Century Plyboards' (CPBI) Q4FY19 revenue growth was marginally short of estimates at 7% YoY. Operating margins contracted 437bps YoY to 10.9% due to weakness in both the plywood and laminate segments, leading to a 23% fall in EBITDA. Management has guided for >10% revenue growth with better margins for FY20. In light of the weak quarter, we cut FY20/FY21 PAT estimates by 8%/6%. Rolling forward, we have a revised Mar'20 TP of Rs 200...