Maintain NEU with revised TP of Rs 9,432 (25x FY20E EPS). Maruti Suzuki (MSIL) posted inline revenues at Rs 212bn (+15% YoY) in 4QFY18, with 11.4% YoY vol growth and +3.6% net ASP. EBITDA (Rs 30bn, +18% YoY) with margin at 14.2% (est. 15.8%) was dragged by higher marketing spend (Auto Expo + new Swift launch) and adverse FX impact on royalty (5% Yen appreciation vs INR). APAT rose 10% to Rs. 18.8bn.