Hold Zee Entertain, target of Rs 114: Indiabulls Securities
Indiabulls Securities Research has maintained its hold rating on Zee Entertainment Enterprises with a target of Rs 114 in its February 27, 2009 research report. “For Q3’09, Zee Entertainment Enterprises Limited (Zee) reported a weaker- than-expected performance owing to the operators’ strike and the Mumbai terror attacks in November 2008, which resulted in increased viewership of the news channels. Revenues slipped 4.6% qoq to Rs. 5.5 billion due to lower advertisement revenues (down by 5.9% qoq). The weak operating performance of the segment pulled down the EBITDA margin by 4% pts qoq to 22%, despite the decline in staff costs (adjusted for the provision of staff incentives made in Q2’09).”
“We continue to believe that Zee will work towards improving its programming mix in the next couple of years in order to tide over the current difficulties. Thus, we maintain our Hold rating on the stock,” says Indiabulls Securities’ research report
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