Upgrade to BUY with TP of Rs 610 @ 32x Jun-20E EPS. Zee Entertainment (Zee) reported yet another strong quarter with 15% YoY revenue growth (and 17% EBITDA). This was led by advertising revenue, which rose 21.1% (domestic 22.3%) and subscription by 8.3% (domestic 12.2%). Zees network viewership share increased from 16.9% to 19.2% YoY led by strong performance across Hindi and esp. regional GEC channels.