External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

Container Corp of India / Equity Bottom-Up

<ul><li>Concor is the dominant player in the CTO business (65% market share) with ~60 terminals</li><li>Revenue from rail transportation comprised 75% of total revenues (rest 4% by road, 13% via handling income, 2% warehousing and 4% others)</li><li>Target Price and Valuation: We value the stock at Rs 780 i.e. 21x P/E on FY24E EPS</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Concor is the dominant player in the CTO business (65% market share) with ~60 terminalsRevenue from rail transportation comprised 75% of total revenues (rest 4% by road, 13% via handling income, 2% warehousing and 4% others)Target Price and Valuation: We value the stock at Rs 780 i.e. 21x P/E on FY24E EPSContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Container Corporation of India: DFC Leading to Higher Double Stacking, Assured Transit Times

<p>Concor and CTOs in general are seeing their transit times declining between TKD/Dadri to Gujarat ports. Further, normalisation of DFC and Rs 1000/TeU pan-India price hike from October 1 are expected to further...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Concor and CTOs in general are seeing their transit times declining between TKD/Dadri to Gujarat ports. Further, normalisation of DFC and Rs 1000/TeU pan-India price hike from October 1 are expected to further...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Container Corporation of India: Reduced Transit Times, Price Hike on Horizon

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>LIC Housing Finance: LICHF disappointed, driven by elevated provisioning (1.1% of loans, annualised) and interest reversals (INR1.35bn). While asset quality improved across buckets, aggregate stressed pool (GS-II + GS-III + restructured) still remains elevated (12.6% vs. 13.6% in Jun'21), indicating that the path to normalisation is likely to be prolonged. The company shored up its GS-III provisions significantly to 43%, driving credit costs higher, although GS-II provisioning coverage continues to be subdued (0.2% PCR).</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

LIC Housing Finance: LICHF disappointed, driven by elevated provisioning (1.1% of loans, annualised) and interest reversals (INR1.35bn). While asset quality improved across buckets, aggregate stressed pool (GS-II + GS-III + restructured) still remains elevated (12.6% vs. 13.6% in Jun'21), indicating that the path to normalisation is likely to be prolonged. The company shored up its GS-III provisions significantly to 43%, driving credit costs higher, although GS-II provisioning coverage continues to be subdued (0.2% PCR).
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Mphasis, Container Corporation, LIC Housing Finance and More

<p>HSIE Results Daily Marico: Marico posted in-line revenue growth, however margin was a miss. Revenue/EBITDA grew by 31/3% (HSIE 31/7%). Domestic revenue and volume grew 31/21%, 7/2% 2-year CAGR, a good show despite the COVID pressure. PCNO saw volume growth of 12% YoY, albeit on a low base (- 11%), impacted by extended lockdowns in its core south and west markets. VAHO registered 35% YoY value growth (-32% in the base year) and saw 70bps share gain. Saffola remained a torchbearer (clocked 60/24% value/volume growth), aided by improved penetration and +450bps volume share gain.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

HSIE Results Daily Marico: Marico posted in-line revenue growth, however margin was a miss. Revenue/EBITDA grew by 31/3% (HSIE 31/7%). Domestic revenue and volume grew 31/21%, 7/2% 2-year CAGR, a good show despite the COVID pressure. PCNO saw volume growth of 12% YoY, albeit on a low base (- 11%), impacted by extended lockdowns in its core south and west markets. VAHO registered 35% YoY value growth (-32% in the base year) and saw 70bps share gain. Saffola remained a torchbearer (clocked 60/24% value/volume growth), aided by improved penetration and +450bps volume share gain.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Marico, JSW Energy, Container Corporation and More

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>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....</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

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....Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DFC commissioning to drive earnings growth

India

Container Corporation of India Limited supplies railway cargo services, via its fleet of container trains.  The Company also provides bonded warehousing services.

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Container Corp of India (CCRI IN)

Container Corporation of India: DFC Leading to Higher Double Stacking, Assured Transit Times

Concor is the dominant player in the CTO business (65% market share) with ~60 terminals. Revenue from rail transportation comprised 75% of total...

ICICI Securities Limited

Container Corporation of India: Reduced Transit Times, Price Hike on Horizon

Concor and CTOs in general are seeing their transit times declining between TKD/Dadri to Gujarat ports. Further, normalisation of DFC and Rs 1000...

ICICI Securities Limited

HSIE Results Daily: Mphasis, Container Corporation, LIC Housing Finance and More

LIC Housing Finance: LICHF disappointed, driven by elevated provisioning (1.1% of loans, annualised) and interest reversals (INR1.35bn). While...

HDFC Securities

HSIE Results Daily: Marico, JSW Energy, Container Corporation and More

HSIE Results Daily Marico: Marico posted in-line revenue growth, however margin was a miss. Revenue/EBITDA grew by 31/3% (HSIE 31/7%). Domestic...

HDFC Securities

DFC commissioning to drive earnings growth

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...

Motilal Oswal

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