ACL, a pioneering cable manufacturer in Sri Lanka since 1962, commands a substantial 45% share of the local market and boasts the widest range of cable products. With its subsidiary Kelani Cables PLC, ACL dominates 70% of the Sri Lankan cable market share. Renowned for quality and advanced technology, especially in low-voltage XLPE cables, ACL has evolved significantly over its six decades of operation, maintaining its position as a market leader. We initiate coverage on ACL Cables PLC with a BUY recommendation based on a Weighted average target price of LKR 119.50. Our target price represents a 42% upside from the current market price (LKR 84.10 on 28th March 2024).