406.05 -1.35 (-0.33%)
The 26 reports from 7 analysts offering long term price targets for Container Corporation of India Ltd. have an average target of 461.43. The consensus estimate represents an upside of 13.64% from the last price of 406.05.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-11-08||Container Corporatio.. +||Motilal Oswal||380.40||442.00||380.40 (6.74%)||8.85||Buy|
Total volumes declined 9% YoY to 885,673 TEUs EXIM declined 10% YoY to 744,788 TEUs and domestic declined 2% YoY to 140,885 TEUs. Realization fell 5% YoY to INR16,967/TEU on 8% YoY decline in EXIM realization to INR15,172/TEU (due to higher competition). As a result, revenue declined 14% YoY to INR15.0b (est. INR14.7b). The EBITDA margin fell 365bps YoY to 20.8% (est. 16.6%) on lower realization and at least a 3x increase in LLF. As a result, EBITDA declined 26% YoY to INR3.1b (est. INR2.4b)....
|2020-11-06||Container Corporatio.. +||BOB Capital Markets Ltd.||378.05||360.00||378.05 (7.41%)||11.34||Sell|
|2020-11-06||Container Corporatio.. +||Dolat Capital||378.05||400.00||378.05 (7.41%)||Target met||Sell|
Q2 was an operationally good quarter for Concor with revenues in line and EBIDTA and PAT better than estimates (Refer Exhibit 1). Q2 revenues were at Rs15Bn down 13% YoY / up 26% QoQ led -10%/-2% volume/realization decline. EXIM/Domestic Revenue mix stood at 90:10% vs 94:6% YoY/ 84:16% QoQ. EBITDA margin came at 20.8%, sequentially better than that reported in Q1. The company has also...
|2020-11-06||Container Corporatio.. +||Prabhudas Lilladhar||380.40||468.00||380.40 (6.74%)||15.26||Buy|
Management reiterates its stand on LLF payable at ~Rs4.5bn for FY21 vs. Rs12.8bn demanded by Indian railways. CCRI reported decent 2Q numbers with strong volume recovery in both EXIM and Domestic segments. On the back of sharp exports surge, Sep'20 saw a...
|2020-11-06||Container Corporatio.. +||ICICI Securities Limited||378.05||450.00||378.05 (7.41%)||10.82||Buy|
ICICI Securities Limited
Concor reported strong results that were better than I-direct estimates on all fronts. On volumes front, Exim segment grew 19% QoQ (still down 10% YoY) while domestic volumes grew 35% QoQ (led to flat YoY). Hence, Exim revenues grew 26% QoQ to | 1130 crore while domestic revenues grew 29% to | 373 crore. Standalone EBITDA margins expanded 745 bps QoQ to 20.8% due to better cost control measure by the company and absolute EBITDA doubled. For the quarter, the company recorded | 113 crore as land...
|2020-10-06||Container Corporatio.. +||BOB Capital Markets Ltd.||363.85||363.85 (11.60%)||Sell|
|2020-09-11||Container Corporatio.. +||BOB Capital Markets Ltd.||383.80||345.00||383.80 (5.80%)||15.04||Sell|
|2020-09-10||Container Corporatio.. +||BOB Capital Markets Ltd.||383.80||345.00||383.80 (5.80%)||15.04||Sell|
|2020-09-09||Container Corporatio.. +||Dolat Capital||367.55||440.00||367.55 (10.47%)||8.36||Buy|
The ARA talks about the strategies and opportunities foreseen in medium to long term, future capex and expansion of geographical reach to neighboring countries. It is also eyeing new segments like warehousing, ecommerce, 3PL/ 4PL, distribution logistics, coastal shipping. Commencement of DFC will bring cost advantage, improved turnaround time along with rise in volumes and utilization through more double stack trains. However, the last one year has been tough with SEIS income provisioning, shocker on land license fees, and a 20% volume de-growth...
|2020-08-11||Container Corporatio.. +||Motilal Oswal||377.30||455.00||377.30 (7.62%)||12.06||Buy|
This was weighed by the COVID-19 impact on volumes (-21% YoY) and structural increase in fixed cost due to a >5x increase in land license fee (LLF) charged by the Railways for the use of its land. Revenue declined to INR11.9b (-27% YoY / -24% QoQ), v/s our estimate of INR12.1b, on weaker volumes and realization. EXIM volumes stood at 627,905 TEUs (-20% YoY / -19% QoQ) and domestic volumes were at 104,806 TEUs (-25% YoY / -37% QoQ). EXIM realization was weak at INR14,344/TEU (-11% YoY / -2% QoQ), while domestic realization stood at INR27,524/TEU (+5% YoY / +4% QoQ). Total expenditure, however, declined marginally to INR10.3b (-17% YoY, -6% QoQ) on higher LLF effective from 1QFY21. However, from 1QFY21, MoR changed the LLF charged to 6% of the value of the land and raised demand for INR7.76b for FY21 (>5x of INR1.
|2020-08-10||Container Corporatio.. +||BOB Capital Markets Ltd.||362.70||345.00||362.70 (11.95%)||15.04||Sell|
|2020-08-10||Container Corporatio.. +||Prabhudas Lilladhar||379.60||468.00||379.60 (6.97%)||15.26||Accumulate|
Commencing of new terminals, strategic initiatives along with value offerings, etc. help CCRI sustain growth momentum ahead. CCRI reported decent 1Q numbers led by healthy volumes despite impact of Covid-19 pandemic indicating signs of revival in economic activity. However,...
