Hold Container Corporation of India; target of Rs 700: ICICI Direct

ICICI Direct's research report on Container Corporation of India

Concor is the dominant player in the CTO business (58% 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 change our stance from BUY to HOLD recommendation. We value the stock at Rs 700 i.e. 32x P/E on FY24E EPS.

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