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Phoenix Mills Ltd. is a large-cap company with a market capitalization of Rs. 21,768 crores and is engaged in the real estate industry. The company, which has a well-known reputation in the Indian real estate industry, specialises in building massive shopping malls, entertainment centres, office buildings, and hotels. Mumbai, Bengaluru, Chennai, Pune, Raipur, Agra, Indore, Lucknow, Bareilly, and Ahmedabad are among the cities where the group has real estate holdings. The shares of Phoenix Mills, today closed at ₹1,219.95 level on the NSE, down by 1.14% from its previous close of ₹1234 apiece. The stock’s 52-week high was set at ₹1,268.50 on July 7, 2022, and its 52-week low was set at ₹793.40 on August 23, 2021, meaning that it is now trading 53.76 per cent above its 52-week low. ICICI Securities, a brokerage company, has today given the stock a buy call rating, which would result in a new high for the stock. The brokerage has set a target price of ₹1,420.00 and a buying range for the stock of ₹1220-1255, with a stop loss of ₹1,115. The brokerage has given the stock three months of target frame to hit its potential price.
ICICI Securities has said, “The retail space has seen rejuvenation of upward momentum after a couple of months breather. The Phoenix Mills is a key proxy of the retail theme and has been an outperformer in the recent market correction. It offers a fresh entry opportunity to ride the next leg of the up move based on the stock has resolved out of seven month’s consolidation ( ₹1195-885) indicating resumption of primary up trend and structurally, up move since November 2020 has been confined within well defined upward sloping channel wherein on multiple occasions the stock bounced from 50-days EMA, highlighting buying demand at elevated support base.”
“We expect the stock to accelerate upward momentum and eventually head towards upper band of rising channel around ₹1420 in coming months. On the oscillator front, weekly MACD has been inching northward while sustaining above its nine period average, highlighting acceleration of upward momentum.” the brokerage has further added.
“During Q1FY23, retail consumption was at ₹2159.6 crore (121% of Q1FY20), with like-to-like consumption at 109%. Commercial segment saw incremental leasing of 0.15 msf, highest ever in Q1. Additionally, occupancy levels for hospitality segment have come back to 85% vs. 83% in pre-Covid. In the residential space, the company achieved overall sales of ₹70.4 crore, up ~90% YoY, backed by strong demand and faster conversions. Also, collections in residential business in Q4FY22 were at ₹50 crore, up 38% YoY. Over the medium term, we expect retail rental income to grow at a CAGR of ~13% to ₹1884 crore in FY20-25E. In the commercial space, leasing momentum is likely to continue in FY23 (already done gross leasing of 1.2 lakh sq ft during April-May 2022). Furthermore, healthy balance sheet and strategic expansion plan to add organic/inorganic retail assets are expected to continue to drive growth,” ICICI Securities has said in a note.
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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