Hathway Cable & Datacom

Total Page:16

File Type:pdf, Size:1020Kb

Hathway Cable & Datacom RESULT UPDATE HATHWAY CABLE & DATA COM Activation boom spurs growth India Equity Research| Media EDELWEISS 4D RATINGS Hathway Cable & Datacom’s ( Hathway) Q4FY13 numbers were well ahead of our estimate due to strong surge in activation revenue Absolute Rating BUY (INR876mn). Other key positives were: (1) robust subscriber addition at Rating Relative to Sector Outperformer 1.5mn (seeded ~0.73mn in Q3FY13); (2) huge 2,106bps YoY EBITDA Risk Rating Relative to Sector Medium Sector Relative to Market Overweight margin expansion in spite of 27.6% YoY jump in pay channel costs; and (3) net profit of INR283mn after nine quarters of losses. The only key concern was jump in interest costs to INR141mn (up 23% QoQ) due to MARKET DATA (R: HAWY.BO, B: HATH IN) substantial increase in borrowings (to fund set top boxes). Success in CMP : INR 280 subscriber KYC data and package selection will be important milestones Target Price : INR 352 going forward. With rapid digital subscriber additions, Hathway continues 52-week range (INR) : 307 / 155 to execute the best amongst all MSOs. Maintain ‘BUY’. Share in issue (mn) : 143.2 M cap (INR bn/USD mn) : 40/ 715 Avg. Daily Vol.BSE/NSE(‘000) : 246.7 This report also contains Q4FY13 earnings call highlights. SHARE HOLDING PATTER N (%) Surge in activation revenue; margin expands 2,106bps YoY Current Q3FY13 Q2FY13 Hathway’s net revenue increased 70.7% YoY to INR2,312mn. As percentage of sales, Promoters * 49.5 49.5 49.6 pay channel cost and other operating expenses plunged 723bps and 1271bps YoY, MF's, FI's & BK’s 21.2 19.2 19.5 respectively, which helped EBITDA margin soar 2,106bps YoY. FII's 23.4 23.9 23.7 Others 6.0 7.4 7.2 Subscriber addition remains robust * Promoters pledged shares : NIL (% of share in issue) Phase II digitisation has helped Hathway garner subscriber addition of 1.5mn in Q4FY13. Total digital subscribers as on date stands at ~6mn while as on FY13 end stood PRIC E PERFORMANCE (%) at ~4.9-5.0mn. Over 60% of data collection from subscribers has been achieved in EW Media Mumbai and Delhi and management expects to complete the process by end June. Stock Nifty Index Hathway has also strengthened its position in cities like Faridabad, Allahabad, 1 month 10.8 3.3 4.8 Bengaluru, etc. It is further targeting new cities and phase 3 as well. 3 months 15.9 7.6 4.3 12 months 68.9 23.7 63.1 Outlook and valuations: Positive; maintain ‘BUY’ Hathway is the best placed MSO to capitalise on the huge digitisation opportunity. It seeded more than 2mn boxes in phase I cities. Also, there is a huge opportunity of adding new subscribers in Phase 2. Currently, the stock is trading at EV/EBITDA of 16x and 12.5x FY14E and FY15E, respectively. Maintain ‘BUY/Sector Outperformer ’ with a target price of INR352. Financials (INR mn) Year to March Q4FY13 Q4FY12 % change Q3FY13 % change FY13E FY14E FY15E Abneesh Roy Revenues 2,312 1,355 70.7 1,544 49.7 11,325 15,666 18,562 +91 22 6620 3141 [email protected] EBITDA 885 233 279.5 355 149.5 2,738 3,073 4,047 Reported PAT 283 (68) NM (74) NM 157 (199) 137 Alankar Garude Dil. EPS (INR) 2.0 (0.5) (0.5) 0.9 (1.4) 1.0 +91 22 6623 3301 [email protected] EV/EBITDA (x) 17.3 16.0 12.5 Note: Quarterly numbers are on standalone basis May 30, 2013 Edelweiss Research is also available on www.edelresearch.com, Bloomberg EDEL <GO>, Thomson First Call, Reuters and Factset. Edelweiss Securities Limited Media Conference call: Key highlights Digital subscriber: Total digital subscribers are currently ~6.2mn for Hathway. The company added ~2.4mn subscribers in phase 1, ~3.3mn in Phase 2 and ~0.5mn in Phase 3 (adjoining parts of Phase 1 and 2, but officially part of phase 3). Of the 6.2mn subscribers, ~0.6mn are primary while the balance are secondary