We attended Titan's (TTAN) Annual Investor Forum 2019; key takeaways: TTAN's jewelry segment growth target for FY20 is ~22%, and if achieved, it will be the third consecutive year of faster than targeted growth. At end-FY17, TTAN had guided for 20% CAGR over five years. Of the 22% targeted jewelry segment growth in FY20, 14% should be supported by SSSG. Therefore, after FY18 (16% SSSG of the 25% growth) and FY19 (16% SSSG of 22% growth), FY20 will be the third consecutive year when SSSG will contribute over 60% to sales growth. This augurs well for operating margins....