Maintain BUY with SoTP of Rs 758 by assigning 25x to Dec-20E core PAT (ex-CDSL), Rs 120/share for the CDSL stake plus net cash. BSE reported weak 3QFY19, with revenue down 9.1% QoQ to Rs 1.05bn. There is visible weakness in core business streams (across listing fees, cash equity and even currencies, where BSE was dominant). BSE continues to lose equity cash market share (-43 bps QoQ to 8.3%), while its grip on currency derivatives also loosened this quarter (-326bps QoQ to 44.0% share). Drop in revenues and ongoing investments in new initiatives led to steep fall in EBITDA margin, (adjusted margin stood at 1% down 796bps QoQ).