658.25 -5.25 (-0.79%)
914.8K NSE+BSE Volume
NSEJul 26, 2021 03:31 PM
The 23 reports from 6 analysts offering long term price targets for Container Corporation of India Ltd. have an average target of 603.50. The consensus estimate represents a downside of -8.32% from the last price of 658.25.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2021-05-26||Container Corporatio.. +||HDFC Securities||666.60||690.00||666.60 (-1.25%)||Target met||Buy|
TTK Prestige: TTK Prestige's 4QFY21 beat ours as well as street's expectation. Revenue grew by 45% YoY (HSIE 31%), clocking 12% 2-year CAGR. It was broad-based growth as cookers/cookware/appliances posted 49/67/34% YoY growth. Kitchen and home appliances categories have recovered well in 2HFY21 and TTK has capitalised on the spur in demand. It gained 1-1.5% market share in cookers and cookware. However, the big surprise came at gross margin, which expanded by 200/400bps YoY/QoQ to 45.6% (40-quarter high) despite the steep raw material inflation. It was driven by favourable product mix and channel mix (traditional channel is margin accretive), price hike, and benefit of carry forward old inventory. Hence, EBITDA margin expanded by >900bps YoY to 18.5% (an all-time high). TTK has recovered well after a weak quarter 1HFY21, clocking 5/21% revenue/EBITDA growth in FY21. Even though we had non-consensus earnings and TP, we increase our EPS by 4% for FY23. As the company is a pure B-C play and its earnings visibility is improving, we increase the target multiple to 40x (38x earlier) on Jun-23E EPS. Our target price is INR 8,880. Maintain ADD. Mahanagar Gas: Our ADD recommendation on Mahanagar Gas (MGL) and price target of INR 1,255 are premised on its loyal customer base in CNG and commercial establishments (together comprising ~79% of the sales mix in FY21), which is less price-sensitive than the industrial customer base and enables the company to maintain higher per-unit margins than peers. 4QFY21 EBITDA/APAT was 2/3% below estimates, owing to higher-than-expected raw material and operating costs and...
|2021-05-25||Container Corporatio.. +||Motilal Oswal||668.10||745.00||668.10 (-1.47%)||Target met||Buy|
Clarity on LLF payment (and the likelihood of a 35-year lease agreement with the railways) removes a key overhang on the stock. We maintain our FY22E/FY23E EBITDA estimate. We maintain our Buy rating on expected volume and margin benefits from the DFC....
|2021-05-24||Container Corporatio.. +||ICICI Securities Limited||634.25||750.00||634.25 (3.78%)||13.94||Buy|
ICICI Securities Limited
Concor has paid | 520 crore as LLF charges in FY21 on the basis of 6% of the calculated CMP of railway land parcels (it has surrendered 16 terminals to IR). The company further expects to pay | 450 crore as LLF charges for FY22E (lower than FY21), as it intends to surrender two more rail terminals and also rightsizing of existing terminals (including its flagship Tughlakabad terminal). The management is also working on an alternative path with Indian Railway to purchase the 24 terminals it operates on the IR land for 35 years (at 99% of the CMP), which is expected to range at ~| 6000-7000...
|2021-03-18||Container Corporatio.. +||HDFC Securities||560.55||539.00||560.55 (17.43%)||Target met||Accumulate|
However, the pace of transition is expected to be gradual with ICE engines remaining dominant in the near to medium term, particularly in India. We hosted the HSIE Autos and Mobility Conference, which was attended by five auto OEMs, five parts suppliers, and three startups, amongst others. The key themes that emerged from the conference were electrification and diversification, as the industry is preparing to diversify beyond combustion engines. OEMs are increasingly investing in EV and hybrid technology while auto parts companies are seeking to de-risk their customer mix by foraying into the non-auto space including defence, aerospace, industrial and renewable segments.
|2021-02-08||Container Corporatio.. +||BOB Capital Markets Ltd.||502.45||475.00||502.45 (31.01%)||Target met||Sell|
First Light | Monetary Policy Review, Container Corp of India, Mahindra & Mahindra, Hero MotoCorp, Alkem ...
BOB Capital Markets Ltd.
Monetary Policy Review: Rates on hold, focus on liquidity. CCRI: Earnings in line; LLF remains a key monitorable. MM: Healthy Q3, valuations expensive maintain SELL. HMCL: Optimism priced in maintain SELL. ALKEM: Q3 in line; strong free cash to support rerating
|2021-02-06||Container Corporatio.. +||Motilal Oswal||502.45||555.00||502.45 (31.01%)||Target met||Buy|
and was 11%/17%/32% above our estimate on higher realization (+8% YoY) at INR18,155/TEU. EXIM/domestic realization stood at INR16,140/INR28,197 per TEU, up 6%/14% YoY. Total volumes rose 6% YoY to 966,015 TEUs (in line), with EXIM/domestic volumes at 804,557/161,458 per TEUs (+5%/+12% YoY). EBITDA margin was lower at 21.2% v/s 24.3% in 3QFY20 due to higher LLF at INR1.2b and a one-time provision of INR0.5b towards post-retirement medical expenses of retired employees. Adjusted for that, EBITDA stood at...
|2021-02-06||Container Corporatio.. +||BOB Capital Markets Ltd.||502.45||425.00||502.45 (31.01%)||35.43||Sell|
|2021-02-05||Container Corporatio.. +||ICICI Securities Limited||466.85||560.00||466.85 (41.00%)||Target met||Buy|
ICICI Securities Limited
As per the annual land licensing fee (LLF) norms for Concor, from April 1, Indian Railways (on which 27 Concor terminals operate of its total ~64 terminals), Ministry of Railways has demanded | 1337 crore (annually) for 21 terminals (expect higher amount when accounted for 27 terminals), based on 6% of value of land. Concor, on the other hand, has estimated and accounted | 450 crore for FY21 as LLF and is actively contesting the excess demand. The management believes the situation would be resolved in favour of Concor. As per media sources, the Union Cabinet is likely to take...
|2021-02-05||Container Corporatio.. +||Prabhudas Lilladhar||502.45||561.00||502.45 (31.01%)||Target met||Buy|
Employee cost higher by Rs496mn with first time actuarial valuation for postretirement medical benefits (would be capped at 1% of PBT going forward). CCRI reported strong numbers in 3Q on the back of robust volume growth and sharp uptick in realizations, both in EXIM and domestic segments....
|2020-11-08||Container Corporatio.. +||Motilal Oswal||380.40||442.00||380.40 (73.04%)||Target met||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 (74.12%)||45.31||Sell|
|2020-11-06||Container Corporatio.. +||Dolat Capital||378.05||400.00||378.05 (74.12%)||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 (73.04%)||Target met||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 (74.12%)||Target met||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 (80.91%)||Sell|
|2020-09-11||Container Corporatio.. +||BOB Capital Markets Ltd.||383.80||345.00||383.80 (71.51%)||47.59||Sell|
|2020-09-10||Container Corporatio.. +||BOB Capital Markets Ltd.||383.80||345.00||383.80 (71.51%)||47.59||Sell|
|2020-09-09||Container Corporatio.. +||Dolat Capital||367.55||440.00||367.55 (79.09%)||Target met||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 (74.46%)||Target met||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.. +||Prabhudas Lilladhar||379.60||468.00||379.60 (73.41%)||Target met||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,...