Dynamatic Technologies' (DYTC) Q4FY18 operational performance was marginally below expectation. Revenue increased by 3.4% yoy to Rs3.9bn; EBITDAM improved by 130bps to 11.6% and APAT increased by 234% yoy to Rs89mn. While revenue in Hydraulics/Aerospace segments increased by 24%/12%, it declined by 6.5% yoy in the Automotive segment, owing to by-product rationalisation in its German foundry. Profitability was relatively weak on account of lower margins in the Hydraulic and Aerospace...