|2020-08-10||Container Corporatio.. +||ICICI Securities Limited||386.40||450.00||386.40 (5.09%)||10.82||Buy|
ICICI Securities Limited
From April 1, the Railway Ministry revised the annual land licensing fee (LLF) norms for Concor (Indian Railway land on which ~25 Concor of total 64 terminals operate). The change should be seen in the backdrop of Concor's privatisation, as earlier mode of LLF payment provided certain advantage to the company vs. other private CTOs. Earlier method of payment was based on Concor's volumes and was, thus, variable in nature (| 1175/TeU). However, the revised mode of payment is fixed in nature (6% of value of land). This has caused LLF payment to jump from earlier | 120 crore paid in...
|2020-08-10||Container Corporatio.. +||Dolat Capital||362.70||440.00||362.70 (11.95%)||8.36||Buy|
Weak quarter; Land License Fee shocker. Move rating to Accumulate Q1FY21 report lower than estimated Sales, EBIDTA, and PAT during the quarter. Revenue at Rs ~11.9Bn, down -27% YoY /-24% QoQ led -21%/8% volume/realisation decline. Margins at 13.4%, a multi-year low. Expects improvement in H2FY21. Q2 will be better than Q1FY21. Ministry of Railways has demanded for Rs 7.77Bn as LLF for FY21 for the Okhla and Tughlakabad Terminals of CONCOR at Delhi. However, company believes that demand is not as per the Railway's extant policy. Rs 1.2Bn has been provided for the quarter....
|2020-06-28||Container Corporatio.. +||HDFC Securities||433.80||445.00||433.80 (-6.40%)||Target met||Accumulate|
While we are lowering our FY21 volume estimates, it will be partially offset by improved cost management. We set a TP of Rs 445 @ 22x FY22E EPS (in-line with its historic average trading multiple). Key Risks: A sharper than expected economic recovery and policy clarity on the upside, a further delay in the DFC on the downside. We downgrade CONCOR to ADD after the sharp ~50% rally from the recent lows. While the logistics company will be a beneficiary of the DFC in the medium term, the stock will be driven by the policy guidelines of the IR ahead of its proposed privatisation, in the near term. There is a proposal to increase the land license fee by ~3x (media reports also suggest that CONCOR will have to purchase the railways land). Further, as the DFC is delayed due to COVID, volumes are expected to decline in double digits in the current fiscal.
|2020-06-27||Container Corporatio.. +||Motilal Oswal||433.80||510.00||433.80 (-6.40%)||25.60||Buy|
EBITDA margin, thus, improved by 4pp We have cut our FY21/FY22 estimates on weaker volume outlook and sharp increase in land license fee by the Railways. We maintain expected longer-term volume and margin benefits from the commissioning of the Dedicated Freight Corridor (DFC) project by end-FY21. came in at 775,319 TEUs (-5% YoY) and domestic volumes at 165,951 TEUs CCRIs 4QFY20 reported revenues came in at INR15.7b (-10% YoY, +3% QoQ), below est. EBITDA stood at INR4.7b (+24% YoY, +28% QoQ) above est. FY20 Adj. PAT stood at INR10.1, down 16.7% During FY20, CCRI lost 6% market share as it chose not to match the aggressive pricing of private companies in short-haul freight. CCRI had announced a price hike earlier but has deferred it to 1 DFC commissioning has been delayed to end-FY21 (v/s Jul20 expected earlier). Dedicated Freight Corridor (DFC) commissioning has been delayed to end-FY21 (v/s Jul20 expected earlier), delaying the likely benefit from the project to CCRI.
|2020-06-27||Container Corporatio.. +||ICICI Securities Limited||433.80||520.00||433.80 (-6.40%)||28.06||Buy|
ICICI Securities Limited
Concor reported strong numbers with reported revenues, PAT above I-direct estimates. The company did not record any exceptional income during the quarter vs. | 84 crore in Q4FY19. Operationally, Exim volumes de-grew 5% (realisation de-growth of 10% YoY) while domestic volumes grew ~2% (realisation remained flat). Exim revenues de-grew 14% to | 1131 crore while domestic revenues remained flat at | 438 crore. Standalone EBITDA margins grew 837 bps YoY to 30.2% while absolute EBITDA grew 24%. Due to the inclusion of SEIS income in the previous comparable quarter and an...
|2020-06-26||Container Corporatio.. +||Dolat Capital||433.80||560.00||433.80 (-6.40%)||37.91||Buy|
FY21 guidance: 1) Volumes will decline 20% YoY to 3mn Teus 2) Price hike deferred to 1st Oct 3) Capex will be Rs 5bn 4) Land License fee will be Rs 4.5bn vs Rs 1.4bn in FY20. 5) Surrendered 15 of 41 terminals built on Indian Rail land, impact insignificant as revenue contribution was 4%. Volume from the other terminals been shifted to nearby terminals. Factoring the weakness in volume growth, we lower our PAT estimates by -26%/-19% in FY21E/FY22E, respectively, which lowers our DCF...
|2020-04-17||Container Corporatio.. +||BOB Capital Markets Ltd.||376.90||420.00||376.90 (7.73%)||Target met||Buy|
BOB Capital Markets Ltd.
The unprecedented trade slowdown triggered by Covid-19 clouds Container Corp's (CCRI) near-term prospects and has fuelled a 4% YoY drop in Q4FY20 volumes.
|2020-04-08||Container Corporatio.. +||ICICI Securities Limited||382.20||360.00||382.20 (6.24%)||Target met||Buy|
ICICI Securities Limited
Q4FY20 has been characterised by two separate trends wherein January and February saw a normal growth trajectory whereas in March growth is expected to be negatively impacted by restrictions imposed on trade to contain the spread of Covid-19. Global logistics in Q4FY20 saw unprecedented disruption moving from a supply shock in China initially at beginning of the quarter to a demand shock as major countries announced lockdowns of their economies to slow the spread of the Coronavirus. India's major ports container volumes for January 2020 have grown 1.9% while rail...