TEL performed impressively yet again in 4QFY18 with healthy growth in SDS business. We expect healthy growth to continue, as TEL focuses on driving growth in high-margin SDS business through focus on niche verticals and services. We believe TEL is a very good long-term investment opportunity, given presence across fast-growing solutions, niche operational areas, design expertise, marquee client base, pricing power, operating leverage, healthy cash flow, returns on capital, and strong earnings growth. At the CMP, the stock trades at a PE of 25.6x/22.4x FY19E/FY20E EPS, respectively. We expect TEL to command 25x forward earnings, at a premium to most companies in the sector in light of superior growth and operating metrics. Upgrading...