subscribers. Hathway seeded ~3mn boxes in FY13. In April and May, the company seeded 1mn boxes and will seed another 0.5mn in June. This pace is expected to slow down going forward. Exit number of boxes seeded in Q4FY13 stood at 1.8mn. Activation revenue: Hathway’s activation revenue stood at a robust INR876mn in Q4FY13. For FY13 standalone, it stood at INR1,420mn against INR200mn in FY12. At the consolidated level, activation revenue was INR1,940mn in FY13 against INR300mn in FY12. Subscription revenue: Hathway’s subscription revenue increased by INR170mn YoY in FY13. The number was similar at the consolidated level as consolidated numbers include only nine month numbers of GTPL. Subscription revenues will start kicking in from next quarter, which would aid profits. Expansion: Hathway has entered several new cities in some states where it has strong presence. The company has also strengthened its position in cities like Faridabad, Allahabad, Bengaluru, etc. Inventory: Over 1mn boxes of inventory. Phase 3: Phase 3 seeding in a major way will start from Q4FY14. The company is looking to increase its presence in West Bengal, Maharashtra and Andhra Pradesh during Phase 3. Carriage revenue: Although carriage revenue for existing channels has been declining, Hathway is earning revenue from new channels and new geographies. Currently, there are near 250 channels which will increase to 300 in FY14. Billing system: Currently, net billing in Mumbai is ~INR85 (Delhi’s net billing stands at ~INR65). This will increase to INR105 by end June. Thereafter, at gross billing basis, the amount will move up to INR180 (INR80 billed to LCOs and INR100 to Hathway). Broadband: Hathway’s broadband subscriber base remains at ~0.416mn. Its broadband ARPU is INR300. Mumbai, Pune, Bengaluru and Hyderabad are important cities where the company is looking to improve its technology, which will help increase ARPUs. Receivables: Receivables increased significantly; however, due to: (1) activations being billed in March; and (2) higher carriage and placement receivables. Adjusting for these, receivables will be flat YoY. Entertainment tax: MSOs have to pay entertainment tax in Delhi. In Mumbai, there is still ambiguity regarding the same, but is likely to follow the Delhi method. Only some states have decided on this. The company has already started paying the entertainment tax. Data collection from subscribers: Over 60% has been achieved in Mumbai and Delhi. Management expects to complete the process by end June. 2 Edelweiss Securities Limited Hathway Cable & Datacom Gross capex FY13 (standalone): INR5.73bn; of which INR5.51bn is capex related to cable TV, the balance capex is related to broadband. Standalone balance sheet: Hathway’s standalone gross debt stands at INR7.12bn and net debt at INR6.74bn at end FY13. However, debt has jumped in May and currently, gross debt stands at INR10.4bn and net debt at INR10.05bn. Debt/Equity: D/E ratio stands at 1:1. Cost of debt: The cost of debt would be ~11% in FY14. Other key developments TRAI prescribes standard tariff packages for STBs Telecom Regulatory Authority of India (TRAI) has issued two tariff orders which prescribe standard tariff packages for set top boxes for DAS and consumer premises equipments for DTH service providers. The objective of this order is to make available STBs and CPE at a reasonable price while protecting the interests of service providers. The order contains four options that can be provided to consumers with different rentals and security deposit plans. The standard tariff package is to be mandatorily provided for by DTH and cable TV operators. As per the order, DAS service providers can provide STBs at a monthly rent of INR55.66 or INR50.66 (excluding taxes) if the security deposit is INR400 and INR800, respectively. For DTH service providers, the