Hero Moto (HMCL) has guided for healthy double-digit volume growth in FY19 driven by demand from rural areas and its strategy of refraining from competitive pricing. Management is also confident of countering raw material cost pressures via timely price hikes. The company sold over 21mn vehicles in Q1FY19, leading to 11% YoY revenue growth at Rs 88bn. We remain positive on the stock but cut FY19/FY20 EPS by 7%/5%. Our Mar'19 TP thus reduces...