Levers in place to achieve Rs6bn domestic sales guidance We maintain our BUY rating on Mirza International with a TP of Rs205 (20x FY20E EPS). While management has achieved its FY18E guidance of Rs4bn domestic sales, they have further guided for Rs6bn sales for FY19E on the back of new product launches and entry into women footwear. They believe the 100 online-offline large format stores have the potential to generate Rs30mn sales each which would offer them significant upside. Further sports shoes and Bond Street have contributed 30% to the domestic footwear sales which would further grow in FY19 as they launch new...