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ICICI Securities has buy call on Phoenix Mills with a target price of Rs 1392. The current market price of Phoenix Mills Ltd. is Rs 1203. Time period given by analyst is one year when Phoenix Mills Ltd. price can reach defined target.
Phoenix Mills Ltd., incorporated in the year 1905, is a Mid Cap company (having a market cap of Rs 21314.33 Crore) operating in Real Estate sector.
Phoenix Mills Ltd. key Products/Revenue Segments include Licence Fees, Service Charges and Sale of services for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 519.82 Crore, up 16.29 % from last quarter Total Income of Rs 447.01 Crore and up 19.38 % from last year same quarter Total Income of Rs 435.43 Crore. Company reported net profit after tax of Rs 117.34 Crore in latest quarter.
Investment Rational
The Phoenix Mills (PHNX) saw Q1FY23 (Apr-Jun’22) like-to-like (LTL) consumption across malls at Rs19.5bn or 109% of Apr-Jun’19 (Q1FY20) levels while overall Q1FY23 consumption of Rs21.6bn stood at 121% of Q1FY20 levels. While Jun’22 was a slower month with LTL consumption at 97% of Jun’19 levels, with retailers’ End of Season sale delayed to Jul’22, the brokerage expects consumption to bounce back going ahead and it models for FY23E rental income of Rs12.7bn (Rs11.0bn on LTL basis vs. Rs10.2bn in FY20). With Indore and Ahmedabad malls to open in FY23E and Pune (Wakad) and Bengaluru (Hebbal) in FY24E, it expects 14% rental income CAGR over FY20-25E. It reiterates BUY rating with a revised target price of Rs1,392/share (earlier Rs1,334) as it ascribe a higher premium to NAV of 20% (earlier 15%) to our Mar’23E NAV of Rs1,160/share considering growth opportunities from new office capex and new malls (including Surat). Key risks to call are a fresh Covid wave impacting mall consumption and fall in mall occupancies and rentals.
Promoter/FII Holdings
Promoters held 47.33 per cent stake in the company as of 31-Mar-2022, while FIIs owned 30.69 per cent, DIIs 17.45 per cent.
Phoenix Mills Ltd., incorporated in the year 1905, is a Mid Cap company (having a market cap of Rs 21314.33 Crore) operating in Real Estate sector.
Phoenix Mills Ltd. key Products/Revenue Segments include Licence Fees, Service Charges and Sale of services for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 519.82 Crore, up 16.29 % from last quarter Total Income of Rs 447.01 Crore and up 19.38 % from last year same quarter Total Income of Rs 435.43 Crore. Company reported net profit after tax of Rs 117.34 Crore in latest quarter.
Investment Rational
The Phoenix Mills (PHNX) saw Q1FY23 (Apr-Jun’22) like-to-like (LTL) consumption across malls at Rs19.5bn or 109% of Apr-Jun’19 (Q1FY20) levels while overall Q1FY23 consumption of Rs21.6bn stood at 121% of Q1FY20 levels. While Jun’22 was a slower month with LTL consumption at 97% of Jun’19 levels, with retailers’ End of Season sale delayed to Jul’22, the brokerage expects consumption to bounce back going ahead and it models for FY23E rental income of Rs12.7bn (Rs11.0bn on LTL basis vs. Rs10.2bn in FY20). With Indore and Ahmedabad malls to open in FY23E and Pune (Wakad) and Bengaluru (Hebbal) in FY24E, it expects 14% rental income CAGR over FY20-25E. It reiterates BUY rating with a revised target price of Rs1,392/share (earlier Rs1,334) as it ascribe a higher premium to NAV of 20% (earlier 15%) to our Mar’23E NAV of Rs1,160/share considering growth opportunities from new office capex and new malls (including Surat). Key risks to call are a fresh Covid wave impacting mall consumption and fall in mall occupancies and rentals.
Promoter/FII Holdings
Promoters held 47.33 per cent stake in the company as of 31-Mar-2022, while FIIs owned 30.69 per cent, DIIs 17.45 per cent.
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Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
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