Chasing the digitisation rainbow
|
|
- Agatha Marsh
- 7 years ago
- Views:
Transcription
1 Chasing the digitisation rainbow A reality check 7 October 213 It was way back in 23 that the foundation of digitisation was laid in the form of Conditional Access System (CAS). CAS was largely a failure because free-to-air (FTA) channels were allowed to be received without the compulsion of installing set-top boxes (STBs). Digital Addressable System (DAS) addresses this fallacy. The Ministry of Information & Broadcasting (MIB) and the Telecom Regulatory Authority of India (TRAI) have zealously pursued DAS, with stakeholders ensuring that almost 2 million STBs were seeded across 41 cities in a matter of 15 months. While seeding boxes is work half done, customer acquisition form (CAF) and gross billing are still work in progress. We, at Televisionpost, have tried to study the implications of digitisation for all stakeholders. Our analysis shows that multi-system operators (MSOs) can raise their revenue share (net of broadcaster payout and carriage) to Rs 58 billion (from almost nil currently). Following digitisation, broadcaster subscription revenue would almost triple while local cable operators (LCO) income would dwindle to almost half of what they were making in the analogue regime. Looking at relationship charts, we examine issues like carriage, content costs, activation revenue, subscription income, profitability, debt, funding and acquisition opportunities. Key findings: Cable leads in STB seeding DTH s incremental market share less than 15% 4 MSOs spend north of Rs 3 bn and rule the market Higher capex generally funded through debt though DEN, Hathway and Siti Cable have raised equity Profitability still hinges on carriage fees, but this dependence is likely to fall Content costs up 3% EBITDA growth for MSOs led by activation revenue Acquisition route to be largely via STBs Subscription revenue for major broadcasters swells Carriage fees drop for news channels Believing that digitisation will herald a new era for the Indian media space, we are no less excited than you to be party to this expedition as we go on to chronicle this space offering unparalleled analyses and insights. Read on! research@televisionpost.com
2 October 213 The shifting dynamics of pay-tv economy in the digital age Forget the older dynamics of the pay-tv economy. Digitisation is going to throw all of that out of the door. Consider how much money the television channels and the broadcast-carriage companies will be making in the new era. That is where the business models are being redrawn. That is where the chase is on. Let us dig into the past for a brief moment. The subscription revenue collected by the cable TV operators from an estimated 9 million (cable only) households (HHs) is in the region of Rs 162 billion. How does this split across the value chain? Our industry interaction and Televisionpost.com insight point towards rampant under-declaration of subscribers to the extent of 85%. This leaves the local cable operators (LCOs) with a lion s share of subscription revenues amounting to Rs 138 billion. Multisystem operators (MSOs) take home just Rs 24 billion and give away almost everything (Rs 23 billion) to broadcasters. They are, thus, kept afloat by carriage fees coughed out by broadcasters. Pre-Digitisation scenario No of cable TV HHs (mn) 9 Post Tax ARPU (Rs) 15 Subscription revenue on the Ground () 162, Under-declaration (%) 85 Under-declared revenue () - or LCOs revenue 137,7 This analysis excludes DTH HHs... MSO revenues () 24,3 Broadcaster share () 23, Source: TelevisionPost Research Now turn to the post-digitisation age and notice the estimated revenue for the MSOs and the broadcasters (cable contribution only): Rs 58 billion and Rs 68 billion respectively. Not a bad business for them, right? How have we arrived at this? We have taken a bird s eye view of the cable distribution industry assuming that all 9 million households have got digitised and post-tax ARPUs have moved up from Rs 15 to Rs 18 per month. For the time being, we have assumed no organic growth in TV households. We have also excluded carriage revenue (or fee) from our calculations. Based on these parameters, total revenue collection from cable subscribers climbs to Rs 195 billion, or 2% growth (as we have assumed a higher post-tax ARPU while the subscriber base has remained constant). Going by TRAI s tariff order of sharing 35% post-tax ARPU with LCOS, their revenue falls by almost 5% to Rs 68 billion, thus taking care of under-declaration. MSOs net revenue (after LCO and broadcaster share) increases to Rs 58 billion. Do note that pre-digitisation, the revenue that the MSO collects is completely 2
3 October 213 shared with the broadcaster. This is not the case after digitisation. The MSO is left with almost 3% of on ground collections, even after sharing with the LCO and broadcaster. MSOs are, thus, the biggest beneficiaries of digitisation as from almost negligible subscription revenue (after payment to broadcasters), they would now reach a sizeable number. Broadcasters will have more to cheer. Their revenue from cable (excluding DTH) increases threefold to Rs 68 billion - and this gain comes on the back of absolutely no direct capex in digitisation (broadcasters will have to invest in better content but that is out of the scope of this present study). Post-Digitisation scenario No of cable TV HHs (mn) 9 Post Tax ARPU (Rs) 18 Subscription revenue on the Ground () 194,4 Under-declaration (%) LCOs 35% of on-ground revenue () 68,4 This analysis excludes DTH HHs... MSO 3% of on-ground revenue 58,32 (Net of LCO share & Broadcaster, ) Broadcaster 35% of on-ground revenue () 68,4 Source: TelevisionPost Research MSOs seed record number of STBs in shortest time The festive season of late 212 will be remembered for the local cable operators knocking at the doors of consumers and installing digital set-top boxes. They achieved a mammoth task in the course of the next 12 months. As India marched into digitisation, a record was being created by these men on the street: nowhere in the world have so many homes been digitised in such short a time. As per our industry interaction and informal discussions with the government, Phase I and II (metros of Delhi, Mumbai and Kolkata, and 38 other cities) comprises a total universe of 28 million STBs. Cable has been able to deploy 21 million STBs while DTH has taken away the rest seven million. However, in terms of incremental seeding, the DTH market share has been less than 15% in the DAS cities. The market is dominated by the top four MSOs. Hathway Cable & Datacom, DEN Networks, Siti Cable and IndusInd Media & Communications Ltd (which operates under the InCablenet brand) have seeded a whopping 17.5 million STBs, occupying almost 83% of market share (amongst MSOs). 3
4 October 213 STBs seeded by major MSOs 6.7 Phase I Phase II Total (MN) Out of the 21 mn STBs seeded by cable in Phases I & II, the top four MSOs have seeded a whopping number of 17.5 mn STBs HATHWAY CABLE DEN NETWORKS SITI CABLE INCABLE Source: TelevisionPost Research Market share amongst the Top 4 MSOs during Phase I & II % Hathway has been the leader (followed by DEN) in seeding STBs with a market share of 38% in Phase I & II combined; Incablenet seems to have lost out the opportunity Phase I Phase II Phase I & II combined Hathway Cable DEN Networks Siti Cable Incable MSOs make hefty investments As digitisation cruised along, the MSOs pumped in massive capital to fund the STBs. As per our estimates, the top four MSOs spent north of Rs 3 billion in Phase I and II. And they are lining up more hefty investments for the remaining two phases. The biggest capital expenditure in digitisation is seeding of STBs. The price per STB to the MSO is about Rs 1,6 (if bought in high volumes) and the realisation is Rs 6 per box (post taxes) from the subscriber/lco. The net capex per STB is almost Rs 1,. So the strain of organising more funding will continue unless the subscription revenue flow from the LCO to the MSO improves significantly. 4
