Motilal Oswal initiates coverage on Phoenix Mills with 'buy'

The Phoenix Mills

21/03/2023 07:15

** Motilal Oswal initiates coverage on Phoenix Mills Ltd
 PHOE.NS  with "buy" rating and price target of 1,700 rupees,
31.3% above its last close price
    ** As organized retail penetration increases further due to
higher disposable income, shopping malls are likely to benefit
the most from this shift - brokerage
    ** Phoenix's mall portfolio is expected to increase to 14msf
by FY27 from ~9msf as of March '23 and its presence would expand
to six out of the top eight cities. Hence, the company is likely
to be the biggest beneficiary of consumption boom in India. -
Motilal Oswal
    ** Their retail portfolio is expected to report a 32% CAGR
in rental over FY23-25, it added
    ** More than 162,000 shares change hands as of 12:41 p.m.
IST, vs their 30-day avg of 313,951 shares
    ** Stock last up 2.2% to 1324.15 rupees

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))