We maintain BUY on BSE, and our SoTP for BSE factors in Rs 137/sh for CDSL, assigns 30x to FY20E core PAT (ex-CDSL) and add back net cash, which works out to Rs 1,190 (45% upside). BSE posted better-than-expected numbers in 4QFY18 both on the revenue and margin fronts. Revenue was up 8.6% QoQ to Rs 1.37bn (our est. was Rs 1.27bn), led by 8.2% QoQ rise in transaction revenue (35% of rev) and 7.4% QoQ rise in services to corporate (45% of rev). Exclusive cash segment/Currency Derivative ADTV was up 23/40% YoY in FY18. Margin improved 133bps QoQ to 28.1% (ex one-off) vs. our expectation of 25.0%, led by non-linearity. Margin improvement in FY18 was impressive, +1671 bps YoY to 21.0%.