BUY with a TP of Rs 102. Our TP is based on pro-forma financials of the merged operations, and factors in Rs 2bn p.a. of synergy benefits. Dish TV (DITV) reported modest 2QFY18 numbers. Revenue was at Rs 7.5bn (+1.3% QoQ, -4% YoY) and EBITDA at Rs 2.16bn (+7.4% QoQ, -18% YoY). Broadly flat ARPU at Rs 149 QoQ and increase in operating expenses were key negatives in 2QFY18. Our positive view on DITV despite weak performance is derived from its inexpensive valuations (9.2/8.1x FY19/20E EV/E for merged operations without synergy), synergies from the merger with VD2H and digitisation.