Trent has reported above expected result during 3QFY20. SSSG at 12% for 9MFY20 (c. 10.5% in 3QFY20) compared to 5% SSSG in Pantaloons for 3QFY20 and 2% SSSG in TCNS is extremely positive. Decline in gross margin is led by rise in the revenue share of the value fashion format Zudio. PBT on like to like basis rose significantly due to higher other income. Trent continues to out-perform competition over past several quarters. We have revised our SSSG assumptions and EPS estimates upward based on 9-M actual performance. We expect Trent to continue outperform other apparel retailers in India led by disruptive pricing and superior business model. Based on recent run-up in the stock...