Hindustan Media Ventures - IPO Note

IPO Note | Media
July 3, 2010

Hindustan Media Ventures SUBSCRIBE
Issue Open: July 5, 2010
Venturing out Issue Close: July 7, 2010
Rationale for our Subscribe view Issue Details
Regional print market poised for growth, Hindustan well placed to benefit: According Face Value: Rs10
to KPMG, the print landscape is dominated by regional newspapers. Moreover,
Present Equity Capital: Rs57.1cr
Hindi is the largest language in terms of penetration. With a cumulative readership
base of 9.9mn (third largest daily newspaper in terms of readership) and a Post Issue Equity Capital: Rs72.6cr
cumulative growth in Readership of 15.9% in the period between July 2006 and
Issue size (amount): Rs270cr
December 2009 (Source: IRS, R2 2007 to Q1 2010), we believe, Hindustan is well
placed to benefit from the growth in the regional print market. Issue Price: Price Band of Rs162 - 175

No1 in Bihar/Jharkhand, fastest growing daily in UP: Hindustan has a firm presence
UP: Promoters holding pre-issue: 98.9%

in the key Hindi markets of Bihar and Jharkhand with a readership of 4.5mn and Promoters holding post-issue: 77.9%
1.4mn respectively and is the fastest growing Hindi daily in UP (the largest Hindi
market in India) since its launch in the state in 2007. Hindustan was launched in
UP with eight editions in Agra, Allahabad, Kanpur, Lucknow, Meerut, Varanasi, Book Building
Bareilly and Dehradun and has since garnered a total Hindi daily readership share
QIBs At least 60%
of 21% (16% in 2007).
Non-Institutional At least 10%
Strong Infrastructure and synergies with promoter HT Media: Backed by
Retail At least 30%
70-year history as an eminent Hindi daily, Hindustan has successfully ventured out
of its traditional markets, expanding into new states and gaining market share in a
relatively short time frame. The company is a part of the HT Media group, and Post Issue Shareholding Pattern
derives significant leverage from the brand identity of Hindustan Times (2nd largest
Promoters Group 98.9%
English daily), and Mint (2nd largest business daily), in terms of both advertisement
MF/Banks/Indian
and sharing of content. FIs/FIIs/Public & Others 22.1%
Outlook and Valuation
For the full year FY2010 (including current 4 months financials and 8 months of
financials of acquired business), Hindustan Media Ventures (HMVL) reported a
top-line of Rs439cr and an earnings of Rs45.2cr. At the upper price band of Rs175,
HMVL is trading at 16.2x FY2012E EPS of Rs10.8 which we believe is reasonable,
given - 1) its high Earnings growth (31.8% CAGR during FY2010-12E), 2) rich
parentage and group portfolio under HT Media, 3) strong position in the regional
print markets and 4) proven execution skills.

We have valued HMVL on basis of P/E multiple relative to its peers - Jagran Prakashan
(JPL) and DB Corp. We have valued the stock at 18x FY2012E EPS (~10% discount
to our target multiple of 20x for Jagran and DB Corp) and arrived at a fair value
of Rs195 indicating a ~11% upside to the upper price band. Hence, we recommend
Anand Shah
a Subscribe view to the issue.
+91 22 4040 3800 Ext: 334
Email: anand.shah@angeltrade.com

Kapur
Chitrangda Kapur
+91 22 4040 3800 Ext: 323
Email: chitrangdar.kapur@angeltrade.com

Please refer to important disclosures at the end of this report

Hindustan Media Ventures | IPO Note

Company Background
HT Media Ventures (HMVL) is promoted by HT Media, an integrated multimedia
company, which publishes, among others, leading dailies in India such as Hindustan
Times and Mint. HT Media currently owns 98.85% of HMVL's equity share capital.
HMVL has recently acquired HTML's Hindi business, which includes Hindustan, Nandan
and Kadambini publications, certain printing facilities and personnel, from HT Media,
pursuant to the Business Purchase Agreement dated November 16, 2009, as a going
concern, on a slump sale basis for a consideration of Rs1.4bn (funded via debt), with
effect from December 1, 2009.