5 October 213 Capex incurred by MSOs in Phase I & II 14, 12, 1, 8, 6, 4, 2, Hathway Cable (Consolidated) Den Networks Siticable Source: TelevisionPost Research The debt load Never drill with debt. That is what the MSOs have been trying to do as funding for digitisation has meant more loans. Meanwhile, cash flows have been somewhat choked at the LCO end as the full on ground subscription collection has not gone back to the MSO. Net debt profile of MSOs 12, 1, June'12 June'13 Rs million 8, 6, 4, 2, The higher capex has been largely funded through debt. DEN, Hathway and Siti Cable have managed to raise funding through equity as well... -2, Hathway Cable (Consolidated) Den Networks Siticable -4, Source: TelevisionPost Research DEN Networks, Hathway and Siti Cable have all raised equity to keep their debtequity ratio at a comfortable zone. 5
6 October 213 Equity raised in the past 18 months by MSOs 12, 1, 8, 6, 4, 2, Den Network Hathway Cable Siti Cable Profitability continues to hinge on carriage MSOs will continue to depend on carriage revenue to stay profitable till the full impact of digitisation is felt. But this will change dramatically over a period of time and the new roof sheltering them will have to be subscription income. The current profitability of MSOs is driven by carriage revenue. As exhibited in the chart below, if we strip DEN Networks and Hathway Cable of their carriage revenue, their consolidated EBITDA turns negative. Carriage revenue is the only profitability driver 4, 3, 2, 1, -1, Den Networks Hathway Cable -2, -3, Consolidated FY13 EBITDA Consolidated FY13 EBITDA Excluding Carriage Source: TelevisionPost Research Post digitisation, the dependence on carriage revenue for profitability diminishes to a great extent, as is depicted in our calculation below. We assume the gross ARPU (including taxes at the consumer level) to be Rs 25 per month. From this, we remove service tax (at 12.36%) and entertainment tax (assumed to be an average of 1% of Gross ARPU) to arrive at a net ARPU of Rs 194 per month per subscriber. From this we remove the LCO share (at 35% of net-arpu, as mandated by TRAI) and broadcaster share (assumed at 35% of net ARPU, as is a global practice) 6
7 October 213 and fixed costs (overheads) per subscriber. To this we add Rs 3 as carriage per subscriber per month and arrive at an EBITDA of Rs 58 per subscriber. This is an average number and would vary depending on the area of operation of the MSO (as ARPU could be different) and fixed overhead cost structure. In the post digitisation scenario, carriage revenue will contribute only 5% to MSO EBITDA. Compare this with the pre-digitisation era in which carriage contributed more than 1% (as depicted in the chart above). Per subscriber profitability after digitization Post-Digitisation per subscriber profitability Gross ARPU (including Taxes), Rs 25 Service Tax (@ 12.36%), Rs 31 Average Entertainment Tax (@ 1% of ARPU), Rs 25 Net ARPU (post Taxes), Rs 194 A. Net ARPU (excluding Taxes) of Subscriber (Rs) 194 B. Total Expenses (B1+B2+B3) (166) B1. LCO 35% of Net ARPU (Rs) (68) B2. Broadcaster 35% of Net ARPU (Rs) (68) B3. Fixed cost per subscriber (Rs) (3) C. Carriage Revenue per Subscriber (Rs) 3 EBITDA = A+B+C (Rs) 58 EBITDA Margin on Net ARPU (%) 3. D. Depreciation (STB price of Rs 1,6 depreciated over 8 years, Rs) (17) EBIT 42 Tax (at 34% of PBT) (14) E. PAT 27 PAT Margin on Net ARPU (%) 14.1 Source: TelevisionPost Research Carriage contribution to EBITDA (pre and post Digitisation) (x times) Dependence on carriage for profitability to decrease significantly post - digitisation Pre -Digitisation Den Networks Pre -Digitisation Hathway Cable Post -Digitisation Source: TelevisionPost Research 7
8 October 213 Impact of digitisation on carriage fees As more than 5 active channels sought to be carried on analogue cable networks which could not accommodate more than 7-1 channels, carriage fees came into existence. It will not be wrong to say that in the analogue regime, carriage revenue for MSOs kept them profitable because whatever cash they collected from the ground was almost passed on to the broadcasters. Our industry interaction and TelevisionPost insight point towards a 3% drop in carriage fee on a per channel basis. Carriage revenue for MSOs, however, has not necessarily fallen because the number of frequencies which they used to sell earlier has almost doubled. We estimate carriage revenue (including placement) to be nearly Rs 2 billion for the last fiscal (FY13). Content cost goes up In order to gauge the impact of digitisation, we compare content cost in the first half of calendar year 213 (this would have impact of both Phase I and Phase II digitisation) over the year-ago period (pre-digitisation era). Our analysis shows that content cost has increased by 3% year-on-year on an average. This is reflected in the subscription revenue for broadcasters, which has seen an increase (we cover this aspect in another section later). Content cost for MSOs and DTH operators 1HCY212 1HCY213 % increase in Content Cost DEN Networks (1,35) (1,568) 16.1 Hathway Standalone (777) (1,8) 38.9 Siti Cable Consolidated (832) (1,189) 42.9 Dish TV (2,978) (3,883) 3.4 Total (5,937) (7,719) 3. Note: Siti Cable figures are approximations MSOs expect content cost to increase by 2-25% year-on-year in FY14E. They will eventually move away from fixed fee to cost-per-subscriber (CPS) deals. DTH player Dish TV, on the other hand, is expecting content cost to increase no more than 1% year-on-year this fiscal. 8
9 October 213 Spurt in revenue Revenue is on the upswing but the most visible change is in the activation income. This is a one-time charge collected from consumers for installing STBs. Revenue uptick 7, 6, 5, 4, 3, 2, 1, Den Networks Hathway Standalone Siticable Consolidated Dish TV All distributors (MSOs and DTH) have seen an uptick in revenue as is visible from the exhibit alongside. However, for MSOs this was led by activation revenue EBITDA profile 1,8 1,6 1,4 1,2 1, Den Networks Hathway Standalone Siticable Consolidated Dish TV Higher overall revenue has led to a better EBITDA profile for all MSOs. Dish TV saw a decline in EBITDA because of its lumpy content deal renegotiation with Media Pro PAT trend Den Networks Hathway Standalone Siticable Consolidated Dish TV EBITDA profitability did not translate into better PAT because of higher interest expense (on debt acquired to seed STBs) and depreciation of STBs without any meaningful uptick in subscription revenues... 9
10 October 213 Activation revenue drives EBITDA growth With the seeding of STBs seeing hectic activity, the activation revenue counter for MSOs has been busy. Activation revenue for MSOs 1, Den Networks Hathway Standalone Siticable Consolidated An MSO realises Rs 6 per STB seeded and this is booked upfront in the quarter. With high no. of STBs seeded, there has been a spurt in activation revenue. It has been the key EBITDA driver (see the next set of exhibits)... Note: DEN and Siti Cable figures are approximations The EBITDA growth for MSOs is led by activation revenue, as of now. Den Networks - EBITDA excluding activation revenue As subscription revenue pick up takes some time, activation revenue comes in handy to drive profitability. However, investors treat this income as a one-off Reported EBITDA EBITDA Excluding Activation Revenue Source: Company, TelevisionPost Research Note: DEN figures are approximations 1