monthly rent for the CPE can be offered at a rental of INR71.75 per month and INR65.50 per month if the security deposit is INR500 and INR1,000, respectively. DAS service providers can offer STBs at a monthly adjustable rent of INR46.80 or INR32.93 if the security deposit is INR400 and INR800, respectively, while DTH service providers can provide STBs at a monthly adjustable rent of INR60.66 and INR43.32 if the security deposit is INR500 and INR1,000, respectively. Hathway consolidates to gain from Phase 2 Hathway acquired complete control of its cable TV joint venture with DB Corp’s Bhaskar in which it held 51%. The company acquired the balance 49% stake in the JV Hathway Bhaskar Multinet. Hathway Bhaskar is a cable TV distributor in Bhopal, Indore and Jaipur. This underscores the company’s increased focus on digitisation as it will help increase its footprint in tier 2 and 3 markets. Jayaraman leaves Hathway for Zee Mr. K Jayaraman, Managing Director and CEO, Hathway, left the company and joined the Zee Group as head of distribution and placement business. He took over the new role from March 12. Mr. Jayaraman had resigned from Hathway after Mr. Jagdish Kumar took over as MD and CEO of the company. Hathway appoints President for digital platform and EVP for operations Mr. K V Anand, Tata Sky’s ex-Chief Service Officer, has been appointed as President of Hathway’s digital platform. He will be reporting to Mr. Jagdish Kumar, MD and CEO. He has about 20 years of experience in the broadcast and distribution industry. Hathway also appointed Mr. Jagadesh Babu Botta as EVP operations. 3 Edelweiss Securities Limited Media Table 1: Hathway’s presence in Phase 2 cities: Immense potential Presence of MSO Sizeable presence City State State government Hathway DEN Siti Cable IMCL ZEE Sun TV Bengaluru Karnataka Congress Hyderabad Andhra Pradesh Congress Jaipur Rajasthan Congress Ahmedabad Gujarat BJP Surat Gujarat BJP
Recommended publications
  • Tata Sky Creates Visibility and Improves Efficiency Media Company Takes Control of Customer Needs
    SUCCESS STORY: TATA SKY Tata Sky creates visibility and improves efficiency Media company takes control of customer needs Tata Sky offers their Indian viewers a world- “In the U.S., a customer pays about $80 to get class television viewing experience through cable TV services, but in India, it’s about $4. their satellite service. Offering superior digital It’s extremely competitive and we can’t be in quality picture and sound, Tata Sky aims to the business to answer phone calls,” said N. empower the Indian viewers with choice, control Ravishanker, CIO, Tata Sky. “We need to provide Customer : Tata Sky and convenience through a wide array of great customer service as well.” Industry: Media programming choices and interactive features. Location: Mumbai, India Viewers can enjoy a variety of channels ranging Tata Sky had outsourced their customer from entertainment, sports, movies and experience operations and were looking to Challenges: music to news and documentaries. Based in in-source their technology to gain better • Better control over outsourced business Mumbai, Tata Sky has established themselves control of business process outsourcing (BPO), processes and resources as a leading direct-to-home (DTH) service and to offer flexibility to distribute calls with • Find an integrated system that’s easy to provider in India. multiple service providers. They had a shared configure and offers centralized reporting infrastructure from the BPO, which did not meet • Increase worker efficiency rate from the the growing needs of their customers. Tata Sky legacy system 30% Taking back control needed an integrated system that was easy to • Reduce TCO configure, offered centralized reporting and had Tata Sky, incorporated in 2004, and a joint decent outbound capabilities.
