Mayur Uniquoters' (MUNI) Q4FY19 revenue declined 8.7% YoY, with volumes down 6.6%. Operating margins fell 357bps YoY to 21.6% due to higher RM cost and other expenses, inducing an EBITDA/PAT decline of 21.6%/18.1% YoY. We cut FY20/FY21 PAT estimates by 6%/4% to build in lower growth and pare our target P/E from 22x to 20x. The stock is likely to remain subdued till PU plant ramp-up (guided to start production from Sep'19)....