HT Media - Q1FY13 Result Update - Kotak

HT Media reported a weak set of 1QFY13 financials on account of degrowth in metros, even as the company displayed unexpected flexibility in management of expenses, aided, among other items, by lower provisioning for private treaties expenses. Earnings visibility continues to be low, in our view, placing a cap on valuations.

Maintain ACCUMULATE on cheap valuations, and large opportunity size in markets where HT Media has acquired a foot in the door.

Source : Equity Bulls

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