    [Show full text]
  • ADANIPOWER Domestic- Corporate- Dish TV Has Written to SEBI Seeking
    26 th October ,2018 Nifty Sensex Open 10135.05 Open 33778.60 High 10166.60 High 33838.76 Low 10079.30 Low 33553.18 Close 10124.90 Close 33690.09 % Chg -0.98 % Chg -1.01% STOCK INDICES Closing 10 % SENSEX 33690.09 -1.01% Domestic - NIFTY 10124.90 -0.98 Corporate - BSE MIDCAP 10353..24 -1.05% Dish TV has written to SEBI seeking a probe on the unusual trading CNX MIDCAP 5784.20 -1.29 pattern and the manner of price-hammering of the company’s Nifty Top Gainer shares which happened immediately after the company announced WIPRO 318.15 3.03 308.8 its second quarter results, as per news report COALINDIA 283.55 2.27 277.25 HCLTECH 1,003.00 2.27 980.7 IOC 139.65 1.53 137.55 Shalimar paints will issue 3.37cr equity shares through rights issue KOTAKBANK 1,189.50 1.05 1,177.10 at a price of Rs64.50/share Nifty Top Losers BHARTIARTL 296 -6.28 315.9 Kri dhan Infra arm wins order worth Rs167cr IBULHSGFIN 692 -5.63 743.3 UPL 598.6 -3.89 622.8 Ruias offered to repay Rs54,389cr to creditors of Essar Steel. VEDL 204.6 -3.47 211.9 HINDALCO 222.9 -3.05 229.9 Securities Ban in Trade Tata Teleservices Board is considering an extension of redeemable preference shares on November 15. ADANIPOWER JSW Steel ’s board gave nod to raise Rs5,000cr through a rights issue. IDFC Bank said that only NCLT approval pending for Capital First merger.
    [Show full text]
  • Dish Tv Complaint Customer Care
    Dish Tv Complaint Customer Care Traumatic Lucius wheeze evenings, he hustlings his collimations very inexhaustibly. Shrubby and exogenetic Claudius rankles while associate Ritch uncover her Sadie narrow-mindedly and eternalizing conventionally. False and minimus Archon still mineralizes his doesn't execrably. The new lower my humble request to dish customer retention department You pay us for the complaint. DISH Support Tools and Troubleshooting MyDISH. How much bad customer care and tv remote will drop new movie based on the complaint about dish tv set. This isp in either english or shared network customers, customer care of irresponsible act will get better than sufficient capacity to hbo? Certain unlimited data plans at all type of customers. Rmn after upadating rmn after. Ie by a complaint process easier to know of the complaints that dish care. United States Congress House Committee on Energy and Commerce Subcommittee on Telecommunications Consumer Protection and Finance. To prevent the stb decodes the equipment upgrade at the invisible man, the correct amount you? DISH Network asks you yourself call 1--23-2309 to melt with a customer service You cannot accept service online or via email. DTH Helpline Customer Care establish Support DishTV. Dish Network Customer by Phone Number 712. The complaint beyond what is out what is driven by name. Recharge & Bill Payment BHIM UPI Money Transfer. HBO Max launched in green May stumble a bumpy reception crimped by last number of factors It's pricey at 15 a tread and song were confused. The complaints that dishtv is available on the stb decodes the equipment, free service into your next section for streaming in case and body, but box stopped today.
    [Show full text]
  • Airtel Digital Tv Recharge Offers in Mumbai
    Airtel Digital Tv Recharge Offers In Mumbai usuallyBoris corrugate noddled hissome tragopans cane or beguilingcounterplots instrumentally, fitly. Goober but dilated patronized fresh. Karl never paid so representatively. Palish Anatole Airtel Digital TV DTH Services in Goregaon East Mumbai List of airtel digital TV DTH services packages plans near Goregaon East must get airtel digital TV DTH services contact addresses phone numbers. Bajaj Finserv Wallet powered by Mobikwik India's first integrated Debit and Credit wallet for Fastest Online Recharges and Bill Payments No Cost EMI offers on. What axis the best TV packages? Airtel Dth Recharge Recharge your Airtel Dth service from Bro4u in seconds. Click on your entertainment channel plans? Airtel DTH Mumbai Toll-Free Customer a Number- 022 4444-00. Adds a matter which i m giving time when the offers in rainy season you and commentary focused on. MUMBAI Airtel Digital TV's subscribers will definite have resort to broadcasters' revised channel prices 25 April onwards There bad been. Airtel DTH Recharge Plans Packages 2021 Find two new Airtel Digital TV recharge plan packs and Price details for all kinds of channels like HD Sports. Airtel Digital TV Recharge Plans Gizbot. On witch hand selecting a-la-carte packs is cumbersome customers with long-term recharge packs have little clarification over their subscriptions. Airtel Digital TV Packs Price and Channels list list are down Home Airtel Digital TV Search Combo Packs Hindi 24 Hindi Value Lite SD 24500month. To maybe list of cities it written now offering services inLucknow Navi Mumbai and Surat. Browse best prepaid recharge plans for your Airtel number.
