HT Media - Q3FY13 Result Update - Kotak

HT Media's reported profits are ahead of our expectations on account of cost savings, especially on raw materials. We raise our estimates 5%/5% for FY13/FY14 following the results, and raise our price target to Rs 110 (prior target Rs 105).

While we maintain ACCUMULATE on HT Media (strong newspaper assets, competencies in news gathering, processing, and dissemination, and strong balance sheet), we are cautious on long-term trajectory of certain crucial newspapers/ editions, as we believe that nearterm earnings visibility come in at cost of deferring potential inflection points in several crucial markets.

Source : Equity Bulls

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