Had Subhas Chandra been clean in his past dealings I would have had Zee Tv as my top media pick. The stock benefits from the following aspects:
1) Under CAS the boradcastor takes up 45% revenue; the MSO 30% while the balance is shared by the last mile operator. In this case Zee through its subsisiary (Siti Cable) should be increasing its subscriptyion revenues multifold.
2) Even if CAS does not happen Zee is engaged in DTH which should grow at more then 100% each year.
3) SIti cable is a classic
spin off case and I heard the management talk about a 100% CAGR for the next couple of years.
4) Zee has taken up the number 1 position from STAR and is maintaining it quite well.
5) The present slew of new businesses are in the take off stage so these costs are adding up while therevenues could take some time. That is why they are not showing in the results.
6) The content library at ZEE CInema is huge that cost once written off works like a Taxi meter (runs even when the car is standing)
7) Never looked at it seriously because of the management but ZEE is one of the best media picks along with
TV 18.
Edited by basant - 02/Oct/2006 at 4:24pm
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