Buy Sun TV, tgt Rs 441: Hem Securities

Hem Securities has maintained buy rating on  Sun TV Network with target price of Rs 441 in its 15, May 2008 report. "The company has been a leader in the media industry with huge growth opportunities in the growing industry. The company's topline and bottom line of the company has grown with a CAGR of 35.48% and 46.44% over a four year period. The increasing hold of the company in the television and radio broadcasting industry and the in-creasing ad and subscription revenues are expected to take the company forward on the growth path and create immense wealth for its shareholders. Presently, the stock is trading Rs 350 at 34.72 times to its earnings of Rs and 9.22 times to its book value. Keeping in mind the strong investment potential offered by the company, we ini-tiate a 'BUY' signal on the stock with a target price of Rs 441 in medium- term investment horizon, expecting an appreciation of 26% from the current levels" according to Hem Securities report.

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