WIL is a leading ancillary play that caters to braking solutions requirements of domestic CV OEMs. Over the years, the company has comprehensively outpaced OEM volume growth in this segment on the back of rising wallet share (WIL revenue CAGR over FY15-19P 20.6% vs. CV industry volume CAGR 13.1% in this period). Domestic demand sentiments in the CV space remains muted currently but significant pre-buying ahead of BS-VI implementation is anticipated in Q2FY20E & Q3FY20E, which would support growth at players like Wabco. We expect domestic CV space to witness...