Bijal Shah
IIFL
First-place appearances: 0

Total appearances: 1

Analyst debut: 2013

In his first appearance on the roster, Bijal Shah of IIFL secures the No. 3 position, winning plaudits from one investor for providing a “fundamental view on the industry’s structure that’s refreshing.” Digitization of cable television is the main concern for media companies, Shah believes, as it represents “a structural change in Indian broadcasting distribution [that] could drive a manyfold increase in the subscription revenue of broadcasters and cable TV providers.” Progress has been good, he adds, so he now expects the cable industry to “raise tariffs, driving a meaningful increase in [average revenue per user] of broadcasters and distributors.” Advertising spending trends also hold the analyst’s attention. He projects that outlays could moderate in the fiscal year that begins next April, on both the TV and print sides, partly because a slowdown in consumption could suppress expenditures by fast-moving consumer goods companies, which account for nearly half of TV ad spending. Nevertheless, Shah recommends overweighting the sector — it led the S&P BSE Sensex Index by 4 percentage points year to date through mid-October, gaining 9.8 percent — and directs investors to Zee Entertainment Enterprises in particular. The Mumbai-based broadcaster boasts a diverse channel lineup, improving market share and investments in new channels that could boost ad-revenue growth for the foreseeable future, he contends. — Carolyn Koo