Star Cement's Q4FY18 consolidated EBITDA moderated 15% YoY on a high base, owing to expiration of freight subsidy and other non-recurring cost during Q4FY18. Star's reported unitary EBITDA of Rs1801, is still double the industry average. Strong demand and pricing in the NE region alongwith stable fuel costs should sustain Star's industry leading margins despite the expiry of its freight subsidy. Robust earnings along with faster clearance of subsidy backlog by central government should accelerate free cashflow generation and should support Star's 20%+ RoE/RoCE. We reiterate BUY with a revised TP of Rs167. Q4FY18 North East sales rebound; profit moderated on cost increase: Star's total...