JPMorgan maintains an overweight rating on Phoenix Mills but raised its target price to Rs710 from Rs 605 earlier. The global investment bank expects the company to double rental growth combined with residential business to boost earnings.
The global investment bank expects 12%/35% EBITDA/Net Profit growth over the next two years. Phoenix should generate positive free cash flow from FY19.
Funds can be used for additional growth and increase dividend payouts. Phoenix remains best proxy plays on retail growth in India, said the report.
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