We cut our FY18/19E EBITDA by 12.8%/13.6%. We introduce FY20 financials and now forecast FY18-20E CAGR of 16%/24% in EBITDA/EPS. UFO Moviez now expects the merger with Qube Cinema to be completed in Q3FY19 vs. Q1FY19 earlier. We continue to believe that the merger would be a game changer for UFO Moviez. We remain confident of UFO Moviez's advertisement revenue growth improving to 27.8% YoY in FY19E and 32.4% in FY20E. Key Highlights and Investment Rationale Continue to believe that merger with Qube Cinema will be a game-changer...