Maintain a NEUTRAL on TMX, with TP of Rs 1083/sh (32x Dec-19 earnings vs 30x earlier, citing a solid 45% growth in order flows in 9M and increased revenue visibility). TMXs 3Q consol. sales rose 15% YoY/8% QoQ to Rs 11.2bn supported by an 18% YoY rise in energy revenues to Rs 8.7bn. Environment/Chemical revenues rose 3/7% YoY to Rs 1.7bn/Rs 906mn. (Beat on our estimate of consol. revenues of Rs 10.3bn). EBITDAM fell 44bps YoY to 8.5% (vs our estimate of 9.7%), a result of a 725bps YoY rise in material costs to 52.6%. Environment/ Chemicals EBITM contracted 521/292bps to 2.8/14.4%. Energy EBITM rose 100bps to 8.3%. Net profit was up 7% YoY to Rs 586mn.