Significant price erosion can often change the view, and post this, there was a severe correction and the share was available at much lower levels for long.
Eventually the company is now running into some tailwinds finally, including:-
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Ad spends are picking up – most FMCG concalls point to increasing APTID spends in the coming year and all mediums should benefit
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Management pointed out in the last call that pricing has bottomed out and should only improve from now on
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They already have good spare capacity to take on board any demand increase
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With central elections coming up, radio sees high spending by government and hence upcoming year should see tailwinds from this and good operating leverage in a largely fixed costs business
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Technical strength looks good on weekly charts with decent build up in volumes over the last month, price comfortably above 10/30/40 WMAs and good RSI
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Scuttlebutt trying to listen to Radio Mirchi showed a decent amount of ads and also a decent corporate client base – showing some level of decent ad spends coming into the business
Disclosure : I am invested for the moderate term at sub 120 levels and biased. I am not a SEBI registered advisor
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