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Buy Phoenix Mills: target of Rs 1630: ICICI Direct

ICICI Direct is bullish on Phoenix Mills has recommended buy rating on the stock with a target price of Rs 1630 in its research report dated August 14, 2022.

August 16, 2022 / 05:55 PM IST
 
 
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ICICI Direct's research report on Phoenix Mills


Phoenix Mills (PML) is a leading retail mall developer and operator in India. It is into retail-led, mixed-use properties and has developed 17.5+ mn sq ft of retail, commercial, hospitality and residential asset class. PML has an operational retail area of ~7 mn sq ft spread over nine operational malls and is developing ~6 mn sq ft of retail space. It has ~2 mn sq ft operational in commercial segment and plans to add ~5 mn sq ft.


Outlook


We maintain our BUY rating as PML remains a quasi-play on India’s consumption story, given the quality of assets & healthy balance sheet. We value PML at Rs 1630/share as we assign 20% premium to NAV given the strategic inorganic expansion plans in place.


For all recommendations report, click here

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Phoenix Mills - 140822 - ic

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first published: Aug 16, 2022 05:55 pm
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