Strong growth in core markets; Maintain BUY Star Cement's Q1FY19 consolidated EBITDA moderated 17% YoY, owing to expiration of freight subsidy and higher fuel costs, despite better pricing. Star's reported unitary EBITDA of Rs1634/MT, is still the best in the industry. Strong demand and pricing in the NE region should help Star Cement to sustain its industry leading profitability despite expiration 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 Rs162....