Expect pick- up in growth given low base on auto and expected pickup in decorative and other industrials in coming months We are cutting FY20,21 and 22 EPS estimates of Kansai by 8.7%, 6.0% and 3.3% respectively following disappointing performance during 3QFY20. Kansai reported 7.6% declined in sales as auto paint sales declined 20% even as decorative and industrial paints sales increased by 1% and 4% respectively. Kansai has not adopted aggressive approach in pushing Putty...