Telecom: Stability, finally! Reiterate BUY on Bharti and Voda-Idea with revised TPs of Rs 396 and Rs 43 respectively (10x Dec-20E EV/EBITDA for India Wireless). We have increased our target multiple for Bharti from 9x to 10x (in-line with Voda-Idea and Jio) factoring in the likely improvement in industry outlook. Even if the tariff war prolongs, Bharti (with manageable debt, potentially monetisable assets) remains best-positioned. Idea remains vulnerable owing to high leverage and low profitability.Reiterate BUY on BHIN with TP of Rs 345. This is primarily on account of (1) Savings on DDT (~Rs 5bn) and earnings accretion from Indus acquisition (2) Recent price correction (3) Tenancy losses from the Voda-Idea merger are lower than expected, and (4) No re-pricing of tower rentals downwards by telcos despite the bad busines environment. This remains a key risk. Media: Broadcaster, Healthy performance Zee Entertainment (Broadcaster) - Maintain BUY with a revised TP of Rs 511 @ 25x Dec-20E EPS Dish TV (DTH operator) - Our revised TP is Rs 50 @ 7x Dec-20E EV/EBITDA (Rs 58 earlier). Reduction in our TP is to factor likely weak 3QFY19 Entertainment Network and Music Broadcast (Radio companies) - Reiterate BUY with revised TP of Rs 714 on ENIL and Rs 404 on MBL, both based on @ 25x Dec-20E P/FCFE