ICICI Securities: Blue Dart’s Expectations Running Ahead Of Fundamentals
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ICICI Securities Report
Two recent events have generated significant interest for air express players -
1. Global belly cargo capacity has remarkably reduced and, on some routes, air freight rates have increased by 30-60%.
Due diligence suggests that rates have gone up in India by 7-15% - a hope-inducing factor for Blue Dart Express Ltd. given its operating leverage.
2. Recent DHL commentary highlights the Covid-19 vaccine distribution opportunity that may open up for the air express industry.
Reseachers have also estimated that 15,000 flights would be needed to ensure global distribution of the vaccine over next two years.
This presents an opportunity for Indian express and third party logistics players.
These two events have resulted in salience for Indian air express, particularly Blue Dart.
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