Buy Gateway Distriparks, target of Rs 85: PINC Research
PINC Research has recommended a buy rating Gateway Distriparks with a price target of Rs 85 in its May 4, 2009 research report.
“Gateway Distriparks’ (GDL) results were above our estimates as consolidated revenues surged by 47% to Rs 1.2 billion while net profits declined by 22% to Rs 129 million. Gateway Distriparks trades at a PER & P/BV of 8.6x and 1.1x respectively based on FY10 estimates. It is in the process of transforming itself from a pure play CFS operator to a full fledged logistics player by incorporating rail haulage and cold storage to its portfolio of services. The newer segments are yet to attain break even and have been further impacted by the difficult macro economic scenario. However, we believe these segments should fuel earnings growth for GDL in the long run. Cheaper valuations provide us necessary margin of safety as well. We upgrade our recommendation to ‘BUY’ in light of cheap valuations and long term earning prospects of the company,” says PINC’s research report.
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