We remain positive on BHIN with TP of Rs 344 @ 25x Dec-20E EPS (for merged entity). Bharti Infratels (BHIN) 3QFY19 results were better than estimates. BHIN rental revenue and EBITDA ex energy was -9.7%/-11.9% YoY. PAT was up 11% YoY owing to higher finance income. 7.3% QoQ improvement in rental/tenant (13% YoY) was a key positive surprise. We believe this is due to the reset of rentals for existing tenants.