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The report maintained its "Buy" rating on Zee with Rs 135 price
objective. The price objective is based on "PEG" of 1, which is
lower than the global average, given Zee's superior growth profile,
the report states.
However, it mentions that the key risks to the above-mentioned
price objectives were:
1) slowdown in penetration of Zee Turner's pay bouquet in domestic
markets.
2) weakness in viewership of its broadcasting business.
3) economic slowdown leading to weak ad markets and
4) increased competition in global pay markets.
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