HCL reported organic revenue growth in 1QFY19 a tad below our estimates, likely on higher than expected pricing resets in some of the extant large contracts/renewals + delays in the start of new deals. However, a strong order booking (highest-ever') should help the growth recover through 2Q-4QFY19. Management's stance was incrementally positive and improved disclosures, especially on the IP partnerships, should help increase investors' confidence, more so, given the stock's inexpensive valuations at c.13x FY20F EPS, HCL trades at 27%/5% discount to INFO/TECHM. A 4% dividend + buyback yield also limits the downside risk....