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Rating : Market Performer
Price : Rs237
Target Price : Rs276
Implied Upside : 16.4%
Sun TV’s revenue streams remain evenly mixed with advertisement revenues contributing 51%, subscriptions 31%, broadcast fees 14% and the balance 4% by radio operations.
Sun TV operates 19 channels across four South Indian states. Its regional entertainment channels such as Sun TV (Tamil), Surya (Malayalam), Udaya (Kannada), and Gemini (Telegu) are dominant incumbents in their respective markets. The company’s Tamil channel continues to maintain its pole position despite the launch of three new channels in FY08 (Kalaignar TV, Mega TV and Vasanth TV). The company’s Kannada and Telegu channels too continue to maintain their numero uno positions. However, competing broadcasters (Zee News) seem to be catching up steam in both these markets. As regards the Malayalam GE space, it’s a closely fought battle between Asianet and Surya.
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