Reduce Aegis Logistics, target of Rs 58: KRChoksey

Reduce Aegis Logistics, target of Rs 58: KRChoksey

KRChoksey has recommended a reduce rating on Aegis Logistics with target price of Rs 58, in its February 05, 2009 research report. " Net sales decreased 20.9% y-o-y and 40.7% q-o-q to Rs 77.6 crore. The Liquid Logistics Division (LLD) business of the company fell by 7.7% y-o-y and 4.4% q-o-q to Rs 17.7 crore. The fall in liquid logistics was due to the economic slowdown which resulted in chemical importers like Reliance importing low volume of chemicals thus leading to a drop in revenue. We recommend a REDUCE to this stock with target price of Rs 58, which represents a downside of 9.4% from the current levels," says KRChoksey's research report.