We value PVR at 34x FY20E EPS and change the rating to Hold from Buy with a revised TP of Rs1,389. Screen additions and SPI integration to drive growth... Revenue growth aided by higher footfalls and occupancy rates Q2FY19 revenue grew at ~ 28%YoY mainly attributed to higher footfalls (14% growth) and occupancy rates (380bps up) on a YoY basis. Net ticket revenue and F&B; collections registered a growth of 17% and 25% respectively, while advertisement revenue grew by 13% YoY. Management has guided for a gradual recovery in sph in the coming quarters....