Centrum is bullish on Sun TV Network has recommended buy rating on the stock with a target price of Rs 1170 in its research report dated May 14, 2018.
Centrum's research report on Sun TV Network
We maintain our BUY rating on Sun TV Network with unchaged TP of Rs1170 (28x FY20E EPS). Post the start of digitisation in TN market, we expect the subscription revenues to grow at a healthy rate as the company has signed a deal with ARASU Cable. With more than 9mn homes yet to be digitised, we expect the company to reach full potential by Q3FY19.
Outlook
We maintain our BUY rating on the stock with target price of Rs1170 (28x FY20E). We belive the stock continue to trade at significant discount to ZEEL. Key downside risk being losing market share in core markets resulting in lower ad revenue growth.
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