11 October 213 Hathway Cable (Standalone) - EBITDA excluding activation revenue Reported EBITDA EBITDA Excluding Activation Revenue Source: Company, TelevisionPost Research Siti Cable - EBITDA excluding activation revenue Siti Cable would have reported EBITDA losses but for activation revenue Reported EBITDA EBITDA Excluding Activation Revenue Source: Company, TelevisionPost Research Note: Siti Cable figures are approximations How MSOs plan to protect carriage revenues MSOs are trying to protect their carriage revenues by spreading their footprint and tapping a wider pool of channels. With bandwidth no more a constraint, they can accommodate carriage of more channels. Even as broadcasters get the benefit of reducing their per channel carriage cost, MSOs will have more frequencies to sell. 11
12 October 213 Carriage revenue of MSOs 1,4 1,2 1, Den Networks Hathway Standalone Siticable Consolidated Carriage revenue has not seen any drop. This is despite fall in carriage on a per channel basis. Reason: MSOs have started selling higher number of frequencies... Note: Siti Cable and DEN figures are approximations Harvesting subscription revenue some time away MSOs will reap the harvests of digitisation when they start collecting subscription income based on retail billing from the LCOs. The tussle with LCOs continues even now. Subscription revenue of MSOs Den Networks Hathway Standalone Siticable Consolidated Pure subscription revenue for MSOs has started looking up. However, true fruits of Digitisation are yet to be plucked. Net revenue collection in Mumbai & Delhi stands at Rs 85 per sub and Rs 6 per sub in Kolkata... Note: Siti Cable and DEN figures are approximations Acquisition route to largely be via STBs MSOs are reluctant to make big-ticket acquisitions based on cash. Instead, they are keen to pick up operators who are unable to fund digitisation. Their contribution in terms of equity would be in terms of providing STBs and other digital infrastructure support. In the analogue cable regime, this was not the situation. MSOs led the consolidation wave by acquiring controlling stake in large LCOs. A larger subscriber base meant higher bargaining power when it came to carriage revenues. In DAS, MSOs are not showing the same zeal to acquire LCOs and then seed them with STBs. 12
13 October 213 The reasons are purely financial. As per our calculations (below), to acquire an analogue subscriber (at reasonable valuation of 24 months ARPU) and then digitise would entail a payback period of 5.1 years. But if the MSO only seeds the STB (without acquiring the LCO), the payback period is just two years. Once the STB is seeded, the LCO is largely married to the MSO. Shifting the MSO would mean the LCO would have to change all the STBs to comply with the CAS of the new MSO - and subscribers would resist paying again for the boxes. Just by seeding the STB if the MSO is getting quasi control over the last mile, then there is no need to own it and wait for a payback period of 5.1 years. Payback period calculation per subscriber Total Buy-out Pure STB Seeding Net ARPU (excluding Taxes) of Subscriber (Rs) Valuation in terms of months of ARPU (Assumed) 24 Valuation (Rs) 4,32 Capex on STB (Rs) 1,6 1,6 Total Capex per subscriber (Rs) 5,92 1,6 Activation revenue (on STB) recovered from subscriber (Rs) 8 8 A. Net Capex per subscriber (Rs) 5,12 8 B. Net ARPU (excluding Taxes) of Subscriber (Rs) C. Total Expenses (C1+C2+C3) (156) (156) C1. LCO % of Net ARPU (Rs) C2. Broadcaster 35% of Net ARPU (Rs) (63) (63) C3. Fixed cost per subscriber (Rs) (3) (3) D. Carriage Revenue per Subscriber (Rs) 3 3 EBITDA = B+C+D (Rs) E. Depreciation (STB depreciated over 8 years, Rs) (17) (17) EBIT 1 37 Tax (at 34% of PBT) (34) (13) F. PAT G. Operating Cash Flow = F-E (Rs) Payback in months = A/G No of years for payback Source: TelevesionPost Research 13
14 October 213 STB depreciated over number of years 9 8 No of years No of years Hathway and DEN have an aggressive policy of depreciating STBs over eight years while the Essel Group is realistic at five years Hathway Den Siti Cable Dish TV Source: TelevesionPost Research DTH operators rework biz strategy Concerned about staying healthy, direct-to-home (DTH) companies have taken a somewhat cautious approach towards expansion opportunities in digitisation. They have, perhaps, reworked their business strategy. Shunning away from reckless chasing of customers to gain size in the DAS markets, their focus seems to be on adding quality and sticky subscribers, improving ARPUs and reducing customer acquisition costs. Cleaning up their internal house also means lowering the churn rate and shaving debt. STBs seeded April June 213 (15 months) 6 (mn) MSOs seem to have outperformed DTH operators in terms of STB seeding in Phase I &II As per industry sources, DTH s incremental market share has been less than 15%... Hathway Cable Den Networks Siti Cable Dish TV (Net addition) 14
15 October 213 DTH companies will benefit once digital cable ARPUs rise. They can then lift their ARPUs by initiating more significant price hikes. Dish TV: Subscription revenue and ARPU () 5,4 5,2 5, 4,8 4,6 4,4 4,2 4, Subscription revenue (LHS) ARPU (RHS) (Rs) Subscription revenue growth for Dish TV (and other DTH) operators has been led by ARPU improvement rather than high subscriber addition Source: Company, TelevisionPost Research Dish TV: SAC and Churn (Rs) 2,2 2,15 2,1 2,5 2, 1,95 1,9 1,85 1,8 1,75 1,7 1, ,145 2,145 2,145 Source: Company, TelevisionPost Research ,996.8 SAC (LHS) Churn (RHS).6 1,828 Some DTH operators are making concerted efforts to drive in carriage revenues, a turf efficiently exploited by cable TV networks in an analogue environment. So far this has been a dry revenue stream and Dish TV, India s largest DTH player by subscribers, has been able to pocket around Rs 35 million in FY13. In the digital era, the carriage fee tap is going to open for DTH as well. Subscription revenue for broadcasters swells (%) Over the past 15 months, DTH operators have increased prices of entry level STBs and also across monthly packages This has led to not only lower subscriber addition but also helped them bring down SAC (despite an adverse movement in currency) and churn (as the quality of subscriber addition improved). With DAS, cost of churning out from DTH to cable has increased from zero to cost of STB and this would be another reason for churn coming down Major broadcasters are seeing their subscription revenues expand briskly, offsetting leakages that were evident from under-reporting of subscribers. For Sun TV Network, Zee Entertainment Enterprises Ltd and TV18 Broadcast, the three large listed broadcasters, domestic subscription revenue has been growing 15
16 October 213 at a healthy pace over the past 4-5 quarters. Some growth in Zee Entertainment s subscription revenue can also be attributed to the formation of Media Pro, the joint venture company which distributes the Star, Zee and Turner group of channels, and subsequent better realisation from the analogue areas. Subscription revenue for broadcasters 4, YoY subscription revenue growth for broadcasters 5 3,5 3, 2,5 2, 1,5 (%) , 5-1 Sun TV Network Zee Entertainment -2 Sun TV Network Zee Entertainment TV18 Broadcast net-subscription revenue TV18 Broadcast has shown a remarkable increase in its net subscription revenue (net of carriage) because of lower carriage costs and higher subscription revenue from digitisation Source: Company, TelevisionPost Research Impact of digitisation on news broadcasters Coming from a heavy carriage baggage, news broadcasters were looking at digitisation to correct their business models. The repair work is already on, though the increase in subscription revenue is not meaningful as of now because almost all of them are on a fixed fee deal with the aggregator (only Zee News has seen a growth in subscription revenue as it is distributed by Media Pro). Carriage cost is on the decline and is clearly visible in the results of the listed news broadcasters. NDTV says that carriage costs have come down by 33% in 1QFY14 and it will be net positive (on subscription revenue minus carriage) this 16
