28 August, 2014 12:34 IST
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Results Preview: Sun TV, Syndicate Bank
Source: IRIS (23-JAN-13)
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Following are the Q3 earnings review from Angel Broking for companies whose results will be declared today:

Sun TV:

Sun TV is slated to announce its 3QFY2013 results. The company is expected to post a healthy 12.1% yoy growth in its top-line to Rs 4.77 billion on the back of uptick in advertising revenue aided by festive season as well as increase in cable revenues. On the EBITDA front, the company`s margins are expected to contract by 113 bp yoy to 79%. However, net profit is expected to grow by 10.3% yoy to Rs 1.85 billion. At the current market price, Sun TV is trading at 22.3x FY2014E consolidated EPS of Rs 19.1. We maintain our `Neutral` view on the stock. 

Syndicate Bank:

Syndicate Bank is scheduled to announce its 3QFY2013 results today. We expect the bank to report a moderate 8.4% yoy growth in Net Interest Income to Rs 14.37 billion. Growth in non-interest income is expected to be healthy at 19.7% yoy to Rs 2.88 billion. Operating expenses are expected to increase at a higher pace of 24.5% yoy to Rs 8 billion. While, provisioning expenses are expected to decline by 23.9% yoy, tax expenses are expected to come in at Rs 1.28 billion compared to Rs 410 million in 3QFY2012, which would result in net profit growth of 13.4% yoy to Rs 3.83 billion. At the CMP, the stock is trading at 0.8x FY2014E ABV.  We recommend `Accumulate` rating on the stock, with a target price of Rs 158.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.


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