>Asia Pacific(citi)

 Black October – The MSCI Asia Pacific ex-Japan benchmark closed down 18.8%
(in local currency terms) in October, making it the worst performing month in the
Index’s entire history.

Read full report here Asia Pacific(citi)

>SUNTV(CITI)

Upgrade to Buy (1M), target price Rs185 — Post a strong Q2FY09 and price
correction of ~65% YTD, we upgrade Sun TV Network (Sun) to Buy/Medium
Risk. Sun TV offers a strong play on regional advertising with leverage to DTH.

 Why we like Sun TV — (a) Dominance in the South Indian market; (b) High
profitability– ~69% EBITDA margins and ~27% RoE; (c) Leverage to DTH – we
expect DTH revenues of Rs1.3b (which have very high margins) in FY10E; (d)
Healthy balance sheet (net cash of ~Rs4b+); and (e) 18% EPS CAGR over
FY08-FY11E trading at ~11.8x FY10E.

 Strong 2Q, but moderate estimates to factor in slowing economy — Ad revenues
grew at a healthy 30% yoy. EBITDA margins were stable at ~75%; net profit
increased 35% yoy. Cable subscription rebounded 20% qoq while DTH revenues
should witness a sharp ramp-up 3Q onwards as billing to new operators starts.
However, we lower our FY10/11 EPS est. by 7/12% to factor in the impact of a
slowing economy on advertising spends. We model 18%, 15% & 12% advertising
revenue growth in the rest of FY09, FY10 & FY11 respectively.

 Value in-line with ZEEL — Sun is better leveraged to ad-revenue growth due to its
strong leadership position in Southern markets vis-à-vis ZEEL – the third most
viewed GEC in its highly fragmented Hindi space. Sun and ZEEL are equally
leveraged to pay-revenue from DTH penetration. We forecast similar EPS CAGRs
over the next 3 years for ZEEL and Sun and value both at 15x FY10E EPS.

 Risks — Increasing competition may affect viewership ratings; impact of rising
costs, which we expect should be compensated by DTH revenues.

Read full report here SUNTV(CITI)

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>Hotel Industry update

Indian Tourism Industry witnessed over 5 millions of Foreign tourist arrivals in FY08 reporting an impressive growth of 11% over previous year under the Incredible India, the highly successful promotional campaign by Government of India. The high growth in FTA resulted into the economy earning a whopping Rs 50723 crore or US$ 5.83 billion in foreign exchange. Forex earnings grew by 19% in INR terms and by 34% in US Dollar terms.Forthcoming quarters are expected to be a mixed one for the hospitality industry. Factors like weaking global scenario, poor industrial growth witnessed in the recent months, rising inflation, growing competition, rising crude oil prices and liquidity crunch, it will derive benefit from the recent weakening of rupee against all major currencies. In April 08-May 08, rupee has already declined by around 6.5% against US Dollar and by 6% against Euro. As forex constitutes more than 50% of the Hospitality Industry revenue, this is a positive factor for the industry.

For full report Hotel Industry update