Buy Adani Ports and SEZ; target of Rs 900: ICICI Direct

ICICI Direct's research report on Adani Ports and SEZ

Adani Ports and Special Economic Zone (APSEZ) is the largest commercial port operator with 25% share of India’s port cargo movement. The company has evolved from a single port dealing in a single commodity to an integrated logistics platform. Total ~70% of APSEZ revenues is contributed by its port operations. Rest is led by harbour (11%), logistics (7%) and others Of the total 247 MT cargo volume in FY21, container volumes were at 105 MT (43%), bulk at 110 MT (44%) and rest by liquid at 32 MT (13%)

Outlook

We remain positive on the long term growth prospects of the stock and maintain our BUY recommendation We value the stock at Rs 900 on an SOTP basis