpg?itok=ZerfjJqA
9XM On Stage with Salim Sulaiman

To celebrate the Republic Day week, 9XM - India’s most popular Bollywood music destination announces the launch of 9XM On Stage a splendid musical night created in honour of the Indian Armed Forces.

Television TV Channels Music and Youth
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/18/pritam.jpg?itok=tVS2_5SL
Prime Focus joins hands with Pritam and Kwan to create JAM8

Integrated media services company Prime Focus Ltd has announced its collaboration with Jam8, a musical platform founded by Indian music composer/director Pritam, and KWAN, a talent management company to serve as a 360-degree creative solution provider for the M&E industry.

Television Production House Film Production

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories