MDF to lead FY17-20E growth given shift from lower end plywood to MDF: MDF is expected to remain one of the fastest growing (15-20%) wood panel product with pricing differential of MDF vs. cheap plywood (low at ~10-12%) and with better durability & newer applications,. Additionally, capacity constraint of existing players in North India will provide CPL with an opportunity given its strong distribution network and brand awareness to ramp up its production and gain market share in a fast growing category. We expect CPL to achieve 85% utilization levels in MDF by FY20E and thus volumes/revenues are expected to grow at...