HMVL is one of the leading print media companies in India, with its flagship brand
Hindustan enjoying a Readership of 9.9mn readers (third largest Hindi daily). Hindustan
is published in four editions and 113 sub-editions and is presently printed at 17
locations in the states/regions of Uttar Pradesh, Bihar, Jharkhand, Uttarakhand, Punjab
and Delhi NCR with a total installed rated capacity of ~0.78mn copies/hr. The company
also publishes two Hindi magazines, Nandan, a children's magazine, and Kadambini,
a general interest magazine. In addition to the Hindi publications, HMVL operates the
website, www.livehindustan.com, which focuses on providing news in Hindi with regional
content and have recently forayed into event management and customized event
solutions.

Exhibit 1: HMVL's business model

HMVL

Print Internet Events

Hindustan
Nandan www.livehindustan.com Hindustan Events
Kadambini

Source: Annual Report, RHP

July 3, 2010 2


Issue Details
HMVL is tapping the IPO market with an issue size of Rs270cr and a price band of
Rs162-175 per equity share, thus resulting in a public issue of 1.67cr and 1.54cr
equity shares of face value Rs10, resulting in a Promoter shareholding dilution of 23%
and 21% at the lower and the upper price band, respectively.

The company plans to use the IPO proceeds for expanding its presence in new markets
and for the repayment of debts. HMVL plans to set up eight new publishing units for
printing and publishing new editions of Hindustan and expects the same to be fully
operational by end of fiscal 2012.

Exhibit 2: Objects of the Issue
Particulars Amount (Rs cr)
Setting up new publishing units 66.0
Upgradation of existing plant & machinery 55.0
Repayment of loans 135.0
Genreal Corporate Purpose *
Total 270.0
Source: Company, RHP Angel Research
,

Exhibit 3: Shareholder's pattern (Pre and Post Issue)
Pre-Issue
re-Issue Post-Issue
ost-Issue
Particulars No. of Shares % No. of Shares %
Promoter
HT Media 56,472,485 98.85 56,472,485 77.92
Promoter Group
Ms. Namrata Bhartia 571,280 1.00 571,280 0.79
Public - - 15,428,571 21.29
Total 57,043,765 99.85 72,472,336 100.00
Source:Company, RHP Angel Research
,

Rationale for our recommendation
Regional print market poised for growth, Hindustan well placed to benefit

According to KPMG, the print landscape is dominated by regional newspapers which
target population of ~1bn. Of more than 62,000 newspapers, 92% are published in
Hindi and other vernacular languages. Also Hindi is the largest language in terms of
penetration, of total population of India, followed by Marathi, Tamil, Telegu, Bengali
and English. In terms of readership, for 2008-10, the Hindi print sector grew at a
CAGR of 2.3% in pace with the total print sector growth, English Print, however, lagged
a bit with 2.1% growth. Hindustan, garnering a 16% readership share of the total
Hindi print market outpaced the sector growth, registering a CAGR of 3.7% over the
same period.

July 3, 2010 3


Exhibit 4: Hindustan growing at a faster rate v/s Hindi print sector
Readership (mn)
Publications 2008 R2 2009 R2 2010 Q1 CAGR (%)
English Daily 16.19 17.06 16.88 2.11
(% of total) 10.3 10.5 10.3
Hindi Daily 56.15 57.57 58.7 2.25
(% of total) 35.9 35.5 35.8
Hindustan 9.21 9.34 9.91 3.73
(% of Hindi Daily) 16.4 16.2 16.9
Other Daily 93.31 97.91 98.58 2.79
(% of total) 59.6 60.4 60.2
Total 156.62 162.13 163.85 2.28
Source: Company, RHP IRS, Angel Research
,

Hindustan has a firm presence in the key hindi markets of Bihar and Jharkhand with
a readership of 4.5mn and 1.4mn respectively and is the fastest growing Hindi daily
in UP (the largest Hindi market in India) since its launch in the state in 2007. Hindustan
was launched in UP with eight editions in Agra, Allahabad, Kanpur, Lucknow, Meerut,
Varanasi, Bareilly and Dehradun and has since garnered a total hindi daily
readership share of 21% (16% in 2007).

Exhibit 5: Fastest growing daily in UP markets in terms of Readership
350 2007 R2 2009 R2 2010 Q1

300

250
(mn)

200

150

100

50

-
Agra Allahabad Kanpur Lucknow Meerut Varanasi Bareilly
Source: Company, Angel Research

Hence, with a cumulative readership base of 9.9mn (third largest daily newspaper in
terms of readership) and a cumulative growth in Readership of 15.9% in the period
between July 2006 and December 2009 (Source: IRS, R2 2007 to Q1 2010), we
believe, Hindustan is well placed to benefit from the growth in the regional print
market.

