We like ACEM for its healthy margin profile and cashflows. Upcoming expansion will arrest market share loss. We maintain BUY with an SOTP based TP of Rs 245 (implies EV of USD 145/MT). We value ACEM's standalone cement biz at 11x its Mar'22E EBITDA and its 50% stake in ACC at 20% holding disc. We value ACEM at 20% disc to its 5-yr mean EV/EBITDA (and in-line ACC's val) for its continued market share loss amid lack of major expansions in past. We maintain BUY on Ambuja Cements with a TP of Rs 245 (SOTP based). In 4QCY19, ACEM reported healthy volume growth and margin expansion (though EBITDA came in 7% lower vs our est). Standalone net sales/EBITDA/APAT rose 10/36/28% YoY to Rs 31.36/5.47/3.33bn resp. ACEM also closed CY19 with record high OCF.