Q3FY20 revenues declined 5% yoy (our est.: down 2%) for companies under our coverage, excluding TTMT. Earnings fell 9% yoy (our est.: down 11%) but were above estimates due to higher-than-expected operating margins and a lower tax rate. Aggregate EBITDA margins expanded 30bps yoy to 12% (our est.: 11.6%) due to softening input prices and cost-reduction efforts. EBITDA beat estimates for most companies, and a notable beat was seen in ESC, MM, EXID, AMRJ and HMCL. Management commentary was positive on volume expectations, especially in Tractors and PVs. In the near term, the Covid-19 outbreak is expected to negatively impact China...