Trident reported disappointing Q1FY19 results due to weaker than expected sales/margins in Textile segment. The company's sales stood at Rs11,312 mn (8.4% below our estimate); even EBITDA of Rs1,955 mn was 15.1% below our forecast. Bed linen sales increased 47% YoY; however, bath linen sales fell 17% YoY. Textile segment EBIT margin contracted 521bps YoY mainly due to company's inability to take adequate price hikes, indicating steep competition. Textile segment EBIT was lower than our estimate and fell to Rs394 mn (-57.2% YoY). On a positive note, Paper & Chemicals...