July 3, 2010 4


Exhibit 6: Readership vs. competitors in Bihar, Jharkhand and UP
14.0 12.8 12.6 12.2 12.4
12.0

10.0
8.4
8.0 7.9 7.9

(mn)
8.0
6.2 6.4 6.5
6.1
6.0

4.0

2.0 1.3 1.2 1.2 1.2

0.0
2007 R2 2008 R2 2009 R2 2010 Q1
Dainik Jagran Hindustan Amar Ujala Prabhat Khabar

Source: Company, RHP IRS, Angel Research
,

Proven execution facility and strong infrastructure

Backed by 70-year history as an eminent Hindi daily, Hindustan has successfully ven-
tured out of its traditional markets, expanding into new states and gaining market
share in a relatively short time frame. In April 2008, HMVL implemented its brand
repositioning campaign, Tayyari, to meet the changing consumer needs and to en-
sure growth and consolidation of its position in key markets through product re-inven-
tion. The campaign which sought to attract a new and younger profile of target read-
ers and to provide a diverse and interesting mix of news, analysis and entertainment,
enabled HMVL to create a niche for Hindustan in the Hindi heartland.

Exhibit 7: Hindustan grown to being third largest hindi newspaper from being sixth largest in 2004
(mn) 2003 R2# 2005 R2 2006 R2 2007 R2 2008 R2 2009 R2 2010 Q1
Dainik Jagran 16.40 19.17 18.19 16.50 16.29 16.10 16.31
Dainik Bhaskar 13.42 15.09 13.48 12.82 13.00 12.88 13.32
Hindustan 7.94 9.00 9.67 8.55 9.21 9.34 9.91
Malyalam Manorama 9.21 9.43 9.14 8.66 8.42 9.12 9.58
Amar Ujala 8.85 9.85 9.40 8.07 8.07 8.30 8.49
Daily Thanthi 9.15 10.56 9.32 7.91 7.68 7.52 7.35
The Times of India 7.10 7.29 6.92 6.83 6.71 7.14 7.04
Lokmat 7.28 8.87 7.69 6.70 6.63 7.10 7.36
Rajasthan Patrika 5.91 6.11 6.71 7.40 6.67 6.49 6.69
Ananda Bazar Patrika 5.12 6.23 6.85 6.86 6.68 6.47 6.53
Source: Company, RHP IRS, Angel Research; Note: # period from July 2003 to June 2004
,

The company's broad geographic reach in key Hindi speaking markets, extending
from Jharkhand in the east to Mohali in the north, provides it with a distinct
competitive advantage, enabling it to offer audiences content that is increasingly di-
verse and meet its advertiser's needs. Moreover, HMVL, being a part of the HT media
group has long standing relationships with its advertisers (includes
commercial, Government and quasi-Government departments) and leverages on the
group's strength with various advertising agencies to facilitate sale of advertising space
in its publications.

July 3, 2010 5


Printing Presence in 17 locations and total installed capacity of ~0.78mn copies/hr

HMVL owns all its printing facilities, save the three franchise facilities in Bhagalpur,
Muzaffarpur and Varanasai; and Delhi NCR and Mohali which are owned by the
Promoter.

Exhibit 8: Multi-state presence
State No. of Installed No. of edition/
Prinitng facility capacity (copies/hr) sub editions printed
UP & Delhi NCR 8 381,000 60
Bihar 4 222,000 29
Jharkhand 3 141,000 20
Uttarakhand 1 36,000 7
Total 16* 780,000 116**
Source: Company, RHP Angel Research; Note: * Excludes HT media's printing facility at Mohali, **
,
Excludes Delhi NCR edition of Hindustan in Mohali

Synergies with promoter, HT Media

The Company is a part of the HT Media group, and derive significant leverage from
the brand identity of Hindustan Times (India's well recognized brands), and Mint (sec-
ond largest business daily in terms of Readership), in terms of both advertisement and
sharing of content. Further, the company has inked arrangement with its promoter to
provide each other their respective existing infrastructure (HMVL is currently using HT
Media's printing facility at Mohali) and other necessary amenities in their own
operating geographies along with their respective printing facilities as well as to un-
dertake the sale of advertisement space for and on behalf of each other.

