GST Transition Drags Quarterly Performance; Maintain BUY Techno Electric & Engineering (TEEC) has reported a weak performance in 2QFY18 with its PAT declining by 12.9% YoY to Rs690mn. Led by 32.1% YoY and 25.4% YoY decline in EPC and Wind business, respectively (led by GST impact to the extent of Rs6bn-7bn), its consolidated revenue declined by 31% YoY to Rs2.5bn. However, we continue to remain positive on TEEC on the back of presence across entire power sector value chain and robust revenue visibility backed by strong order book and lower execution risks. Considering strong order book, likely rampup in T&D; capex, robust FCF generation and high EBITDA margins, we maintain our BUY recommendation on the stock with an SOTP-based unrevised Target Price of Rs431....