As all major segments of the business are under pressure we downgrade stock to NEUTRAL with a TP of Rs 298 (+8.6%) based on 16x Dec-20E EPS. Our multiple is premised on growth opportunities, market leadership and ISEC's strong financial products distribution franchise. ISEC reported a disappointing 3QFY19 with revenues/PAT at Rs 3.9bn/1.0bn (-18/-34% YoY). Broking/distribution revenues declined 17/12% YoY to Rs 2.3/1.1bn, while investment banking revenues declined 37% YoY to Rs 256mn. EBITDA declined 33% YoY as management was able to reduce costs only by 3% YoY.