Common Management team, aware of group's philosophies and values

HMVL has a strong management team. Both HMVL and HT Media share a common
chairperson, one independent director, one non-executive director and the whole time
director, thus drawing synergies as well as focus. Further, other key management
personnel at HMVL were a part of HT Media for a long time, and hence, are aware of
the group's philosophies and values. We believe, the relationship with HT Media will
ensure HMVL access to national and international news which will help enhance edi-
torial content of the newspaper.

July 3, 2010 6


Financial Outlook
HMVL has recently acquired HTML's Hindi business, certain printing facilities and
personnel, from HT Media, pursuant to the Business Purchase Agreement dated
November 16, 2009, as a going concern, on a slump sale basis for a consideration of
Rs1.4bn (funded via debt), with effect from December 1, 2009. Hence, the historical
financials will not be indicative of company's results on a going-forward basis, as its
results on a going-forward basis will include the consolidated results of the Acquired
Business for full periods.

For the full year FY2010 (including current 4 months financials and 8 months of
financials of acquired business), HMVL reported a top-line of Rs439cr and an earnings
of Rs45.2cr. During the period FY2010-12E, we expect HMVL to post a CAGR of
16.5% in revenues primarily backed by 20.6% CAGR in advertising revenues on account
of improved traction in recent launches (launched 3 editions of UP in last 18 months),
new edition launches (planning to launch 8 new editions over next two years), up-tick
in advertising volumes (as segments like Auto, BFSI and Real estate recover) and rate
hikes. In terms of circulation revenues, we have modeled in a 10% CAGR during the
period primarily driven by strong growth in UP region even as we factor flat revenue
from Bihar/Jharkhand region due to potential cover price cuts in the region to counter-
attack new entrant DB Corp.

Exhibit 9: Model 16.5% CAGR in revenue aided by 20.6% CAGR in Advt.
Y/E March FY2008 FY2009 FY2010E FY2011E FY2012E
Advertising Revenue 165.2 244.0 296.5 358.1 431.2
Circulation Revenue 97.3 105.1 120.8 130.0 146.2
Others 19.3 21.3 21.6 17.9 18.4
Total Sales 281.8 370.3 438.8 505.9 595.8
YoY Growth %
Others 8.5 9.9 1.4 (17.2) 2.8
Total Sales 20.7 31.4 18.5 15.3 17.8
Total
% of Total
Others 6.9 5.7 4.9 3.5 3.1
Source: Company, RHP Angel Research
,

At the operating front, we have modeled in a 350bp expansion to 21.5% (18.5%)
during FY2010-12E driving a robust 25.4% CAGR driven by benign newsprint cost
(have modeled in 10-12% rise in newsprint prices over the period) and higher operat-
ing leverage (traction in new launches and scale benefits). Hence, we expect earnings
to register a robust CAGR of 31.8% CAGR during the period aided by robust Top-line
growth, Margin expansion and lower interest costs (Rs135cr debt to be repaid from
the IPO proceeds).

July 3, 2010 7


Exhibit 10: Earnings to grow at 31.8% CAGR over FY2010-12E
100.0 Net Profit (LHS) OPM (%) 25.0

78.5 20.0
80.0
61.8
15.0
60.0

(Rs cr)
45.2
10.0
40.0
5.0
20.0
-

- (5.0)
(0.1)
(4.0)
(20.0) (13.6) (10.0)
FY07 FY08 FY09 FY10 FY11E FY12E

July 3, 2010 8


Valuation
At the upper price band of Rs175, HMVL is trading at 16.2x FY2012E EPS of Rs10.8
which we believe is reasonable, given - 1) its high Earnings growth (31.8% CAGR
during FY2010-12E), 2) rich parentage and group portfolio under HT Media, 3) strong
position in the regional print markets (fastest growing daily in the largest Hindi market
of UP) and 4) proven execution skills.

