CLSA ON ADANI PORTS

Maintain Buy, Target `305

Promoter commits to unwind intergroup loans by 4QFY17

Promoters assurance on loans, turn in traffic are re-rating catalysts

Strong volume rise at Dhamra, Hazira and CT3 validates are drivers

See 50% growth in port Ebitda over FY16-19 despite a tough global trade

Our Take: Adani Port TP 262 August expiry