We maintain our BUY rating on Dish TV and revise our TP to Rs94 (8x FY20E EV/EBIDTA) for the merged entity. While the quarterly performance was disappointing with mere 0.2mn net subscriber addition and 5% sequential decline in revenue, overall results are not comparable. We believe the operating performance would improve significantly on merger synergies, regulatory tailwinds and economic uptick. We believe execution would be the key going forward for the management with merger being completed. Undemanding valuations, Rs37bn...