Buy Container Corporation of India; target of Rs 680: ICICI Direct

ICICI Direct's research report on Container Corporation of India

Concor is the dominant player in the CTO business (65% market share) with ~60 terminals. • Revenue from rail transportation comprised 75% of total revenues (rest 4% by road, 13% via handling income, 2% warehousing and 4% others) • Total volumes handled in FY21 were 3.6 million TeU, of which Exim volumes were at 83% of the mix with the rest contributed by domestic containers

Outlook

We remain positive on the long term growth prospects of the stock and maintain our BUY recommendation. We value the stock at Rs 680 i.e. 18x P/E on FY24E EPS.