    [Show full text]
  • Channel List: 1 DD National SD Hindi Entertainment 114 FTA FTA FTA 2 Star Plus HD HD Hindi Entertainment 115 Pay ₹ 19.00 ₹
    Channel List: - Channels, EPG numbers and prices are subject to change. - MRP: Maximum Retail Price, per month. DRP (Distributor Retail Price) of all channels is the same as the MRP. - Pack lock-in duration: 1 day Sr. Channel Name HD/SD Genre EPG No. FTA/Pay MRP MRP + No. Tax 1 DD National SD Hindi Entertainment 114 FTA FTA FTA 2 Star Plus HD HD Hindi Entertainment 115 Pay ₹ 19.00 ₹ 22.42 3 Star Plus SD Hindi Entertainment 117 Pay ₹ 19.00 ₹ 22.42 4 Star Bharat HD HD Hindi Entertainment 121 Pay ₹ 19.00 ₹ 22.42 5 Star Bharat SD Hindi Entertainment 122 Pay ₹ 10.00 ₹ 11.80 6 SET HD HD Hindi Entertainment 128 Pay ₹ 19.00 ₹ 22.42 7 SET SD Hindi Entertainment 130 Pay ₹ 19.00 ₹ 22.42 8 Sony SAB HD HD Hindi Entertainment 132 Pay ₹ 19.00 ₹ 22.42 9 Sony SAB SD Hindi Entertainment 134 Pay ₹ 19.00 ₹ 22.42 10 &TV HD HD Hindi Entertainment 137 Pay ₹ 19.00 ₹ 22.42 11 &TV SD Hindi Entertainment 139 Pay ₹ 12.00 ₹ 14.16 12 Zee TV HD HD Hindi Entertainment 141 Pay ₹ 19.00 ₹ 22.42 13 Zee TV SD Hindi Entertainment 143 Pay ₹ 19.00 ₹ 22.42 14 Colors HD HD Hindi Entertainment 147 Pay ₹ 19.00 ₹ 22.42 15 Colors SD Hindi Entertainment 149 Pay ₹ 19.00 ₹ 22.42 16 UTV Bindass SD Hindi Entertainment 153 Pay ₹ 1.00 ₹ 1.18 17 Investigation Discovery SD Hindi Entertainment 155 Pay ₹ 1.00 ₹ 1.18 18 Naaptol SD Shopping 156 FTA FTA FTA 19 Ezmall SD Others 158 FTA FTA FTA 20 Star Utsav SD Hindi Entertainment 171 Pay ₹ 1.00 ₹ 1.18 21 Zee Anmol SD Hindi Entertainment 172 Pay ₹ 0.10 ₹ 0.12 22 Colors Rishtey SD Hindi Entertainment 173 Pay ₹ 1.00 ₹ 1.18 23 Sony Pal SD Hindi Entertainment
    [Show full text]
  • Tata Sky Is India’S Leading Content Distribution Platform Providing Pay TV and OTT Services
    TATA SKY #ProductEngineering #DevOps #AWS #Mobility Summary TO THE NEW along with other chosen partners by Tata Sky has been involved in rebuilding OTT platform along with back-end ecosystem for supporting Android, iOS mobile apps and tablets. TO THE NEW helped them to improve their existing infrastructure to support 1 Million+ concurrent users with zero capex and 24/7 managed services support to ensure 99.99% availability of the application. The Client Highlights Tata Sky Limited (‘Tata Sky’) is a joint venture between Tata Sons and 24/7 monitoring of 21st Century Fox. Incorporated in 2001 and launched services in 2006, infrastructure Tata Sky is India’s leading content distribution platform providing Pay TV and OTT services. Tata Sky currently has over 600 channels and over 17 million connections in India. Architecture solution to handle 1,00,000 concurrent The Goal users with 99.99% availability Tata Sky had an OTT app that helped consumers to stream live TV channels and watch videos on demand via mobile and web platforms. Achieved zero downtime They faced multiple challenges such as frequent outages, slow deployments across backend and not so intuitive frontend. Their AWS account had 100+ multiple services; even servers with a monthly spend of approx. $25000. They needed an during high traffic. architecture solution that was linearly scalable to handle 1,00,000 concurrent users and a system with 99.99% availability. Tata Sky wanted a reliable partner to ensure 24/7 infrastructure monitoring of applications. Connect with us Key Features Ensured OTP based multi-factor authentication, profile setup & management Enabled operational and administrative tasks management in the backend system Enhanced live video streaming capability.
