We are cutting CY19 and CY20 EPS estimates of Nestle by 0.4% and 3.6% due as we believe that input costs led margin tailwinds are over. We now factor in120bps decline in gross margins in CY19 and 30bps in CY20. Nestl's 1QCY19 nos show 10.2% domestic sales growth (12% in 4Q18) in a challenging operating environment, showing success of new launches and volume focused strategy. We believe success of new launches and sustained innovation pipeline holds key to growth sustenance. We expect medium term levers to play out led by 1) improved demand growth...