Sheela Foam's (SFL) 4QFY19 profit came in 10% below our expectations with revenues remaining unchanged yoy and EBITDA showing moderate growth of 6% yoy. We maintain Hold as demand recovery hopes in 2HFY20 have been priced in. We see SFL's sales volume growth to remain moderate in 1HFY20 as customers shift to lower-priced mattresses. Mass-market products contribute just 20% to SFL's revenue. In...