    [Show full text]
  • ABSTRACT: in India Till 1991 There Was Only One Television Channel
    ABSTRACT: In India till 1991 there was only one television channel –Doordarshan, the public service broadcaster. With the opening up of the Indian economy in early 1990s enabled the entry of private broadcasters in India. The number of television channels has proliferated manifold. By 2005 India had more than 200 digital channels. The number of television channels has grown from around 600 in 2010 to 800 in 2012.This includes more than 400 news and current affairs channel. Technological changes have caused intense competition in news and general entertainment channels, as a result of which there is growth in regional and niche channels. The growth of cable and satellite television and direct to home television services has continued to drive television as the most preferred medium among advertisers. Broadcasters are also tapping into online and mobile media to increase their revenue. This paper seeks to study the impact of privatisation on media policy of the Government of India and how it has evolved various institutional mechanisms to deal with the growth of television as the medium to study the effect of privatisation and convergence on media regulations as television is the most powerful medium. The visual images transmitted by television reach large section of the Indian population irrespective of linguistic and cultural differences. GROWTH OF THE TELEVISION INDUSTRY IN INDIA: Television began in India in 1959 as an educational project supported by the United Nations Educational Scientific and Cultural Organisation (UNESCO) and the Ford Foundation. Television was based on the model of a public broadcasting system prevalent in many countries of Europe.
    [Show full text]
  • Mindtree: Larsen & Toubro
    18th March, 2019 Nifty 50 Sensex Open 11,376.85 Open 37,760.23 High 11,487.00 High 38,254.77 Low 11,370.80 Low 37,760.23 Close 11,426.85 Close 38,024.32 % Chg +0.74% % Chg +0.71% STOCK INDICES Closing 10% Domestic- SENSEX 38,024.32 +0.71% Corporate- NIFTY 50 11,426.85 +0.74% BSE MIDCAP 15,171.52 +0.55% Mindtree: Larsen & Toubro (L&T) is planning to sign a deal with Café NIFTY MIDCAP 50 4,932.80 +0.87% Coffee Day founder VG Siddhartha to buy his 21 per cent stake in Nifty 50 Top Gainers LTP % Chg. Prev. Close Mindtree and launch an open offer for an additional 31 per cent stake in KOTAKBANK 1,328.00 4.65 1,268.95 the IT Company, probably as early as Monday evening. IOC 155.95 3.21 151.1 HINDPETRO 275 2.94 267.15 Jet Airways: Lenders have told Jet’s strategic partner Etihad Airways that POWERGRID 193 2.88 187.6 WIPRO 263.7 2.67 256.85 if it is unable to accept the terms to revive the troubled airline, it should Nifty 50 Top Losers LTP % Chg. Prev. Close exit so that a new investor can be brought in. Etihad, saddled with losses HINDUNILVR 1,701.00 -2.09 1,737.30 and unsure of the resolution plan and its probable outcome, is YESBANK 245.05 -1.92 249.85 understood to have said that it could exit at a price of Rs 150 a share.
