{"id":7919,"date":"2015-07-29T16:42:38","date_gmt":"2015-07-29T11:12:38","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=7919"},"modified":"2015-08-04T16:16:59","modified_gmt":"2015-08-04T10:46:59","slug":"dredging-corporation-of-india-ltd","status":"publish","type":"post","link":"https:\/\/fundsindia.com\/blog\/equities\/dredging-corporation-of-india-ltd\/7919","title":{"rendered":"Dredging Corporation of India Ltd."},"content":{"rendered":"<p style=\"text-align: justify;\">Incorporated in 1976, Dredging Corporation of India (DCI) is the largest public\u00a0sector player providing dredging services in India. It commands ~75% of the\u00a0total dredging market. It caters to India\u2019s major ports, non-major ports, the\u00a0Indian Navy and ship yards in the form of maintenance dredging, capital\u00a0dredging, reclamation, hydrographic surveys and beach nourishment.\u00a0Government of India (GoI) holds ~78.5% interest in the company.<\/p>\n<p style=\"text-align: justify;\"><strong>Valuation and view<\/strong><\/p>\n<p style=\"text-align: justify;\">DCI is expanding in terms of both capacity and efficiency and\u00a0we expect the impact of the same to be reflected in the\u00a0company\u2019s performance in the years to come. It is well placed\u00a0to see growth on account of strong economic developments in\u00a0the country in terms of increase in exports, setting up of new\u00a0ports, expansion of existing ports, etc.<\/p>\n<div class=\"blog-highlight\" style=\"clear: both; background: #2baae2; border: none; width: 60%; text-align: center; box-shadow: 0 5px 5px rgba(0, 0, 0, 0.5);\"><a style=\"text-decoration: none;\" href=\"http:\/\/www.fundsindia.com\/content\/jsp\/registration\/login.jsp?ref=blog-button\" target=\"_blank\"> <span style=\"color: #fff; font-weight: bold;\">Open<\/span> <span style=\"color: #fff; font-weight: bold; text-decoration: none;\"> a FREE Account Now! <\/span><\/a><\/div>\n<p style=\"text-align: justify;\">We expect DCI\u2019s net profit to grow at a CAGR of ~28% during\u00a0FY15-FY17E. The RoCE and RoE are expected to improve to\u00a04.6% and 5.3% by FY17E. At the current market price (CMP) of\u00a0Rs. 410, the stock trades at a P\/E of 17.9x FY16E and 13.6x\u00a0FY17E. We assign a forward P\/E of 16x for FY17E and\u00a0recommend \u2018BUY\u2019 with a target price of Rs.480, which implies\u00a0a potential upside of ~17% to the CMP from 12 months\u00a0perspective.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2015\/07\/Research-Report-Dredging-Corporation-of-India-Ltd.pdf\">Research Report Dredging Corporation of India Ltd<\/a><\/p>\n<p style=\"text-align: justify;\"><i>Investments in equity shares, debentures, etc., are not obligations of, or guaranteed by Wealth India Financial Services Pvt. Ltd., and are subject to investment risks.\u00a0<a href=\"http:\/\/pages.fundsindia.com\/pages\/disclaimer-equities\/\">Click here<\/a>\u00a0to read our full disclaimer.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Incorporated in 1976, Dredging Corporation of India (DCI) is the largest public\u00a0sector player providing dredging services in India. It commands ~75% of the\u00a0total dredging market. It caters to India\u2019s major ports, non-major ports, the\u00a0Indian Navy and ship yards in the form of maintenance dredging, capital\u00a0dredging, reclamation, hydrographic surveys and beach nourishment.\u00a0Government of India (GoI) holds [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dredging Corporation of India Ltd.<\/title>\n<meta name=\"description\" content=\"Find the latest research report on Dredging Corporation Of India Ltd. 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