Hathway Cable & Datacom Ltd - EMKAY
Rajesh Desai
Result Update
(November 20, 2013)
|
Result Update |
|
|
|
Hathway Cable & Datacom Ltd Reco: REDUCE CMP: Rs 261 Target Price: Rs 238 Challenges persist, Maintain REDUCE · Standalone revenue at Rs2203mn (+66% yoy and -5% qoq) and EBITDA at Rs384mn (+85% yoy and -50% qoq). Net loss at Rs444mn vis-à-vis PAT of Rs53mn in Q1FY14 · Subscription growth at 32% qoq to Rs685mn was led by improved collection in digitized markets. Activation revenue declined 65% qoq on account of lower box seeding · Delays in CAF collection and implementation of package pricing due LCO resistance would continue to delay investment monetization in near-to-medium term · We remain cautious on the stock, and maintain a REDUCE rating with a target price of Rs238 |
--
CA. Rajesh Desai