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Thursday, September 10, 2009

Kohinoor Broadcasting Corporation Ltd:Future growth prospects and outlook(buy/hold or sell?)

Scripscan:Kohinoor Broadcasting Corporation Ltd

Introduction:Kohinoor Broadcasting Corporation Ltd was incorporated by a group of professionals with Mr. Harjinder Singh and Mr. Mangal Singh as key promoters of the Company since its incorporation on 11 October 1994. During 2003 the Board decided to establish facilities for production of advertisements, TV programmes music programmes and certain other entertainment related activities. The Company is currently engaged in the media and entertainment industry with a particular focus on the TV sector or Visual Media.The Company has diversified in the production of TV programmes including current affairs, music, serialised drama and otherentertainment programmes.The Company has got approval from Ministry of Broadcasting for setting up earth station for up-linking the television channels. The Company is setting up earth station and news studios at Rajpura and remote studios in India at Delhi, Mumbai, Calcutta, Chennai and Jammu and outside India at Dubai and London.The consultants have been appointed and they are sourcing the space at the locations.The Company shall also set up fifteen mobile studios for better coverage of the events, which would be moving from one part to another. It is proposed that each region shall have three mobile studios to cover on the spot.

1.The company has received the equipment for Teleport to be set up at Rajpura involving a capital outlay of Rs.5 Cr.

2.The company has placed the orders for play-out station to be set up at Rajpura involving a capital outlay of Rs.10 Cr.

3. The company is in the process of making large scale recruitments of manpower approx. 60 people for the production of content for its entertainment channel.

4.The company has started producing buffer content for its forthcoming News and Entertainment Channels.

5.The Company is coming up with 4 (four) New Channels which are as follows:

a) KBC News--The popular Hindi New Channel
b)KBC Plus---The popular Entertainment Channel
c)KBC Gold--The popular Hindi/English/Regional Movie Channel and
v) KBC Profit--The popular Business Channel like NDTV Profit.

6.The company in principle has taken over M/S Tagore Theatres Ltd, a multiplex valued at Rs.100 Cr. The company has appointed reputed agencies to decide the Swap ratio for the proposed take over.

7.The company is opening new subsidiaries in Japan, Singapore and the USA. The top company's officials were in the USA last month to finalise a deal there.

8.promoteres are expected to increase the stake through preferential allotment which entails confidence.

9) The Company proposes to invest an aggregate sum not exceeding Rs 200 Crores, in the equity shares of the Wholly Owned Subsidiaries (WOS) of the Company viz. Kohinoor Broadcasting Corporation FZE and other subsidiaries to be incorporated world wide notwithstanding that Such investment together with the investment in all other bodies corporate may exceed 60% of the paid up capital and free reserves or 100% of its free reserves whichever is more, subject to necessary provisions & approvals.

Conclusion:Considering all the points mentioned, Kohinoor Broadcasting Corporation Ltd is highly undervalued and could purchased at the CMP of Rs.5 for a target of Rs.7-8 in 12 to 18 months time frame. But if the company is able to lauch its new Channels a little early than the proposed dates and is able to open its overseas subsidiaries within a short time, then the scrip could cross Rs.9-10 in the stipulated time. This can be a hidden gem.

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