SUNTV
MACQUARIE ON SUN TV : 14.06.2021
• Maintain Outperform, Target at Rs 612/share
• Low dividend payout is disappointing
• Sun TV posted healthy 7% yoy growth in subscription revenues
* Marginal change of 0-3% for FY22-23E EPS
• Resilient performance in Q4 FY21, COVID wave 2 to impact in near term
CLSA ON SUN TV : 14.06.2021
* MAINTAIN BUY TARGET: 645
* Sun TV's ad revenue revival is likely in Q2FY22, CLSA says
* Ad Revenue & Subscriptions Surprise; Disappointing Dividend Payout
* Management Expects Subscriptions To Again Grow In Double Digits In FY22
* Ad Revenue Revival Is Likely In Q2FY22
* Dividend Disappointed Despite $3,800 Cr Balancesheet Cash Swell
* Over-the top/Sun NXT Ramp-up Bodes Well In The Long Term
MACQUARIE ON SUN TV : 14.06.2021
* MAINTAIN OUTPERFORM TARGET: 612
* Sun TV posted healthy 7% YoY growth in subscription revenue in Q4, Macquarie says
• Posted Healthy 7% YoY Growth In Subscription Revenues In Q4
• Low Dividend Payout A Key Disappointment
* Change FY22-23 EPS Estimates By 0-3%
NOMURA ON SUN TV : 14.06.2021
* DOWNGRADE NEUTRAL TARGET: 601
* Sun TV's Q4 largely in-line but Nomura sees a lack of catalysts.
* Q4 Largely In-line; A Lack Of Catalysts
* Advertising Recovery Slower, Success Of New TV Genres, OTT Critical
• Valuation Not Expensive, Considering Co Has Net Cash Of 4,100 Cr
