Mundra Port & SEZ stock up sharply (47%) since our last buy recommendation at Rs.501. Port volumes are up 13.8% y-o-y in 9MFY10 to 29.8 MMT.
Increased SEZ sales could bring further upsides to our earning estimates We remain positive on long term growth prospects However, the stock is fairly valued at 32.6x FY11E EPS of Rs22.0 Due to limited upside potential of 5% we downgrade the stock of MPSEZ to ACCUMULATE with unchanged price target of Rs750.
Popularity: 9% [?]
{ 1 trackback }