Overall revenue increased 12% YoY to 22 November 2018 MTO volumes grew 22% YoY; the segment continued gaining market share in key markets across the world, despite challenging trade and freight conditions. (2) CFS volumes increased 22% YoY, driven by Kolkata operations. AGLL also increased its share in DPD volumes at JNPT. MTO is likely to perform well over the medium term, led by healthy volume growth. Volume growth in CFS should be driven by the Kolkata operations. Losses at P&E; are likely to narrow further due to an uptick in asset utilization. Valuations of 11.9x/10.6x FY19/20E earnings appear attractive, given AGLLs strong fundamentals and earnings CAGR of 17% over FY18-20. We value AGLL at 13x FY20E P/E to arrive at a target price of INR140. Maintain Buy. Allcargo Logistics World seaborne trade is projected to expand at a CAGR of ~4%. Average freight rates on major trade lanes have remained stable over the last few quarters.