Buy Sun TV, target price Rs 560: Edelweiss

Buy Sun TV, target price Rs 560:  Edelweiss

Edelweiss has buy call on Sun TV with a target price of Rs 560. The current market price of Sun TV Network Ltd. is Rs 527.7.

Sun TV Network Ltd., incorporated in the year 1985, is a Mid Cap company (having a market cap of Rs 20793.87 Crore) operating in Media & Entertainment sector.

For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 768.69 Crore, up 25.70 % from last quarter Sales of Rs 611.51 Crore and down -6.88 % from last year same quarter Sales of Rs 825.52 Crore Company reported net profit after tax of Rs 342.43 Crore in latest quarter.

Investment Rationale
After facing resistance around Rs 500 levels on numerous occasions, Sun TV was able to give a breakout of this resistance with above average volumes. Currently, it has given a follow through to the breakout, which indicates that the upward momentum is likely to continue.

Promoter/FII Holdings
Promoters held 75 per cent stake in the company as of June 30, 2020, while FIIs held 10.3 per cent, DIIs 6.76 per cent and public and others 7.92 per cent.

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