Kansai's results were lower than our estimates. Revenue rose a mere 4.5% YoY to `11.5bn subdued performance after seven quarters of double digit growth. The decorative segment volume growth was in high single digit, but industrial segment fell 5% due to automobile industry slowdown. Given continued pressure in auto sales volume, we believe the industrial segment will continue to be impacted. We have revised our FY20E and FY21E revenue estimates to factor in lower growth in the automotive business....