Cyclical low multiples and asset turns make a strong BUY case ABB India is trading at -1 standard deviation of its median forward PE multiple and fixed asset turns are at a 15-year low (4.1x vs high of 10.9x), thus creating headroom for outperformance as operating leverage benefits are likely to drive strong profitability growth. Further, a bulk of order inflow in 1HCY18 is driven by high margin segments of exports (+14%) and service (+47%) orders, presenting a healthy sales mix for CY18-19. Order inflow outlook remains steady as multiple digitalisation orders with longer conversion cycle are underway and are preceded by pilot projects in industries like cement, paint, F&B; and oil &...