17 October 213 fiscal. TV Today, on the other hand, expects its FY13 carriage cost of Rs 72 million to fall to Rs 58 million in FY14E. None of the news broadcasters report carriage costs on a quarterly basis. We, thus, study the Selling & Distribution expenses (of which carriage is the biggest component) to conclude that carriage is on the decline for these broadcasters. S&D cost of News Broadcasters YoY decline in S&D cost for News Broadcasters (%) NDTV TV Today 5 NDTV TV Today Zee News Challenges ahead While it is pretty commendable how the Government, TRAI and stakeholders across the industry have seeded STBs, few pressing issues still remain. Clarity on local taxes: Entertainment tax is a state subject and there is little clarity on who this liability falls on. In Delhi, the law is clear that it is the prerogative of the MSOs while in Maharashtra the LCOs want to collect entertainment tax on behalf of the state government and deposit the same with it (they have filed a case in the Bombay High Court stating that they own the customer and hence it should be their right). LCOs still defiant: While LCOs have been largely on board for seeding STBs, they are still resisting submission of Customer Acquisition Forms (CAF), implementing packages and undertaking gross billing. CAF forms in the metros (excluding Chennai where DAS has not been implemented yet as there is a Court case against it in the Madras High Court) have been filled to the extent of 95% (including Kolkata). The pick-up is just about 5% (on an average) in the rest of the 38 cities falling under Phase II and, hence, TRAI has delayed the last day for CAF submission to 15 November 213. Only Delhi has implemented gross billing whereas Mumbai is expected to undertake the same from the month of October. The real benefits of digitisation would be visible when the consumer has the right to choose channels of his/her choice and the MSO starts directly billing the subscriber. 17
18 October 213 ARPUs need to move up: Early indications show that ARPUS are increasing, particularly in pockets where they were miserably suppressed. They will have to further rise to make the business profitable. Margins for MSOs will shrink in future as content costs climb and carriage revenues drop. Higher ARPUs will then come to the rescue. DTH companies will also stand to gain from this. 18
19 October 213 Annexure Journey from CAS to DAS The year 23. The date 14 January. The Indian government announces a policy making it mandatory for the cable operators to transmit every pay channel through an addressable system or CAS, the aim being to give consumers choice to pay for the channels that they want to watch. The Ministry of Information and Broadcasting (MIB) specifies the first cities as the Municipal Council of Greater Mumbai area, the National Capital Territory of Delhi and the Chennai Metropolitan area. The time given is six months. Then follows resistance from various groups of the broadcast industry and legal battles. The government decides to retreat. Citing public interest and wider consultation, the MIB issues a notification withdrawing CAS (Conditional Access System) in Delhi, Mumbai and Kolkata while leaving out Chennai where it gets implemented in a restricted manner. Time comes for the multi-system operators (MSOs) to move the court. In late 26, a Delhi High Court order forces the government to bring back CAS in parts of Delhi, Mumbai and Kolkata from 1 January 27. The government, however, does not extend CAS to other cities, despite the Telecom Regulatory Authority of India s (TRAI) recommendation that it should be rolled out countrywide. The government s contention is that it has not taken a final view and was consulting various stakeholders. 212: CAS becomes DAS or Digital Addressable System In October 211, the Union Cabinet approves the Ordinance on Digitisation setting December 214 as the sunset data for analogue cable across India. The Ordinance receives Parliament nod and India s journey to digitisation begins. TRAI issues a detailed tariff order for Digital Addressable System (and subsequent amendments), addressing contentious issues and prescribing revenue sharing formula and the constituents of various packages for consumers. According to the tariff order, the Basic Service Tier (BST) has to be priced at a maximum of Rs 1 (plus taxes) per month. BST is to have at least 1 free-to-air (FTA) channels, including five channels of each genre. TRAI said consumers could subscribe to pay channels without taking the BST, and MSOs could fix a minimum monthly pay subscription not exceeding Rs 15 per month. Carriage fees need to be uniform and non-discriminatory across all channels. Placement fees, however, are barred. Trai also introduces the concept of must carry (earlier only must provide was there) wherein an MSO has to carry a particular channel provided the broadcaster pays the designated carriage charge. 19
20 October 213 TRAI asks local cable operators (LCOs) and MSOs to negotiate revenue share amongst themselves. In case of a breakdown, the revenue share is to be fixed at 35% for pay packages. On the wholesale price, the interim Supreme Court order of a maximum of 42% of non-cas rates for all digital platforms (DTH, IPTV, HITS and now DAS) remained unchanged. TRAI also mandated linking retail a la carte rates with wholesale rates and the implied price of the retail level bouquet in which they are present. 2
21 October 213 Disclaimer: The contents of the report are offered for your private, non-commercial and information and discussion purposes only. No part of this report may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of Indian Media Biz Pvt. Ltd. The report has been compiled or arrived from sources believed to be reliable and in good faith, but no representation or warranty, express or implied is made as to their accuracy, completeness or correctness. Indian Media Biz Pvt. Ltd. has not verified the factual accuracy, assumptions, calculations or completeness of the information. Accordingly, Indian Media Biz Pvt. Ltd. accepts no liability whatsoever for any direct or consequential loss or damage arising from (i) the use of this communication (ii) reliance of any information contained herein, (iii) any error, omission or inaccuracy in any such Information or (iv) any action resulting there from. Indian Media Biz Pvt. Ltd. provides the information for the purpose of the intended recipient's analysis and review and recipients are advised to verify the factual accuracy, assumptions, calculations and completeness of the information. All estimates, expressions of opinion and other subjective judgments contained herein are made as of the date of this document. This document does not constitute an offer of, or an invitation by or on behalf of Indian Media Biz Pvt. Ltd. or its affiliates or any other company to any person, to buy or sell any security. Indian Media Biz Pvt. Ltd. does not intend to act as a stock broker and does not give recommendations on buy/sell/hold of securities. Indian Media Biz Pvt. Ltd. or its affiliates may enter into an agreement with the company(ies) covered in this report relating to the production of research reports. Indian Media Biz Pvt. Ltd. may disclose the contents of this report to the company(ies) covered by it and may have amended the contents of this report following such disclosure. You must not rely on any statement we have published in our report without first taking specialist professional advice. Nothing in the material is provided for any specific purpose or at the request of any particular person. Indian Media Biz Pvt. Ltd. is not liable for any of the following losses or damages (whether such losses where foreseen, foreseeable, known or otherwise): 1. loss of data; 2. loss of revenue or anticipated profits; 3. loss of business; 4. loss of opportunity; 5. loss of goodwill or injury to reputation; 6. losses suffered by third parties; or 7. any indirect, consequential, special or exemplary damages arising from the use of on our published research reports regardless of the form of action.