Exhibit 11: Key Financials
Y/E March (Rs cr) FY2009 FY2010E FY2011E FY2012E
Net Sales 370 439 506 596
% chg 31.4 18.5 15.3 17.8
Profit
Net Profit (3.8) 45.2 61.8 78.5
% chg 0.0 0.0 36.7 27.0
OPM (%) 3.8 18.5 19.9 21.5
EPS (Rs) (0.5) 6.2 8.5 10.8
P/E (x) - 28.1 20.5 16.2
P/BV (x) - 6.7 5.2 4.2
RoE (%) - 42.4 15.2 16.2
RoCE (%) - 27.2 20.6 21.9
EV/Sales (x) - 3.1 2.4 2.1
EV/EBITDA (x) - 17.0 12.0 9.6
Source: Company, Angel Research; Note: Based on upper price band of Rs175

We have valued HMVL on basis of P/E multiple relative to its peers - Jagran Prakashan
(JPL) and DB Corp. We have valued the stock at 18x FY2012E EPS (~10% discount to
our target multiple of 20x for Jagran and DB Corp) and arrived at a fair value of
Rs195 indicating a ~11% upside to the upper price band. Hence, we recommend a
Subscribe view to the issue.

Exhibit 12: HMVL priced attractively vis-à-vis its peers given higher earnings growth
Company CMP Mkt Cap EPS (Rs) P/E (x) RoE (%) CAGR (FY10-12)
CAGR
(Rs) (Rs cr) FY11E FY12E FY11E FY12E FY11E FY12E Sales PAT
DB Corp 239 4,333 12.7 14.7 18.9 16.2 28.2 26.3 12.5 17.8
Jagran Prak 125 3,757 6.6 7.9 19.0 15.8 31.0 34.3 15.7 16.2
HMVL 175 1,270 8.5 10.8 20.5 16.2 15.2 16.2 16.5 31.8

K ey risks to our recommendation include: 1) Slowdown in GDP growth,
2) volatility in newsprint prices, 3) Rupee depreciation, and 4) Increase in
competitive intensity particularly in Bihar/Jharkhand.

July 3, 2010 9


Profit & Loss Account (Historical Financials)
Y/E Mar (Rs cr) FY2006 FY2007 FY2008 FY2009 FY2010
Advertising Revenue - - - - 104.2
Circulation Revenue - - - - 39.0
Others 15.4 15.9 16.8 17.6 19.1
Net Sales 15.4 15.9 16.8 17.6 162.3
% chg - 3.5 5.7 4.8 -
Other Income 0.1 0.1 0.0 0.1 4.7
Total Income 15.5 16.0 16.9 17.7 167.0
Increase/(Dec) in Invt 0.0 (0.0) 0.0 0.0 0.5
Raw Material Cost 2.2 2.5 2.4 2.7 64.2
Staff Costs 5.9 6.3 6.6 6.6 23.3
Operating and Other Exp 7.0 6.4 7.1 7.8 49.7
Total Expenditure 15.1 15.2 16.0 17.1 137.7
EBIDTA
EBIDTA 0.3 0.8 0.8 0.5 24.6
(% of Net Sales) 1.8 4.7 4.6 2.9 15.2
Depreciation& Amortisation 0.4 0.3 0.3 0.3 4.6
Interest - - - - 3.7
PBT (0.1) 0.5 0.5 0.3 21.0
(% of Net Sales) (0.5) 3.1 2.9 1.6 12.9
Tax 0.0 0.1 0.2 0.1 7.0
(% of PBT) (49.3) 28.7 41.9 30.7 33.2
Extraordinary Inc/ (Exp) - - - - -
PA
Reported PAT (0.1) 0.4 0.3 0.2 14.0
% chg 4.0 3.0 2.0 1.0 -
(% of Net Sales) (0.7) 2.2 1.7 1.1 8.6
Note: Hindustan Media Ventures Ltd (HMVL) has recently acquired HT Media's Hindi business, certain
printing facilities and personnel, on a slump sale basis for a consideration of Rs1.4bn (funded via
debt), with effect from December 1, 2009. Hence, the historical financials will not be indicative of
company's results.

