While Persistent System's (PSYS) growth and margin dynamics is expected to get lumpier ahead with tilt in business-mix towards IP (31% of revenue in FY17E from 21% in FY16), we continue to remain positive on Persistent based on 1) growth strategy within top account (IBM-IoT margin accretion over long term), 2) continuity of strong growth in enterprise segment (including financial services), 3) margin rebound expected ahead supported by business rationalization (yield improvement) and, 4) greater strategic focus supported by business re-alignment....