Over the past 10 years, ACEM steadily lost market share (from 12% to 8% currently). While the on-going expansions (3.1mn MT clinker and 1.8mn MT grinding in H2CY20E), should boost volume CAGR to 8% in CY19-21E, it won't help ACEM in regaining its lost ground. Hence we don't see ACEM's valuations to rerate in medium term. Pricing and cost tailwinds should drive 9/8% EBITDA/PAT CAGR during CY18-20E. We remain NEUTRAL with an SOTP based TP of Rs223. We value the standalone cement biz at 11x its Mar-21E EBITDA and ACEM's 50% stake in ACC at 20% holding disc. Key risks: Roll back in cement prices, surge in energy costs (crude led) and further delays in on-going expansions. We remain NEUTRAL on Ambuja Cement (ACEM) with TP of Rs 223 (SOTP based). During 1QCY19, while ACEMs standalone net sales rose 2% YoY to Rs 29.3bn, EBITDA declined 9% YoY to Rs 4.6bn. High other income (div from ACC) drove 38% PAT growth to Rs 3.8bn.