Key highlights: Strong quarter, as better mix helped prop up margins. While we maintain our BUY rating, nearterm outlook remains sluggish as replacement demand cools off. Channelcheckssuggestneartermvolumegrowthwillbesubdued,asreplacementdemand coolsoff.However,thisdemandislikelytopickuppacefromQ4FY17,asprebuyingkicksin due to regulatory changes. We reduce our estimates by 5%/7% for FY17/18 on nearterm...