ACEM continues the CY16 on a good note. Thanks to Northern region, realization improved at 3.4% YoY. Though the revenue growth was below our expectation at Rs25 bn, increased use of petcoke and other operational efficiency led to stupendous jump in EBITA/t. The reported EBITDA was up nearly by two-thirds at Rs6 bn. Even after valuing at 15x CY17 standalone EV/EBITDA and ACC's stake at market value, we see little upside to the stock. Post CCEA approval for ACEM's linear structure, we revise our TP upwards to Rs251 (from earlier Rs213). And maintain our recommendation at HOLD. Key Highlights and Investment Rationale...