We initiate coverage on Central Depository Services Ltd (CDSL) with BUY and Target price (TP) of Rs525. This thinly covered stock sports a well-diversified revenue mix, impressive margins, and correspondingly healthy returns. The asset-light model, duopoly play on the secular increase in stockholder accounts coupled with potential market share gains is an added positive. While this itself is a successful recipe for growth, the icing on the cake could be the massive unexploited revenue opportunities in CDSL's core activities, and leveraging its customer base and data for new businesses, a feat adroitly accomplished by similar sectors such as credit rating agencies (not to...