MBL reports revenue growth of 7.6% YoY led by rate hike in all 12 core stations and improving utilization in Phase III markets. EBITDA margin improved 290bps YoY to 34.4% as Phase III markets contribution to EBITDA came in earlier than anticipated and Yield & inventory improvement translating into operating leverage. EBITDA margin is estimated to move towards the upper end of the band (33%-35%) over the next three years due to lower marketing/promotion expenses as there is no new station slated for launch. We largely maintain our estimates and our BUY recommendation;...