Zee Entertainment reported EBITDA ahead of estimates, while PAT missed estimates on higher than expected effective tax rate. While earnings of the company are in line, reported balance sheet shows greater capital intensity required than we had earlier expected. Viewership assets of the company are strong, and growing, and we expect the stock shall continue to draw premium valuations. We value Zee Entertainment at 31x PER FY20E, or Rs 623 (Rs.610 earlier). ACCUMULATE (REDUCE earlier) as Zee TV's ratings performance...