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Buy TCI Express; target of Rs 1950: ICICI Direct

ICICI Direct is bullish on TCI Express has recommended buy rating on the stock with a target price of Rs 1950 in its research report dated October 25, 2021.

October 28, 2021 / 02:34 PM IST
 
 
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ICICI Direct's research report on TCI Express

TCI Express is a leading asset light B2B (95% of revenues) express logistics company with 28 sorting centres, 800+ owned pan-India centres covering 40000 pick-up and delivery points. SME and corporate clients comprise 50:50 of overall revenues Total 55% of revenues from sectors like auto ancillary, pharma, engineering

Outlook

We remain positive on the stock and maintain our BUY recommendation We value the stock at Rs 1950 i.e. 37x P/E on FY23E EPS