Regulatory Framework for Broadcasting in India
Regulatory Framework for Broadcasting in India System of Regulations in India As per the Constitution, legislative & executive power over 'Posts and telegraphs; telephones, wireless, broadcasting, and
More informationFrequently Asked Questions (FAQs) on Digital Addressable Cable TV Systems
Frequently Asked Questions (FAQs) on Digital Addressable Cable TV Systems Digital Addressable Cable TV Systems (DAS) 1. What is Digital Addressable Cable TV Systems (DAS)? DAS is a cable TV service in
More informationTRAI TARIFF ORDER & INTERCONNECTION REGULATIONS FOR DIGITAL ADDRESSABLE CABLE TV SYSTEMS
May 2012 TRAI TARIFF ORDER & INTERCONNECTION REGULATIONS FOR DIGITAL ADDRESSABLE CABLE TV SYSTEMS On 30th April, 2012, TRAI declared the Interconnection and Tariff regulations for DAS, viz: 1. The Telecommunication
More informationMaheshwari, Manasvi (2014). Digitisation of Cable Television in India. International Journal of Research (IJR). Vol-1, Issue-2.
Digitisation of Cable Television in India Manasvi Maheshwari Asst Prof. Dept. of Communication Studies Jagannath International Management School (JIMS) New Delhi ABSTRACT Digitisation of cable television
More informationWire and Wireless India Limited
Wire and Wireless India Limited India s Leading Cable TV Company Corporate Presentation November 2006 Index 1 Slide No. About WWIL 2 TV market size 7 Competitive scenario 9 Our business model 12 Our plans
More informationQSC AG. Company Presentation. Results Q1 2014 Cologne, May 12, 2014
QSC AG Company Presentation Results Q1 2014 Cologne, May 12, 2014 AGENDA 1. Highlights Q1 2014 2. Financial Results Q1 2014 3. Outlook 2014 4. Questions & Answers 2 2014 STARTED AS EXPECTED Two-track development
More informationIFGL REFRACTORIES LTD. RESULT UPDATE PRESENTATION, February 2016
IFGL REFRACTORIES LTD RESULT UPDATE PRESENTATION, February 2016 Safe Harbor This presentation and the accompanying slides (the Presentation ), has been prepared by IFGL Refractories Limited (the Company
More informationINDUSIND MEDIA & COMMUNICATIONS LTD. (Hinduja Group)
INDUSIND MEDIA & COMMUNICATIONS LTD. (Hinduja Group) Presented by Ravi Mansukhani, MD & CEO September 2010 1 The Hinduja Group : Introduction One of India s premier transnational conglomerates Been in
More informationEarnings Conference Call Q1 2016 Update Wednesday, May 25 th 2016
Earnings Conference Call Q1 2016 Update Wednesday, May 25 th 2016 These materials may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Credit
More informationTELECOM REGULATORY AUTHORITY OF INDIA NOTIFICATION. File No:15-3/2006 - B&CS New Delhi, 31 st August, 2006.
TELECOM REGULATORY AUTHORITY OF INDIA NOTIFICATION File No:15-3/2006 - B&CS New Delhi, 31 st August, 2006. In exercise of the powers conferred upon it under sub-section (2) and sub-clauses (ii), (iii),(iv)
More informationwww.pemra.gov.pk Pakistan Electronic Media Regulatory Authority Consultation paper
No. 10-4(217)Tech-2010/1 www.pemra.gov.pk Pakistan Electronic Media Regulatory Authority Consultation paper On Regulating the Carriage & Placement Fee for the carriage of Satellite TV Channels on Distribution
More informationTelio & NextGenTel. NextGenTel Holding ASA. Q1 2015 Presentation. Eirik Lunde, CEO. Felix Konferansesenter Oslo 7 May 2015
Telio & NextGenTel NextGenTel Holding ASA Q1 215 Presentation Eirik Lunde, CEO Felix Konferansesenter Oslo 7 May 215 This is NextGenTel Group Background Telio Pioneer in the Norwegian VoIP market rapid
More informationRating Research Services
Rating Research Services Media Release: Ratings On Taiwan Mobile Co. Ltd. Affirmed On Sustainable Market Position; Outlook Stable Primary Credit Analyst: Anne Kuo, CFA; (886) 2 8722-5829; anne.kuo@taiwanratings.com.tw
More informationBharti Airtel Limited
Bharti Airtel Limited Registered Office: Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi 110 070, India CIN: L74899DL1995PLC070609 T:+91-11-4666 6100, F:+91-11-4166 6137, Email
More informationSmall Networks - Go Digital with TRANSMODULATORS
Small Networks - Go Digital with TRANSMODULATORS Transmodulators Can Provide A Basic Low Cost Digital Headend To Be Set Up For Just Rs 1 Lakh Or Less! However, this Cannot Provide Pay TV Services. India
More informationKhambatta Securities Ltd.
Attractive Valuation Strong Buy Sector : Bank Private Target Price : Rs 284 Current Market Price : Rs 230 Market Cap : Rs 1,337 bn 52-week High/Low : Rs 393/216 Daily Avg. Volume : 13.88 mn Shares in issue
More informationWHAT ARE MANAGED INVESTMENTS?
January 2014 DISCLAIMER: To the extent that any CANSTAR data, ratings or commentary constitutes general advice, this advice has been prepared by CANSTAR Research Pty Ltd ABN 29 114 422 909 AFSL 437917
More informationGujarat State Petronet Ltd. INR 135
Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 India Equity Institutional Research Oil & Gas RESULT UPDATE Gujarat State Petronet Ltd. INR 135 Growth in volumes to propel earnings Accumulate Gujarat
More informationGraphite Electrodes. Imposition of antidumping duty augurs well. Sector Update. ICICI Securities Ltd Retail Equity Research.
Sector Update Rating matrix Target price Company Old New CMP Potential Upside HEG 225 275 238 19% Graphite India 85 15 91 18% Target period 12-15 months Price performance (%) Return % 1M 3M 6M 12M HEG
More informationLondon Stock Exchange Symbol: PLUS
London Stock Exchange Symbol: PLUS 1 Disclaimer The Presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe
More informationScotiabank Financials Summit September 4, 2014
Scotiabank Financials Summit September 4, 2014 Customers Capital Bank ~7,000 customers, high level of recurring revenue 2 Forward-Looking Statements This presentation contains certain statements that constitute
More informationDisclaimer. This document has been prepared by Tele Columbus AG (the "Company") solely for informational purposes.
Disclaimer This document has been prepared by Tele Columbus AG (the "Company") solely for informational purposes. This presentation may contain forward-looking statements. These statements are based on
More informationTOKAI Holdings 3167 Tokyo Stock Exchange First Section. fiscal year. 伪 伪 Check Point
Company Research and Analysis Report FISCO Ltd. http://www.fisco.co.jp 伪 伪 Launch of a new three-year business plan from this fiscal year Tokai Holdings Corp., based in Shizuoka, has two main businesses:
More informationH1 2011 Strategy & Results Presentation. September 1 st, 2011
H1 2011 Strategy & Results Presentation September 1 st, 2011 1 Disclaimer This document has been prepared by ILIAD S.A. (the "Company ) and is being furnished to you personally solely for your information.
