TV Monthly Monitor - July’21 - STAR leads GECs; Zee posts MoM gains, regionally
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2 months ago 02:31:38pm

TV Monthly Monitor – July’21 – STAR leads GECs; Zee posts MoM gains, regionally

New Delhi, 14-August-2021, By Karan Taurani

Sun TV - Q1FY22 Update | Mcap: INR 207bn, Reduce | TP: INR 565

Listed broadcasters: Overall performance

Zee Group: Regional plays strong, GECs continue to struggle with Zee Anmol the only hope

The Zee Group’s performance was mixed in July 2021, as flagship GECs – i.e. Zee Anmol and Zee TV – failed to feature in the top-10 channel list. However, Zee Telugu entered the top-10 with 7.8% viewership share. On region-wise performance, the Zee group continued to dominate in Karnataka (led by Zee Kannada), Assam/North East (led by Zee Bangla), and in all other major regions, it was followed by the STAR group that stood second. Zee witnessed gains across markets for its regional channels, except in the Marathi genre that has continued to struggle since the past 10 months versus STAR Pravah. However, rankings across regions have remained stable, except in the North, where Zee Anmol replaced STAR Utsav (UP and Uttarakhand). Zee witnessed strong gains for regional channels in some key geographies – Zee Bangla gained 504bp MoM in Assam/North East/Sikkim regions as also 478bp MoM in the West Bengal region. Zee Kannada saw 331bp MoM gains in the Karnataka region. Zee Keralam entered the top-5 with 7.8% viewership share, and Zee Anmol gained 426bp MoM within the Madhya Pradesh (MP)/Chhattisgarh regions, and 232bp MoM in the Rajasthan region. Zee Tamil gained a stellar 508bp MoM share in the Tamil Nadu/Pondicherry region.

SunTV: Flagship channel lags; movie channels continue to ride on Wave II lock-down momentum

Sun TV, the flagship channel, maintained its top spot, however lagged recovery with viewership share of 38.5% in Tamil Nadu/Pondicherry market (Tamil genre), down 268bp MoM, still lower versus its 40%+ share, pre-Covid. However, the overall Southern region saw a 60bp MoM improvement to 41.8% share. Sun TV Group’s other movie offering in the Tamil genre (Tamil Nadu/Pondicherry region) gained 100bp MoM to 12.5% share, on continued Wave II lock-down momentum for the movies genre. In the Karnataka region (Kannada genre), Udaya TV and Udaya Movies witnessed 148bp MoM/272bp MoM viewership dip, respectively, slipping below STAR Suvarna in the region. In Andhra Pradesh/Telangana (Telugu genre), Gemini TV remained in the fourth spot with 50bp MoM viewership gains to 13.4% share. Sun Bangla failed to feature in the top-5 channels in the eastern region.

Our Rating & TP on Broadcasters

We recommend Buy on Zee Entertainment Enterprises with a TP of lNR 300 based on 16x September 2022 earnings after factoring in Zee5 valuations and worst-case scenario of write-offs on the balance sheet. We recommend Reduce on SUNTV with a TP of INR 560 based on 15x one- year forward P/E. We recommend Buy on TVTN with a TP of lNR 370 on 10.5x one-year forward P/E.


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