Business outlook improving; demerger could boost valuations Greenply Industries (GIL) continues to see improving traction in plywood sales, clocking high single-digit growth in Q1FY20, per our channel checks. MDF too has seen traction in Q1 and prices here have stabilised. GIL is trading at attractive valuations and could command higher multiples post demerger MDF business (record date set for 15 Jul), as plywood carries a stronger ROCE and growth profile, especially with the ongoing ramp-up in Gabon operations....