Hence, we upgrade TMX to NEUTRAL, with TP of Rs 969/sh (30x Sept-19 earnings). TMXs 2Q consol. sales fell 6% YoY and rose 19% QoQ to Rs 10.3bn, impacted by a 10/4% YoY fall in energy/environ revenues to Rs 7.9/1.5bn. Chemical revenues rose 27% YoY to Rs 1.1bn. EBITDAM rose 82/94bps YoY/QoQ to 9.2%, a result of tight cost control measures. Net profit fell 28% YoY to Rs 568mn, a result of lower other income (down 35% YoY to Rs 236mn) and higher tax rate at 39% vs 33.1% YoY.