Cyient has maintained its FY18 outlook with a double digit growth for the services business and operating margin improvement of 50bps YoY. However, it now expects DLM to grow at ~16% YoY vs. 20% earlier. We factor Q3FY18 beat and increase our FY18 EPS by ~5%. We largely maintain our FY19 forecast. We introduce FY20 financials and forecast FY17-20E revenue (US$)/EPS CAGR of 12.6%/12.7%. We roll-over to FY20 and maintain BUY with a new street-high TP of Rs707 based on 15x vs. 14x earlier. Key Highlights and Investment Rationale...