Stellar performance; maintain BUY
Maintain Buy, TP of Rs288: We believe, recovery in global trade would benefit the MTO and CFS business of AGL as it is the world’s largest less-than-container (LCL) consolidator. We are confident about AGL’s ability to maintain its MTO volumes, further supporting the growth through higher margin CFS business. At the CMP, the stock trades at a P/E of 12.3x F15e and 10.8x F16e earnings and trades at EV of 6.3x F15e and 5.4x F16e EBITDA. We maintain our BUY rating on the stock with a TP of Rs 288 valuing the company at a PE multiple of 13x on F16e EPS which is a premium of 30% to its 3-year average multiples.