Daily BriefsIndustrials

Daily Brief Industrials: InterGlobe Aviation Ltd, Benefit One Inc and more

In today’s briefing:

  • Interglobe Aviation (INDIGO IN | SELL | TP: INR2,513): Not Worth a King’s Ransom
  • Weekly Deals Digest (17 Dec) – Benefit One, Shinko Electric, Toyo, CPMC, Vinda, Hollysys, Rept
  • Last Week in Event SPACE: Benefit One, CPMC, Samsung C&T, Sands China, Shinko Electric, Hankook & Co


Interglobe Aviation (INDIGO IN | SELL | TP: INR2,513): Not Worth a King’s Ransom

By Mohshin Aziz

  • InterGlobe Aviation Ltd (INDIGO IN) (Indigo) has turnaround and is on path to achieve record profits in FY2024 on strong demand, stable FX and lower jet fuel prices 
  • However, engine problems will hurt capacity deployment in 4QFY24 and FY2025, and the engine manufacturer has been very vague and unreliable in presenting its remedial plans 
  • Share price near all-time high and valuations (PE, EV/EBITDAR) are expensive compared to global LCCs. TP of INR2,513 (14% DOWNSIDE) pegged to 15x FY2025 PE (top-end LCC cycle)  

Weekly Deals Digest (17 Dec) – Benefit One, Shinko Electric, Toyo, CPMC, Vinda, Hollysys, Rept

By Arun George


Last Week in Event SPACE: Benefit One, CPMC, Samsung C&T, Sands China, Shinko Electric, Hankook & Co

By David Blennerhassett


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