Sun TV continued its industry leading ad revenue growth in Q4FY18 for a second consecutive quarter. The company reported ad revenue growth of ~26% YoY, which we believe was also aided by a favourable base (~6% decline in base quarters). We note that competitive pressure in the Tamil market led by reality/high cost shows focus by competitors such as Colors and Star, could lead to near term rating pressure. However, we highlight that Sun's leadership and market understanding lends it a strong competitive advantage. The company has reiterated that it could enter a...