Near-term outlook: GST impact on sales has reversed in 2H. Also, worst in exports may be behind KKC. BUY. Govts thrust on Infrastructure would continue to drive KKCs Industrial segment. With all the lead indicators for exports such as Chinas GDP growth, oil prices, steel and copper prices firming up, we expect KKC to regain traction in export revenues in the ensuing quarters. We maintain our estimates of tepid revenue CAGR of 8% over FY17-20E. With the recent decline in the stock price of KKC, we upgrade KKC to a BUY with a TP of Rs 1,016/sh (31x Dec-19 EPS).