Allcargo Logistics gains 5% even after Jefferies slashes target price

The brokerage firm, which retained ‘bu’ call, noted that the management is focussed on cementing its leadership position in the global Less than-Container-Load (LCL) market and further gaining market share.

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Shares of Allcargo Logistics rose 5 percent on July 7 with global brokerage firm Jefferies retaining its “buy” recommendation on the stock, confident about the logistic player’s prospects. The brokerage, however, trimmed its target price to Rs 370 from Rs 500 to factor in the demerger.

Allcargo Logistics’ group is planning over Rs 1,000 crore of investments by its recently demerged subsidiaries Allcargo Terminals and TransIndia Real Estate, both of which will also be listed on the bourses. The expectation is that the demerged entities will be listed by July 2023 end.

At 10.40 am, the stock was trading 2.3 percent higher at Rs 286.55 on the BSE.

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Jefferies said in a note to clients, “ALL (Allcargo Logistics) is a pure play on international trade and domestic logistics”. The brokerage firm noted that the management is focussed on cementing its leadership position in the global Less than-Container-Load (LCL) market and further gaining market share.

Jefferies believes that a good franchise is available at 14.3 times FY24 Price to Earnings. It sees 27 percent compounded annual growth Earnings Per Share in FY24-26 between the express business turnaround and international volume growth recovering.

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