Despite different business models, Gujarat Pipavav Port (port operator) (GPPV) and Container Corp of India (container train operator) (CCRI) share similar demand drivers in the form of container traffic at ports, according to Nomura Financial Advisory and Securities.

''At the same time, GPPV trades at a significant premium over Adani Ports & SEZ as well as Container Corporation of India. Therefore, in this note, we attempt to highlight that CCRI offers a much better value play from a near-term perspective and at the same time a much superior growth profile over the long term, as compared to GPPV.''

''GPPV has delivered strong container volume growth of nearly 16%y-y in CY13 on a weak base. We expect this volume growth to continue in CY14F but growth in CY15F could be limited by capacity constraint. On an average, we expect a volume growth of 12% over the next two years,'' it said.

''Meanwhile, CCRI has also gained back market share over the past few quarters from competitors as well as road operators. As a result, CCRI's EXIM container traffic growth has been higher than that of 14 key Indian ports since September 2012. We expect this trend to continue, and expect CCRI's EXIM traffic to grow on an average 11% over the next two years (slightly higher than our India-level container growth traffic estimate of 10%y-y),'' it added.

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