We upgrade ACEM to BUY with unchanged TP of Rs230, as the recent stock price corrections has turned valuations attractive the stock is trading at 10.6x/9.4x its CY19/20E EBITDA. During Q3CY18, ACEM's standalone EBITDA rose a modest 5% YoY, as the strong 9% YoY volume growth benefits were moderated by high cost pressure. PAT declined 32% YoY on absence of dividend income from its subsidiary ACC, during the quarter. We model in 5% volume CAGR for CY17-20E amid no near term capacity expansion. The material supply agreement (MSA) with ACC should partly moderate the cost inflation going forward, thus aiding 9% EBITDA CAGR during CY17-20E....