L&T; Technology Services (LTTS) surprised again with a 7.5% QoQ USD revenue growth in 4QFY18. It expects revenues to grow at least 16% in FY19 and at 15% CAGR to USD1bn in FY21 (including USD c.120mn from future acquisitions) given strong deal wins/pipeline. It also expects concurrent margin expansion that could be amplified by the INR depreciation. We raise our recurring FY19/FY20 EPS estimates by c.4% each. While the stock's valuation appears optically rich at 19x FY20F EPS, we believe the strong earnings momentum (17% FY18-20 CAGR) and a superior business portfolio should sustain that. Maintain BUY with a...