We maintain our BUY rating on Mirza International with a TP of Rs205 (23x FY19E EPS). We believe management's plan to enter into the women footwear segment will be value accretive in medium term and mitigate the decline from the export markets. Growth in the domestic market continues to be healthy at 76% YoY. Online sales have started to contribute substantially and hence management has started a store with online pricing and plans to further expand the same. Operating margins will continue to expand with the growth in domestic business as they have higher gross margins....