July 3, 2010 10


Balance Sheet (Historical Financials)
Y/E Mar (Rs cr) FY2006 FY2007 FY2008 FY2009 FY2010
SOURCES OF FUNDS
Equity Share Capital 4.0 4.0 4.0 7.0 57.1
Share Application Money - - 3.0 - -
Reserves & Surplus 3.5 3.8 4.1 4.3 18.3
Funds
Shareholder's Funds 7.4 7.8 11.1 11.3 75.4
Total Debt - - - - 135.0
Deferred Tax Liabilities (Net) 0.1 0.2 0.3 0.3 2.8
Total Liabilities 7.5 8.0 11.4 11.6 213.2
APPLICATION OF FUNDS
APPLICATION
Gross Block 9.7 9.8 11.7 12.9 148.4
Less: Acc. Depreciation 2.3 2.6 3.0 3.3 7.5
Net Block 7.4 7.1 8.7 9.7 140.9
Capital Work-in-Progress - - 0.4 - 14.9
Investments - - - - 31.2
Current Assets 3.3 4.0 5.5 5.5 141.0
Inventories 1.1 1.2 1.7 1.0 16.4
Sundry Debtors 0.8 1.1 1.0 2.4 71.5
Cash and Bank 0.3 0.4 1.2 0.6 27.1
Loans and Advances 1.1 1.2 1.7 1.4 25.9
Prov
Current Liabilities & Prov 3.1 3.1 3.1 3.5 117.1
Current liabilities 1.8 1.7 1.5 1.9 114.6
Provisions 1.3 1.3 1.6 1.6 2.5
Net Current Assets 0.1 0.9 2.4 1.9 23.9
Misc Exp - - - - 2.2
Total Assets
otal 7.5 8.0 11.4 11.6 213.2
company's results.

July 3, 2010 11


Profit & Loss Account (Acquired Business Financials)
Y/E Mar (Rs cr) FY2007 FY2008 FY2009 8MFY2010
Advertising Revenue 127.4 165.2 244.0 192.3
Circulation Revenue 88.3 97.3 105.1 81.7
Others 1.9 2.5 3.6 2.5
Net Sales 217.6 264.9 352.7 276.5
% chg - 21.8 33.1 -
Other Income 0.4 0.8 1.0 0.9
Total Income 218.0 265.8 353.7 277.5
Increase/(Dec) in Invt (0.0) (0.0) (0.1) (0.5)
Raw Material Cost 120.8 131.6 173.8 108.6
Staff Costs 31.4 34.8 46.4 33.4
Operating and Other Exp 73.8 87.6 119.1 78.4
Total Expenditure 225.9 253.9 339.3 219.9
EBIDTA
EBIDTA (8.3) 11.0 13.4 56.6
(% of Net Sales) (3.8) 4.2 3.8 20.5
Depreciation& Amortisation 8.4 8.7 12.2 10.1
Interest 1.3 1.6 5.1 2.8
PBT (17.6) 1.6 (3.0) 44.7
(% of Net Sales) (8.1) 0.6 (0.8) 16.2
Tax (4.0) 1.6 1.1 13.5
(% of PBT) - - - 30.1
Extraordinary Inc/ (Exp) - - - -
PA
Reported PAT (13.6) (0.1) (4.0) 31.2
% chg - - - -
(% of Net Sales) (6.3) (0.0) (1.1) 11.3
company's results.

July 3, 2010 12


Balance Sheet (Acquired Business Financials)
Y/E Mar (Rs cr) FY2007 FY2008 FY2009 8MFY2010
SOURCES OF FUNDS
Head Office Account 48.4 63.9 126.9 143.2
Total Liabilities 48.4 63.9 126.9 143.2
APPLICATION OF FUNDS
APPLICATION
Gross Block 45.8 53.0 121.7 138.9
Less: Acc. Depreciation 20.7 26.0 33.9 44.7
Net Block 25.1 27.0 87.7 94.2
Capital Work-in-Progress 1.2 8.6 22.0 31.1
Investments - - - -
Current Assets 45.8 58.5 77.1 93.3
Inventories 10.9 16.7 17.4 20.7
Sundry Debtors 33.3 39.6 56.2 68.2
Cash and Bank 0.6 0.8 1.1 1.5
Loans and Advances 1.0 1.3 2.4 2.8
Current Liabilities & Prov
Prov 23.6 30.2 60.0 75.4
Current liabilities 23.6 30.2 60.0 75.4
Provisions - - - -
Net Current Assets 22.2 28.3 17.1 17.8
Misc Exp - - - -
Total Assets 48.4 63.9 126.9 143.2
company's results.

July 3, 2010 13

Hindustan Media Ventures

Disclaimer
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.

Angel Securities Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment
decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are
those of the analyst, and the company may or may not subscribe to all the views expressed within.

Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading
volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources
believed to be true, and is for general guidance only. Angel Securities Limited has not independently verified all the information contained
within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents
or data contained within this document. While Angel Securities Limited endeavours to update on a reasonable basis the information
discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed
or passed on, directly or indirectly.

Angel Securities Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other
advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past.