More informationPowerful tools for investing, speculating or hedging
Powerful tools for investing, speculating or hedging DERIVATIVE MARKET Equity Derivatives Single Stock Futures www.jse.co.za Johannesburg Stock Exchange Single Stock Futures are powerful tools for investing,
More informationRAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS. Earnings Presentation Q2 FY16
RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS Earnings Presentation Q2 FY16 Company Overview COMPANY OVERVIEW Rajesh Exports Ltd. (REL) was incorporated in 1989. Currently REL is a leader
More informationSREI Infrastructure Ltd.
Report Date 22nd Oct, 2010 Company Name SREI Infrastructure Ltd. Price / Recommendation CMP: - `121 Buy (Medium Risk Medium Return) Company Background SREI Infrastructure Finance Ltd started its operations
More informationFY08 FY09 FY10 FY11E FY12E FY13E FY14E FY15E
XYZ Company Limited Date Valuation Report: DUMMY Executive Summary INDUSTRY: XX XYZ Company Limited (hereinafter referred to as XYZ or the company ) is a XX manufacturing company and markets its products
More informationNumericable Group Company presentation
Numericable Group Company presentation July 2013 Numericable Group Q3 2014 Results Presentation 27 October 2014 Paris Disclaimer 2 This document was prepared by Numericable Group for the sole purpose of
More informationIndusInd Media & Communications
IndusInd Media & Communications Limited- (IMCL) HINDUJA GROUP Shareholding Pattern IndusInd Media & Communications Limited (IMCL) Shareholding h Pattern (Hinduja Group) ICL/ICHL-Mauritius 26.20% Kudelski
More informationJSW Energy Ltd. Interest expenses dragged the bottom-line BUY. Jan. 25, 2016
JSW Energy Ltd. Interest expenses dragged the bottom-line JSW Energy Ltd. (JSWEL) reported a mixed set of numbers for Q3 FY16 quarter. The company reported a consolidated total operating income of Rs.
More informationNumericable Group Company presentation
Numericable Group Company presentation July 2013 Numericable Group Q1 2014 Results Presentation 13 May 2014 Paris Disclaimer 2 This document was prepared by Numericable Group for the sole purpose of this
More informationTelecom Regulatory Authority of India. Engagement of Consultant for conducting a market survey of consumers of Cable and Television services
Telecom Regulatory Authority of India Engagement of Consultant for conducting a market survey of consumers of Cable and Television services 1 Background Terms of Reference (TOR) 1.1 A Consumer Survey was
More informationThe future of M&A in telecom
The future of M&A in telecom McKinsey & Company s analysis of past telecom mergers and acquisitions provides new insights into where the industry is likely headed. By Jean-Christophe Lebraud and Peter
More informationClime Capital Limited (CAM)
Clime Capital Limited (CAM) Listed Managed Investments September 2012 Quarterly Review WHO IS IIR? Independent Investment Research Pty Ltd, IIR is an independent investment research house in Australia.
More informationDEUTSCHE TELEKOM Q3/14 Results
DEUTSCHE TELEKOM Results DISCLAIMER This presentation contains forward-looking statements that reflect the current views of Deutsche Telekom management with respect to future events. These forwardlooking
More informationZiggo first quarter results Ziggo continues growth in subscriptions and revenue in the first quarter of 2011
Ziggo first quarter results Ziggo continues growth in subscriptions and revenue in the first quarter of 2011 Utrecht, April 18, 2011 Bundle sales continue to be the driver of growth, supported by our leading
More informationTrxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3
Siddharth Rajeev, B.Tech, MBA, CFA Analyst November 5, 2015 Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3 Sector/Industry: E-commerce Market Data (as of November 5, 2015) Current Price $1.15 Fair
More informationYOU Broadband & Cable India Limited IPO Grading Rationale. CRISIL IPO Grade 2/5 (Below average) September 01,, 2010
YOU Broadband & Cable India CRISIL IPO Grade 2/5 (Below average) September 01,, 2010 Grading summary CRISIL has assigned a CRISIL IPO grade of 2/5 (pronounced "two on five") to the proposed IPO of YOU
More informationKabel Deutschland shows continued growth with Internet & Phone
INVESTOR RELATIONS RELEASE Kabel Deutschland shows continued growth with Internet & Phone Unterfoehring, February 4, 2015 Kabel Deutschland Holding AG ( Kabel Deutschland, KDH or the Company ), Germany
More informationAdvanced Securities Law
READING MATERIAL Advanced Securities Law UNIT 2 Public Issues: Initial Public Offering- II ADVANCED SECURITIES LAW 2 In the previous Unit we began our study of initial public offers ( IPOs ). We looked
More informationQSC AG. Company Presentation. Results Q3 2013 Cologne, November 11, 2013
QSC AG Company Presentation Results Q3 2013 Cologne, November 11, 2013 AGENDA 1. Highlights Q3 2013 2. Financial Results Q3 2013 / Outlook 3. Questions & Answers 2 SOLID DEVELOPMENT IN Q3 2013 QSC is well
More informationConsultation Paper. Tariff Issues Related to Broadcasting and Cable TV Services for Commercial Subscribers. 11 th June, 2014
Consultation Paper No. 6/2014 Consultation Paper On Tariff Issues Related to Broadcasting and Cable TV Services for Commercial Subscribers 11 th June, 2014 Mahanagar Doorsanchar Bhawan Jawahar Lal Nehru
More informationNo Signs of Cannibalization
Tony Wible, CFA 908-470-3160 twible@janney.com Media and Entertainment Price: $84.98 Fair Value Estimate: $100.00 52-Week Range: $60.80 - $88.25 Market Cap (MM): $70,075 Shr.O/S-Diluted (mm): 824.6 Average
More informationTELECOM REGULATORY AUTHORITY OF INDIA. Recommendations on. Issues relating to Broadcasting and Distribution of TV channels
TELECOM REGULATORY AUTHORITY OF INDIA Recommendations on Issues relating to Broadcasting and Distribution of TV channels New Delhi October 1, 2004 Table of Contents Page No Executive Summary of Recommendations..
More informationPerformance Food Group Company Reports First-Quarter Fiscal 2016 Earnings
NEWS RELEASE For Immediate Release November 4, 2015 Investors: Michael D. Neese VP, Investor Relations (804) 287-8126 michael.neese@pfgc.com Media: Joe Vagi Manager, Corporate Communications (804) 484-7737
More informationDish TV India Limited Investor Presentation
Dish TV India Limited Investor Presentation Disclaimer Some of the statements made in this presentation are forward-looking statements and are based on the current beliefs, assumptions, expectations, estimates,
More informationUpdate following the publication of the Bank of England Stress Test. 16 December 2014
Update following the publication of the Bank of England Stress Test 16 December 2014 Background Top 8 Banks Resilience Stress Tested by PRA following FPC recommendation in March 2013 Guidance for stress
More informationNAB Online Retail Sales Index In depth report July 2014
NAB Online Retail Sales Index In depth report July Table. Key online retail statistics Total online Index Domestic sales International sales May YOY growth (%) Jun Jul May MOM growth (% sa, 3mma) Jun Jul
More informationWhy Do Farmers / Clubs / Firms / Anyone Prepare Accounts? To calculate profit. To assess the effectiveness of different parts of the organisation.
