Going forward, with TII being the sole credible bicycle player in the listed space, its strong focus on return ratios matrix (RoE, RoCE at ~18%) and cash generation ability (CFO yield at ~10%, FCF yield at ~6%), lead us to build a positive stance on the company. Consequently, we assign BUY rating on TII with a target price of | 425, valuing it at 26x P/E on FY20P EPS of | 16.3/share. Key risk to our call is more than expected delay in demand...