Century Plyboards reported weaker than expected Q3FY19 results due to lower than expected sales/ margins in Plywood segment. Nevertheless, strong sales/ profitability improvement in MDF segment is commendable given the oversupply and ongoing price-war in the domestic market. Century's net sales at Rs5.8 bn was in-line with our forecast. However, EBITDA at Rs759 mn was 15.1% below our forecast. MDF segment sales jumped 44.0% QoQ to Rs882 mn, while segment EBIT stood at Rs95 mn vs. loss of Rs5 mn in Q2FY19. Plywood segment sales were weak at Rs3,143 mn (-2.6% YoY, -2.5%...