We recently met the management of Century Plyboards (CPBI) for insights into the company's FY20 growth outlook. Key takeaways: (1) MDF segment to log 80-90% capacity utilisation, (2) plywood/laminate businesses to grow ~10%/15%, (3) blended margin to improve backed by margin gains across the MDF, plywood and laminate segments, albeit partly offset by competitive pressures in CFS. Maintain BUY on reasonable valuations of 15.9x FY21E P/E. Our Mar'20 TP remains unchanged at Rs 200....