IDFC Securities remained positive on media & entertainment sector. It prefers regional print, DTH, Hindi Broadcast, radio and multiplexes in the sector.

Commenting on the sector, IDFC Securities said, ''Digitization has failed on the 'monetization' promise as revenue-share impasse between LCOs and MSOs is keeping collections low at Rs65/ STB (though traction seen in new DTH subs).

Also, broadcasters are seeking ARPU share, which will further dent MSO profitability. Meanwhile, viewership fragmentation is forcing broadcasters to invest in content as ad growth is pegged to market share.

Amidst this uncertainty, regional print and radio continue to gain share in the ad revenue pie (15% and 18% CAGR respectively over CY13-18E) as advertisers go for deeper and focused reach."

IDFC Securities rates DB Corp, Jagran Prakashan, Zee Entertainment, Dish TV, Entertainment Network and PVR as Outperformer. It is Neutral on Hathway and Den (low uptick in net revenues) and Underperformer on Sun TV (structural issues in ad revenue growth) and HT Media (threat of online).

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