CG Powers (CG) 4QFY17 revenue came in in-line with our estimates. However, a decline in SA industrial segment margins (-490bps YoY to 6.4%), led to an APAT miss. SA revenue grew 6.6% YoY, led by -0.7% /16.9% growth in the power/industrial segment respectively. Industrial margins declined, as CG cleared a long-pending dispute with a client.