Buy Phoenix Mills: target of Rs 1630: ICICI Direct

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.