Motilal Oswal - MOSL: Morning India (11/May/17)-1. Hero Motocorp; 2. Siemens-3. Zee Ent.; 4. Godrej Consumer; 5. Dalmia Bharat; 6. Endurance Tech.

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Motilal Oswal

Team Research

MOSL: Morning India (11/May/17)-1. Hero Motocorp; 2. Siemens-3. Zee Ent.; 4. Godrej Consumer; 5. Dalmia Bharat; 6. Endurance Tech.

â€‹MOrning India (11/May/17): 1. Hero Motocorp; 2. Siemens; 3. Zee Ent.; 4. Godrej Consumer; 5. Dalmia Bharat; 6. Endurance Tech.; 7.Bharti Airtel; 8. Petronet LNG; 9. Tata Motors-JLR

Todayâ€™s top research idea

â€‹Zee Entertainment: Domestic ad growth moderates; opex levers help salvage margins
4QFY17 EBITDA grew 14% YoY to INR4.68b (2% above estimate), led by controlled A&P expenses.
Revenue came in line at INR15.28b (flat YoY) as higher-than-expected other sales and services offset the impact of soft ad miss.
Headline ad revenue remained flat YoY. Both international and domestic ad revenues fell short of already soft expectations, with the former contributing the most to the overall miss.
We expect ad growth to revert to normal post 1Q. We tone down our earnings estimate by 5% for FY18E/FY19E to factor in lower other income than earlier expected. We also revise our TP to INR600 and maintain Buy.

11/05/2017 36 EN

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MOSL: Morning India (11/May/17)-1. Hero Motocorp; 2. Siemens-3. Zee Ent.; 4. Godrej Consumer; 5. Dalmia Bharat; 6. Endurance Tech.

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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