Kotak hikes PT on India's Adani Ports on operational gains; stock up

Kotak sees logistics assets base of Adani Ports APSE.NS doubling to $4 bln in next five years; hikes PT to 1,750 rupees from 1,720 rupees, retains "buy"

Says APSE reduced external leverage while investing $4 billion in new port assets, $2 billion in logistics assets base in last five years

Notes operational improvements at APSE's Mundra port, including capacity utilization exceeding 70% in FY25 from ~53% in 2020, and sharp control of employee costs to help co scale up investments

APSE gains 1.3% to 1,454.40 rupees

Stock rated "strong buy" on avg; median PT is 1,675 rupees, per data compiled by LSEG

YTD, APSE gains 18%