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Amber is a leading contract manufacturer for Air conditioners (AC) and AC Components. Most of the leading AC and Refrigerator companies are its clients. Performance in recent times has improved due to higher customs duty on imports and increased sales of air-conditioners which are more a necessity than luxury. We expect the company to report steady growth as demand for ACs remains strong and attractive opportunities to replace import of parts and finished ACs. Main risk factor is slow down in sales and loss of key clients. Subsidiaries in related field are also scaling up well. We have an over weight rating due to good secular growth prospects and expectation of quick recovery post pandemic, which has severely impacted near term performance – 18-06-2020 Price: 1467.50 Rating: Over Weight Recommendation: Buy

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