Our fair value for the stock is Rs 312 (10x Sep 19E EPS). Post the acquisition and change of management from Samara Capital to Oilmax Energy in August 2016, Asian Oilfield Services (AOS) has undergone a complete transformation. The company witnessed infusion of funds by the new promoters, and debt repayment of Rs 270mn. Also, reconciliation and settlement of old outstanding dues payable/ recoverable resulted in a cleanup of the balance sheet. The new management has focussed on ramping up domestic as well as overseas work contracts worth Rs 12.5bn.