reports
- Aliasgar Shakir
MOSL: HT MEDIA (Neutral)-Sluggish ad market weighs on performance-Cost...
​HT Media: Sluggish ad market weighs on performance; Cost optimization measures boost PAT despite weak ad market(HTML IN, Mkt Cap USD0.3b, CMP INR102, TP INR113, 11% Upside, Neutral)GST pain visible: Overall revenue declined 7% YoY on the back of weak ad and circulation revenues. Ad revenue fell 8% YoY to INR3.95b (2% miss), led by ~12% volumes decline (muted spends in government, education, FMCG and travel segments). English/Hindi ad revenues declined 8% YoY to INR2.3b/1.57b. English/Hindi ci...
MOSL: HT MEDIA (Neutral)-GST impacts ad growth, cost efficiencies lead...
​HT Media: GST impacts ad growth, cost efficiencies lead to margin beat; Maintain EPS estimates and TP(HTML IN, Mkt Cap USD0.3b, CMP INR88, TP INR90, 2% Upside, Neutral)EBITDA up 24%, above estimate; PAT nearly doubles: EBITDA rose 24% YoY to INR799m, 21% above our estimate of INR657m, despite the revenue disappointment, as HT Media's cost-efficiency efforts bore fruit. Opex levers more than cushioned the impact of subdued ad/circulation performance. PAT grew 86% YoY to INR416m, significantly ...
MOSL: HT MEDIA (Neutral)-Demonetization continues to impact revenue-ma...
​HT Media: Demonetization continues to impact revenue; maintain EPS and TP(HTML IN, Mkt Cap USD0.3b, CMP INR82, TP INR85, 3% Upside, Neutral)EBITDA up 4%, but below estimate; PAT down 33%: EBITDA rose 4% YoY to INR731m, 7.5% below estimate of INR791m, led by revenue disappointment, both on the ad and circulation front. Opex levers marginally cushioned the impact of subdued ad/circulation performance. PAT declined 33% YoY to INR256m, but came in above est. of INR233m largely due to higher-than-...
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