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Q4 FY18 Result Update: Container Corporation of India - BUY - TP Rs.1550 - Kotak

Posted On: 2018-05-05 08:25:41

- Concor Q4FY18 result highlights include 1) healthy improvement in volumes in the Exim segment with market share gains; 2) recovery of volumes in the domestic segment post implementation of GST; 3) falling lead distance which impacted revenue per TEU 4) reduction in empty running cost and benefit of double stacking accruing to the company which supported the margins.

- Strong sales growth to Rs 15.6 bn (+15.8% YoY), improvement in gross margins, lower other income, higher depreciation and lower effective tax rate led to recurring PAT of Rs 2.4bn in line with our estimate.

- Management has guided an overall volume growth of 10% in FY19.Increased double stacking, higher number of operational logistics park and improvement in business prospect bodes well for Concor. Recommend BUY with an unchanged TP Rs 1550 at 28x FY20E.

- The quarterly performance highlights issues faced by Concor to maintain high market share and strong earnings growth simultaneously. The current margins have already factored in the falling lead distance and high empty running. Further benefits of double-stacking, lower empty running, higher number of operational logistics park, improvement in business prospect with Dedicated Freight corridor (DFC) in FY20E and improvement in global and domestic trade is estimated to improve the business prospects, revenues and operational performance for Concor. We expect the next few years to be game changer for Concor, especially FY20, when we expect the Dedicated Freight Corridor (DFC) to be partially operational. Recommend BUY with an unchanged TP Rs 1550 at 28x FY20E.

Shares of CONTAINER CORPORATION OF INDIA LTD. was last trading in BSE at Rs.1364.05 as compared to the previous close of Rs. 1357.65. The total number of shares traded during the day was 17169 in over 1561 trades.

The stock hit an intraday high of Rs. 1381.35 and intraday low of 1355. The net turnover during the day was Rs. 23488354.


Source: Equity Bulls

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