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January 25 2008
Time to buy?
Inside Satellite TV
(c) 2008 M2 Communications, Ltd. All Rights Reserved.
Media Partners Asia (MPA) has identified a number of stocks which represent good value since the markets in Asia, as elsewhere, took a hammering earlier this week.
MPA said: The correction has been fairly indiscriminate and the worst hit have been media and communications companies in Indonesia, India, Greater China, Japan and Asian ADRs trading in the US. Earnings growth for most of the companies we cover remains robust enough, which suggests buying opportunities certainly amongst major media plays in key markets.
The company highlights in particular India s Dish TV, whose share price has fallen a whopping 42% since the start of the year. Other stocks representing good value are Japan's Jupiter Telecommunications (J:Com) which has lost over nine per cent and is trading at an undemanding 6.4x FY 08 EBITDA, and the News Corp-backed Sky TV New Zealand, which is trading at 8x.
But MPA warns that some of the big media companies in the region, such as Malaysia s Astro and Hong Kong s TVB, have been relatively unscathed by the nosediving markets, so may only be buying opportunities if the fall continues.
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