Accounting Theory. In recent years the amount of theory being asked on the Leaving Certificate paper has steadily increased. This is a trend that is likely to continue. Below is an outline of the likely
More informationBUY. ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16. CMP 1677.00 Target Price 1880.00. SEPTEMBER 2 nd, 2015 SYNOPSIS ISIN: INE738I01010
BUY CMP 1677.00 Target Price 1880.00 ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16 SEPTEMBER 2 nd, 2015 ISIN: INE738I01010 Index Details Stock Data Sector IT & ITes BSE Code 532927 Face
More informationThe Credit Card Report May 4 The Credit Card Report May 4 Contents Visa makes no representations or warranties about the accuracy or suitability of the information or advice provided. You use the information
More informationRenminbi Depreciation and the Hong Kong Economy
Thomas Shik Acting Chief Economist thomasshik@hangseng.com Renminbi Depreciation and the Hong Kong Economy If the recent weakness of the renminbi persists, it is likely to have a positive direct impact
More informationeaccess Limited 9427 Mid-Year Results for Fiscal Year Ending 3/2006 4/2005 9/2005
eaccess Limited 9427 Mid-Year Results for Fiscal Year Ending 3/2006 4/2005 9/2005 November 8 th, 2005 2 I. FY2005 Mid-Year Financial Results Overview Page 3 II. FY2005 Mid-Year Financial Results Page 8
More informationFinancial Results For the six months to 30 June 2014
Financial Results For the six months to 30 June 2014 25 July 2014 Key developments - H1 2014 Robust revenue and EBITDA growth with video as core Strong Europe and International performance North America
More informationfor Analysing Listed Private Equity Companies
8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products.
More informationTHE DIGITISER OF THE GERMAN MITTELSTAND
Cologne, 9 November 2015 Results Q3 2015 THE DIGITISER OF THE GERMAN MITTELSTAND 1. Strategic Update QSC well on track in Q3 2015 Strong increase in profitability and financial strength (Y-o-Y: EBITDA:
More informationInvesting in Debt Funds
10 February, 2012 Investing in Debt Funds Debt securities (bonds) are a fundamental part of an investing plan for most investors. There are many types of bonds along with varied approaches to debt fund
More informationCHT 2009 Results Conference Call Script March 30, 2010 at 6:00 P.M. (Taipei)
CHT 2009 Results Conference Call Script March 30, 2010 at 6:00 P.M. (Taipei) Fufu Shen, IR Director: Thank You. This is Fufu Shen, Investor Relations Director of Chunghwa. Welcome to our fourth quarter
More informationQSC AG. Company Presentation. Results Q2 2014 Cologne, August 11, 2014
QSC AG Company Presentation Results Q2 2014 Cologne, August 11, 2014 AGENDA 1. Operating development Q2 2014 2. Financial development Q2 2014 3. Outlook for 2014 4. Questions & Answers 2 DISAPPOINTING
More informationH1 2014 IFRS Results. August 2014
H 4 IFRS Results August 4 Important Notice By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to the following limitations and notifications and represent
More informationFinancial Results For the nine months to 30 September 2013
Financial Results For the nine months to 30 September 2013 8 November 2013 YTD Q3 2013 - Summary A robust performance in the period, resulting from the strategic approach to sustain SES position in mature
More information1 January 2004 31 December 2004
1 January 31 December 1 Contents Q4 Report President and CEO Veli-Matti Mattila Key Figures and Financial Statement CFO Tuija Soanjärvi 2 Q4 Report President and CEO Veli-Matti Mattila Elisa Q4 Financial
More informationMaruti Suzuki. Source: Company Data; PL Research
Q3 results subdued, Outlook remains good; BUY January 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs4,103 Target Price Rs4,844 Implied Upside 18.1% Sensex 24,470 Nifty
More informationQ1 15 Results. April 23, 2015. Q1 15 Results. www.atresmediacorporacion.com
April 23, 2015 www.atresmediacorporacion.com 1 Q1 15 Highlights According to internal estimates, Total Ad market increased by 8% in Q1 15 (TV and Radio grew by 12% and 13% yoy respectively ) Antena 3 led
More informationB U I L D I N G N O R T H A M E R I C A N F I N T E C H L E A D E R S H I P. BMO 2013 Technology and Digital Media Conference
B U I L D I N G N O R T H A M E R I C A N F I N T E C H L E A D E R S H I P BMO 2013 Technology and Digital Media Conference Forward-Looking Statements This presentation contains certain statements that
More informationSUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE ANNOUNCEMENT
April 26, 2016 To, Ms. D'souza AVP, Listing Department National Stock Exchange of India Exchange Plaza Bandra Complex Bandra (East) 400 001 Limited SUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE
More informationYou may reuse this information (not including logos) free of charge in any format or medium, under the terms of the Open Government Licence.
Crown copyright 2015 You may reuse this information (not including logos) free of charge in any format or medium, under the terms of the Open Government Licence. To view this licence, visit www.nationalarchives.gov.uk/doc/open-governmentlicence/
More informationRecommended Acquisition of Networkers International plc Presentation to Analysts & Investors
Recommended Acquisition of Networkers International plc Presentation to Analysts & Investors 28 January 2015 Disclaimer THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES.
More informationMinistry of Information and Broadcasting Services
Republic of Zambia Ministry of Information and Broadcasting Services Digital Migration National Task Force Digital Terrestrial Television (DTT) Guide and Notes Introduction HAVE YOU HEARD OF DIGITAL TERRESTRIAL
More informationIn this regulation, unless the context otherwise requires:-
TELECOM REGULATORY AUTHORITY OF INDIA NOTIFICATION No.16-2/2006 -B&CS Dated: 23 rd August, 2006 In exercise of the powers conferred upon it under section 36 and sub clause (v) of clause (b) of sub-section
More informationMastek Limited Q1-FY14 Earnings Conference Call
Mastek Limited Q1-FY14 Earnings Conference Call MANAGEMENT: MR. SUDHAKAR RAM MANAGING DIRECTOR, GROUP CEO, MASTEK M LIMITED. MR. FARID KAZANI GROUP CFO, FINANCE DURECTOR MASTEK LIMITED. MODERATORS: MR.
More informationSundaram Finance. Target price (INR) 452 Momentum in loans sustains, upgrade to Hold
HOLD Target price (INR) 452 Momentum in loans sustains, upgrade to Hold India Equity Research Financials January 30, 2013 Rating The higher than expected growth in the NII was driven by an improvement
More informationBecause you should retire from work, not life. Retirement plans. By HSBC.
