Outlook and valuation: We maintain our Sell rating on ACC. The Jamul commissioning will be a near-term saviour and consolidation with Ambuja will bring in further focus by its parent to improve the cost structure here. The only possible incremental rerating factor for ACC would be a recovery in cement prices. Sustainability of cost savings, though, is a must. Despite upgrading the target multiple to 14x (12x earlier), we do not see any upside here. At target, the stock will trade at ~ $125/tonne ($145/tonne currently). Upgrade potential does exist, but that may not happen before we factor in CY18 earnings.