Neither Angel Securities Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.

Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section).

Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to -15%) Sell (< -15%)

Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE: INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946
Angel Capital & Debt Market Ltd: INB 231279838 / NSE FNO: INF 231279838 / NSE Member code -12798 Angel Commodities Broking (P) Ltd: MCX Member ID: 12685 / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302

Hindustan Media Ventures

Address: Acme Plaza, ‘A’ Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai - 400 059.
Tel : (022) 3952 4568 / 4040 3800
Research Team
Fundamental:
Sarabjit Kour Nangra VP-Research, Pharmaceutical sarabjit@angeltrade.com
Vaibhav Agrawal VP-Research, Banking vaibhav.agrawal@angeltrade.com
Vaishali Jajoo Automobile vaishali.jajoo@angeltrade.com
Shailesh Kanani Infrastructure, Real Estate shailesh.kanani@angeltrade.com
Anand Shah FMCG , Media anand.shah@angeltrade.com
Deepak Pareek Oil & Gas deepak.pareek@angeltrade.com
Puneet Bambha Capital Goods, Engineering puneet.bambha@angeltrade.com
Sushant Dalmia Pharmaceutical sushant.dalmia@angeltrade.com
Rupesh Sankhe Cement, Power rupeshd.sankhe@angeltrade.com
Param Desai Real Estate, Logistics, Shipping paramv.desai@angeltrade.com
Sageraj Bariya Fertiliser, Mid-cap sageraj.bariya@angeltrade.com
Viraj Nadkarni Retail, Hotels, Mid-cap virajm.nadkarni@angeltrade.com
Paresh Jain Metals & Mining pareshn.jain@angeltrade.com
Amit Rane Banking amitn.rane@angeltrade.com
Jai Sharda Mid-cap jai.sharda@angeltrade.com
Sharan Lillaney Mid-cap sharanb.lillaney@angeltrade.com

Amit Vora Research Associate (Oil & Gas) amit.vora@angeltrade.com
V Srinivasan Research Associate (Cement, Power) v.srinivasan@angeltrade.com
Aniruddha Mate Research Associate (Infra, Real Estate) aniruddha.mate@angeltrade.com
Mihir Salot Research Associate (Logistics, Shipping) mihirr.salot@angeltrade.com
Chitrangda Kapur Research Associate (FMCG, Media) chitrangdar.kapur@angeltrade.com
Vibha Salvi Research Associate (IT, Telecom) vibhas.salvi@angeltrade.com
Pooja Jain Research Associate (Metals & Mining) pooja.j@angeltrade.com

Technicals:
Shardul Kulkarni Sr. Technical Analyst shardul.kulkarni@angeltrade.com
Mileen Vasudeo Technical Analyst vasudeo.kamalakant@angeltrade.com
Derivatives:
Siddarth Bhamre Head - Derivatives siddarth.bhamre@angeltrade.com
Jaya Agarwal Derivative Analyst jaya.agarwal@angeltrade.com

Institutional Sales Team:
Mayuresh Joshi VP - Institutional Sales mayuresh.joshi@angeltrade.com
Abhimanyu Sofat AVP - Institutional Sales abhimanyu.sofat@angeltrade.com
Nitesh Jalan Sr. Manager niteshk.jalan@angeltrade.com
Pranav Modi Sr. Manager pranavs.modi@angeltrade.com
Sandeep Jangir Sr. Manager sandeepp.jangir@angeltrade.com
Ganesh Iyer Sr. Manager ganeshb.Iyer@angeltrade.com
Jay Harsora Sr. Dealer jayr.harsora@angeltrade.com
Meenakshi Chavan Dealer meenakshis.chavan@angeltrade.com
Gaurang Tisani Dealer gaurangp.tisani@angeltrade.com

Production Team:
Bharathi Shetty Research Editor bharathi.shetty@angeltrade.com
Bharat Patil Production bharat.patil@angeltrade.com
Dilip Patel Production dilipm.patel@angeltrade.com

Hindustan Media Ventures - IPO Note

Recommandé

Recommandé

Contenu connexe

Tendances

Tendances (11)

En vedette

En vedette (16)

Similaire à Hindustan Media Ventures - IPO Note

Similaire à Hindustan Media Ventures - IPO Note (20)

Plus de Angel Broking

Plus de Angel Broking (20)

Dernier

Dernier (20)

Hindustan Media Ventures - IPO Note