Because you should retire from work, not life. Retirement plans. By HSBC. A new beginning Retirement will be a significant new chapter in your life. A new beginning that will bring new opportunities, new
More informationCommodities not finding much traction despite USD weakness
Commodities not finding much traction despite USD weakness Commodities continued to show weakness into the second week of 2013 despite rising stock markets and a falling US dollar. Investors are generally
More informationA strong year for retail bonds
A strong year for retail bonds The Orderbook for Retail Bonds (ORB) opened 1 February 2010, with the aim of promoting both a transparent secondary market in bonds for retail investors as well as developing
More informationReview of FY07 Results
Review of FY07 Results Doğan Gazetecilik A.Ş. March 28,, 2008 Notice Inflation accounting (IAS 29) is not applied in 2005&2006&2007 financials on the back of CMB s requirements. The financial statements
More informationAccelerate Profit Growth
Company Research and Analysis Report FISCO Ltd. http://www.fisco.co.jp 伪 伪 Shifting to a Pure Holding Company Structure to Accelerate Profit Growth Inc. (4784) is one of the core companies of the GMO Internet
More informationA Guide For Preparing The Financial Information Component Of An Asset Management Plan. Licensing, Monitoring and Customer Protection Division
A Guide For Preparing The Financial Information Component Of An Asset Management Plan Licensing, Monitoring and Customer Protection Division July 2006 Contents 1 Important Notice 2 2 Scope and purpose
More informationSberbank Group s IFRS Results for 6 Months 2013. August 2013
Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB
More informationSAP Debt Investor Presentation Second Quarter 2014 Update Call Walldorf, Germany Thursday, July 24, 2014
SAP Debt Investor Presentation Second Quarter 2014 Update Call Walldorf, Germany Thursday, July 24, 2014 Safe Harbor Statement Any statements contained in this document that are not historical facts are
More informationQSC AG. Company Presentation. Preliminary Results 2013 / Outlook for 2014 Cologne, February 26, 2014
QSC AG Company Presentation Preliminary Results 2013 / Outlook for 2014 Cologne, February 26, 2014 AGENDA 1. Strategic Development 2013 2. Financial Development 2013 3. Outlook for 2014 4. Questions &
More informationH1 2014 RESULTS AND BUSINESS UPDATE
H1 2014 RESULTS AND BUSINESS UPDATE Strong top line growth of 104% in GMV and margin improvement for Proven Winners Rocket Internet s performance on track and in line with expectations foodpanda grew into
More informationResidential Real Estate Company Deutsche Wohnen 'BBB+' Ratings Placed On CreditWatch Negative On Conwert Takeover Offer
Research Update: Residential Real Estate Company Deutsche Wohnen 'BBB+' Ratings Placed On CreditWatch Negative On Conwert Takeover Offer Primary Credit Analyst: Marie-Aude Vialle, London (44) 20-7176-3655;
More informationTree House Education & Accessories
2QFY2016 Result Update Educational Services November 10, 2015 Tree House Education & Accessories Performance Highlights Y/E March (` cr) 2QFY16 2QFY15 % chg (qoq) 1QFY16 % chg (yoy) Net sales 57 50 15.1
More informationQuarterly Report. Grupo Clarín announces its Results for the Nine Months (9M15) and Third Quarter of 2015 (3Q15)
Quarterly Report GCLA: Ps.117.0 / share (BCBA) GCLA: USD 16.0 / GDS (LSE) Total Shares: 287,418,584 Total GDSs: 143,709,292 Market Value: USD 2,299.3 MM Closing Price: November 10th, Grupo Clarín announces
More information2 This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee.
International Accounting Standard 28 Investments in Associates and Joint Ventures Objective 1 The objective of this Standard is to prescribe the accounting for investments in associates and to set out
More informationAcquisition of Taiwan Broadband Communications. Macquarie International Infrastructure Fund Limited (MIIF)
Acquisition of Taiwan Broadband Communications Macquarie International Infrastructure Fund Limited (MIIF) 10 July 2007 Disclaimer Disclaimer Macquarie International Infrastructure Fund Limited (MIIF) is
More informationOrange Polska reports strong commercial performance in mobile post-paid and satisfactory financial results in 2Q 2015 2Q 2015 highlights:
Current Report (38/) Orange Polska S.A., Warsaw, Poland July 27, Pursuant to art. 56, clause 1, item 1 of the Law of July 29, 2005 on public offering and the conditions for introducing financial instruments
More informationTurkey-Based Appliance Manufacturer Vestel Outlook Revised To Positive; 'B-' Rating Affirmed
Research Update: Turkey-Based Appliance Manufacturer Vestel Outlook Revised To Positive; 'B-' Rating Affirmed Primary Credit Analyst: Alexander Griaznov, Moscow (7) 495-783-4109; alexander.griaznov@standardandpoors.com
More informationSky Deutschland DRAFT. Q2 2013 Results 6 August 2013
2013 Home Box Office, Inc. All rights reserved. HBO and all related programs are the property of Home Box Office, Inc. 2012 Visiona Romantica, Inc. All Rights Reserved. 2012 Lions Gate Films Inc. and Alcon
More informationTechno Electric & Engineering Limited
Engineering & Capital Goods Event Update Techno Electric & Engineering Limited Buy Wind business spin off will lead to value unlocking. Institutional Research CMP (`) 404 Target (`) 504 Nifty: 8,224 Sensex:
More informationAnnual Financial Results Presentation for year ended 30 June 2014 2 October 2014
Annual Financial Results Presentation for year ended 30 June 2014 2 October 2014 Disclaimer The information contained in this presentation ( Presentation ) has been prepared by Firestone Diamonds plc (the
More informationA Financial Analysis of Energies and Gas Pipelines
Research Update: Interconexion Electrica S.A. E.S.P. (ISA) 'BBB' Credit Rating Affirmed, Outlook Remains Stable Primary Credit Analyst: Maria del Sol S Gonzalez, CFA, New York (1) 212-438-4443; maria.gonzalezcosio@standardandpoors.com
More informationBUY. Muted Q3; Brands & Retail story to unfold ARVIND. Target Price: Rs 344. Segmental highlights
05 FEB 2016 Quarterly Update BUY Target Price: Rs 344 Muted Q3; Brands & Retail story to unfold Arvind s Q3 consolidated revenue at Rs 21.6 bn (Rs 20.7 bn in Q3FY15) was marginally below our estimate of
More informationSmart Metering Systems plc. Interim Results For the half year ended 30 June 2015
Smart Metering Systems plc Interim Results For the half year ended 2015 Introduction and agenda Business review Alan Foy, CEO SMS story Financial Operational Financial review Glen Murray, CFO Highlights
More informationVODAFONE AGREES TO ACQUIRE CONTROL OF HUTCH ESSAR IN INDIA
11 February 2007 VODAFONE AGREES TO ACQUIRE CONTROL OF HUTCH ESSAR IN INDIA Vodafone announces today that it has agreed to acquire a controlling interest in Hutchison Essar Limited ( Hutch Essar ), a leading
More informationCIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES)
CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES) Chapter Title Page number 1 The regulatory framework 3 2 What is a group 9 3 Group accounts the statement of financial position
More informationSPECIAL REPORT: 4 BIG REASONS YOU CAN T AFFORD TO IGNORE BUSINESS CREDIT!
SPECIAL REPORT: 4 BIG REASONS YOU CAN T AFFORD TO IGNORE BUSINESS CREDIT! 4 BIG REASONS YOU CAN T AFFORD TO IGNORE BUSINESS CREDIT! Provided compliments of: FIRSTUSA DATA SERVICES, LLC 877-857-5045 SUPPORT@FIRSTUSADATA.COM
More informationHCC BUY. Infrastructure January 29, 2016
Jan-15 Mar-15 Apr-15 May-15 Jul-15 Aug-15 Sep-15 Nov-15 Dec-15 Jan-16 India Research Infrastructure January 29, 2016 QUARTERLY REVIEW Bloomberg: IN Reuters: HCNS.BO BUY Better margins drive earnings s
More information