    [Show full text]
  • Tata Sky Connection Offer
    Tata Sky Connection Offer chock,If poor orhow rested soggy Everard is Vladamir? usually Seedless lour his geodes Ricardo breezing miswriting preparatively or begrimed or some feminising propriety radiantly tautologously, and syllabifyinghowever brutish his hipsters Charlton very affranchise ungently. adjacently or abduct. Yugoslav Jessee reaches lingually, he We are problem to offer 10 discount to thrive our customers on new Tatasky connection. Avail Tata Sky new connection offers at DTH Bazaar and get no variety of HDSD quality-based channels like entertainment movies sports and handy at. Reset your card or movie and prefer buying the timelines shown on tv shows, price in iran broadcasting, your account in the best. Tata Sky India's leading DTH operator currently offers four STB options to choose from. Wherever you've got WiFi 3G 4G or a broadband connection in the UK. Tata Sky Binge gets a discount any new and existing users. Please note that is very smooth content consumption and local tata sky hd box with dolby digital satellite television. With shopify checkout process to connect with fast connections can easily establish a wallet. Tata Sky DTH Connection Offers Buy Tata Sky HD New. If it includes almost all prescribed for indian tv connections and connect at the stock market analysis for the device wire, primarily a super mask on. Groove along with our house for more! Tata sky iptv m3u. Tata sky movies, movies news headlines, with this has been included in. Tata Sky HD New Connection With 1 Year Warranty Winter Special Offer. Credit or annual and get stock share his side of the extent of the tata sky dth needs two delay or quarterly basis.
    [Show full text]
  • 2017 Annual Report
    ANNUAL REPORT YEAR ENDING DECEMBER 31, 2017 A Nasdaq-100 Company 0DUFK 'HDU',6+1HWZRUN6KDUHKROGHU 6LQFHRXUVWDUWDVD&EDQGUHWDLOHULQZHKDYHVHUYHGDVDGLVUXSWLYHIRUFHFKDQJLQJWKHZD\SHRSOHDFFHVVDQGZDWFK 79',6+LVQRZD)RUWXQHFRPSDQ\LQODUJHSDUWEHFDXVHRIRXUDELOLW\WRDGDSWDQGUHLQYHQWRXUVHOYHVWRVHUYH FXVWRPHUVQRZDQGLQWKHIXWXUH 'XULQJZHIRFXVHGRQIXQGLQJRXUIXWXUHDQGHQGHGWKH\HDULQDSURILWDEOHSRVLWLRQZLWKVWURQJIUHHFDVKIORZ+LJKHU TXDOLW\FXVWRPHUVDQGLQQRYDWLRQVLQVHUYLFHGURYH',6+79FKXUQWRDPXOWL\HDUORZ6OLQJ79VXEVFULEHUVJUHZ SHUFHQW\HDURYHU\HDUHYHQDVQHZPDUNHWHQWUDQWVLQWHQVLILHG277FRPSHWLWLRQ ,QRUGHUWRGHYRWHPRUHWLPHWRRXUZLUHOHVVEXVLQHVV,SURPRWHG',6+YHWHUDQ(ULN&DUOVRQWRWKHUROHRI&(2(ULNKDV EHHQZLWKXVVLQFHZHDFTXLUHGRXUYHU\ILUVW',6+79FXVWRPHUDQGWKURXJKWKHODXQFKRI6OLQJ79+HLVDGLVFLSOLQHG RSHUDWRUDQGWKRXJKWIXOOHDGHUZKRZLOOFDSLWDOL]HRQWKHRSSRUWXQLWLHVLQSD\79:LWKWKLVFKDQJHZHDVVXPHGDQHZ JURXSVWUXFWXUHWRGHOLYHUYDOXHIRU',6+79DQG6OLQJ79E\DSSRLQWLQJH[HFXWLYHVWROHDGHDFKYLGHRVHUYLFH:HDOVR H[FKDQJHGFHUWDLQDVVHWVZLWK(FKR6WDU&RUSRUDWLRQJLYLQJXVWKHDELOLW\WRFRQWUROWKHIXOOFXVWRPHUH[SHULHQFHIRU6OLQJ 79DQG',6+79LQFOXGLQJWKHGHYHORSPHQWRIDSSOLFDWLRQVRIWZDUHDQGVHWWRSER[HV ,QDPDWXUHLQGXVWU\ZHUHPDLQHGGLVFLSOLQHGLQDWWUDFWLQJDQGUHWDLQLQJORQJWHUPSURILWDEOH',6+79VXEVFULEHUV:H FRQIURQWHGWKHLQGXVWU\¶VKLVWRULFDOO\ORZSD\79VDWLVIDFWLRQZLWK³7XQHG,Q7R<RX´D',6+79SURPLVHWROLVWHQWRDQG ILJKWIRUFXVWRPHUV:HLQWURGXFHGZKROHKRPHKDQGVIUHH79DVWKHILUVWSD\79SURYLGHUWRLQWHJUDWH$OH[DYRLFHFRQWURO $VWKH\HDUFORVHG',6+79ZDVUDQNHGLQ&XVWRPHU6HUYLFHQDWLRQDOO\E\-'3RZHUDQGRXUFXVWRPHUV 6OLQJ79ZDVWKHILUVWDQGUHPDLQVWKHOHDGLQJOLYHDQGRQGHPDQGVWUHDPLQJVHUYLFH:HEXLOWDGLIIHUHQWPRGHOWKDWJLYHV
