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CLSA - DISH TV India
Friday, April 13, 2007
What’s new?
DISH TV formed under de-merger of Zee is slated to list next week DISH TV is India’s largest DTH operator, with 2m subscribers Competition in DTH is fast rising with an expected five operator market However India with 66m C&S homes is set to emerge among the leading pay TV markets in Asia. We estimate India DTH subs at 19m and DISH TV at 6.8m by FY11CL. Our DCF valuation for DISH TV, gives a fair price of Rs137 per share.
CAS: rollover a positive for DTH
Alongside CAS implementation in Zone 1 areas of Mumbai, Delhi and Calcutta, industry is confident of its mandatory rollover to remaining areas of metros. The present conversion to “Pay TV” in CAS zone is at 40%. We believe successful CAS implementation and further rollover will in-turn accelerate the growth of DTH services since regulations will force households to choose between CAS or DTH set top box for viewing pay channels. Further the share of DTH is likely to be high with comparable content and competitive prices vis a vis cable CAS offerings. Already India has near 3m DTH homes with DISH TV as the leading operators with 2m subscribers.
Target Rs 137.
DISH TV formed under de-merger of Zee is slated to list next week DISH TV is India’s largest DTH operator, with 2m subscribers Competition in DTH is fast rising with an expected five operator market However India with 66m C&S homes is set to emerge among the leading pay TV markets in Asia. We estimate India DTH subs at 19m and DISH TV at 6.8m by FY11CL. Our DCF valuation for DISH TV, gives a fair price of Rs137 per share.
CAS: rollover a positive for DTH
Alongside CAS implementation in Zone 1 areas of Mumbai, Delhi and Calcutta, industry is confident of its mandatory rollover to remaining areas of metros. The present conversion to “Pay TV” in CAS zone is at 40%. We believe successful CAS implementation and further rollover will in-turn accelerate the growth of DTH services since regulations will force households to choose between CAS or DTH set top box for viewing pay channels. Further the share of DTH is likely to be high with comparable content and competitive prices vis a vis cable CAS offerings. Already India has near 3m DTH homes with DISH TV as the leading operators with 2m subscribers.
Target Rs 137.
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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.
