Phoenix Mills gets ‘overweight’ rating from Morgan Stanley, stock gains 4%

Seeing an upside potential from the current price levels, the brokerage has set a target price at Rs 2,200 per share. The stock also has a ‘buy’ rating from JM Financial with a target price of Rs 2,010 per share.

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Shares of Phoenix Mills were trading 4 percent higher on October 11 morning trade, buoyed by an ‘overweight’ rating from Morgan Stanley. The foreign brokerage, considering the 19 percent yearly growth reported in H1FY24 for total consumption at Rs 5,211 crore, said that the company’s stock was at present its ‘preferred’ choice in India’s property sector. Seeing an upside potential from the current price levels, it has set a target price at Rs 2,200 per share.

Morgan Stanley believes that the company will continue to report strong growth in the second half of FY24 as well. It expects a sustained rental growth to enable the retail and residential space developer to deliver 20 percent income growth. The firm also believes that upcoming retail and office space projects will also supplement the company’s growth.

The company in its business update filed at the exchanges on October 10 for the July-September quarter reported a 20 percent year-on-year growth in total consumption at Rs 2,637 crore. On a like-to-like basis, consumption was up 10 percent in the quarter compared to Q2FY23. Retail collections for the quarter stood at Rs 638 crore, a 23 percent increase over Q2FY23.

Phoenix Mills stock also has a ‘buy’ rating from JM Financial. It has initiated coverage of the stock with a target price of Rs 2,010 per share.

At 11.15 am on the NSE, the Phoenix Mills stock was quoting at Rs 1,934.75 apiece, up Rs 69.65, or 3.73 percent.

In year-to-date terms, the stock is up nearly 35 percent.

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In its results for the April-June quarter, Phoenix Mills reported a 41.28 percent YoY (year-on-year) increase in revenue from operations at Rs 811 crore. Net profits for the quarter were down 61.30 percent YoY at Rs 291 crore due to base effect resulting from an exceptional item of Rs 557 crore. The operating profit margins for the quarter expanded by 500 basis points on a yearly basis to 61 percent.

Phoenix Mills operates as a retail and hospitality conglomerate in India, focusing on the development and management of retail complexes, commercial spaces, and hotels. It currently operates 11 malls across India along with the St. Regis Hotel in Mumbai and Courtyard by Marriot in Agra.

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