Merger of Indus and consequent savings in DDT (~Rs 5bn) and healthy dividend yield (~5%) are key positives. Tenancy growth is key re-rating trigger. Tariff increase by telcos may accelerate future rollout and act as catalyst for higher than expected tenancy increase. That said, tenancy reduction (~20-25k) by VIL as per their guidance is key risk. Tower offerings by Jio/ATC for co-location are additional risk. We presume ATC has sizeable tower portfolio but limited tenants as it anchor customer (Tata Tele) has shut business. Pricing renegotiations by telcos remains key long-term risk. We foresee this playing out gradually post the stake sale by promoters and mostly from FY22 as large portfolio comes up for renewal. Bharti Infratels (BHIN) 4QFY19 results were in-line but weak operationally. This was on account of tenancy decline of 1% QoQ. We downgrade BHIN to Neutral with TP of Rs 273 @ 20x FY21E EPS (vs. Rs 354 earlier @ 25x). Our multiple downgrade is driven by risk of incremental tenancy loss from VIL and long term risk of rental renegotiations by customers.