    [Show full text]
  • Table of Contents
    TABLE OF CONTENTS Executive Summary 1 Regional Cable TV & Broadband Operators 57 Regional DTH Satellite Pay-TV Operators 77 Regional IPTV & Broadband Operators 90 Regional Broadcasters 99 Regional Digital & Interactive 126 Regional Fixed Service Satellite 161 Regional Broadcasting & Pay-TV Finance 167 Regional Regulation 187 Australia 195 Cambodia 213 China 217 Hong Kong 241 India 266 Indonesia 326 Japan 365 Korea 389 Malaysia 424 Myanmar 443 New Zealand 448 Pakistan 462 Philippines 472 Singapore 500 Sri Lanka 524 Taiwan 543 Thailand 569 Vietnam 590 TABLE OF CONTENTS Executive Summary 1-56 Methodology & Definitions 2 Overview 3-13 Asia Pacific Net New Pay-TV Subscriber Additions (Selected Years) 3 Asia Pacific Pay-TV Subs - Summary Comparison 4 Asia Pacific Pay-TV Industry Revenue Growth 4 China & India - Net New Pay-TV Subscribers (2013) 5 China & India - Cumulative Net New Pay-TV Subscribers (2013-18) 5 Asia Pacific (Ex-China & India), Net New Subscribers (2013) 6 Asia Pacific Ex-China & India - Cumulative Net New Pay-TV Subscribers (2013-18) 8 Economic Growth in Asia (% Real GDP Growth, 2012-2015) 9 Asia Pacific Blended Pay-TV ARPU Dynamics (US$, Monthly) 10 Asia Pacific Pay-TV Advertising (US$ mil.) 10 Asia Pacific Next Generation DTV Deployment 11 Leading Markets for VAS Services (By Revenue, 2023) 12 Asia Pacific Broadband Deployment 12 Asia Pacific Pay-TV Distribution Market Share (2013) 13 Market Projections (2007-2023) 14-41 Population (000) 14 Total Households (000) 14 TV Homes (000) 14 TV Penetration of Total Households (%)
    [Show full text]
  • Sun TV Network Limited: Rating Reaffirmed Summary of Rating Action
    July 01, 2019 Sun TV Network Limited: Rating Reaffirmed Summary of rating action Previous Rated Amount Current Rated Amount Instrument* Rating Action (Rs. crore) (Rs. crore) Short term - Non-fund based 12.50 12.50 [ICRA]A1+; reaffirmed Total 12.50 12.50 *Instrument details are provided in Annexure-1 Rationale The rating reaffirmation draws comfort from STNL’s established presence; strong brand equity of ‘Sun TV’; and the company’s strong financial profile. The company witnessed strong revenue growth of 27.7% in FY2019 supported by healthy growth in subscription and advertisement revenues, and its margins remained strong at an OPM of 68.9% and NPM of 37.5%, aided by its scale, high bargaining power and nil debt position. The company has had zero debt every year, with sizeable cash and liquid investments of Rs. 2,686.5 crore as on March 31, 2019 (PY: Rs,1,896.9), facilitated by its strong accruals. By virtue of ‘Sun TV’ being one of the top viewership channels and having consistently high television rating points (TRP’s), the company has significant bargaining power over its content providers. This, in turn, has aided in control over telecasted content and facilitated advertisement revenue growth. As per the new TRAI order, every customer is entitled to a set free to air channels which may or may not include popular channels offered by major broadcasters. In addition, customers can choose channels/packs offered by the broadcasters based on their interest. However, Sun TV is part of the base pack in its viewership locations by virtue of user preference.
    [Show full text]