We still see value based on (1) Huge net cash of Rs 26bn (~Rs 509/sh, ~62% of MCap), (2) Increased contribution from new growth engines, and (3) High dividend yield of 4.4%. We maintain BUY on BSE, and our SoTP for BSE factors in Rs 126/sh for CDSL, assigns 30x to FY20E core PAT (ex-CDSL) and add back net cash, which works out to Rs 1,090 (32% upside). BSE posted lower-than-expected numbers in 1QFY19 both on the revenue and margin fronts. Revenue was down 19.2% QoQ to Rs 1.17bn (our est. was Rs 1.38bn), led by 42.2% QoQ fall in transaction revenue (23% of rev) and 9.7% QoQ fall in services to corporate (48% of rev). Exclusive cash segment ADTV slipped 50% QoQ due to weak market conditions and ASM while currency derivative ADTV was up 45.7% QoQ.