We remain NEUTRAL on Ambuja Cements (ACEM) with TP of Rs 230 (SOTP based). We maintain NEUTRAL rating with an SOTP based TP of Rs230. We value ACEMs standalone cement biz at 11x its Jun-21E EBITDA and its 50% stake in ACC at 20% holding disc. Over the past 10 years, ACEMs market share fell from 12% to 8% currently. Despite its upcoming expansions, market share recovery is unlikely, thus limiting valuation rerating.