Motilal Oswal - MOSL: Morning India (19/April/18): 1. Phoenix Mills: The Specialist (Initiating Coverage); 2. ACC; 3. HDFC Standard life; 4. MindTree

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Motilal Oswal

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MOSL: Morning India (19/April/18): 1. Phoenix Mills: The Specialist (Initiating Coverage); 2. ACC; 3. HDFC Standard life; 4. MindTree

MOrning India (19/April/18): 1. Phoenix Mills: The Specialist (Initiating Coverage); 2. ACC; 3. HDFC Standard life; 4. MindTree;

Today’s top research idea

Phoenix Mills: The Specialist; Carving a niche by tapping the untapped

PHNX - a pioneer in developing and operating malls which are spread across 6 gateway cities in India. Company specializes in mall management, an area where its competitors lag.
With capital infusion of INR16.6b by CPPIB and gearing of 1.1, it will create a war chest of INR32b preparing it for the next leg of growth by adding up to 4 new malls.
We expect PHNX to generate CFO of INR23.8b over FY18-20 which can be deployed towards (i) construction mall, (ii) unlocking development potential of 4.6msf in its existing land parcels and (iii) reducing debt.
We expect PHNX to record a CAGR (FY18-20) of 15% in revenue, 16% in EBITDA and 37% in PAT. We initiate coverage on PHNX with a Buy and an SOTP-based TP of INR732 (upside 21%).

Piping hot news

No relaxation in new bad loan rules, indicates RBI

The Reserve Bank of India (RBI) seems to have ruled out relaxations in its new bad loan rules. RBI deputy governor N.S. Vishwanathan defended the rules announced in February, saying that they were aimed at improving credit culture and nudging lenders to be proactive in tackling early signs of stress.

19/04/2018 28 EN

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MOSL: Morning India (19/April/18): 1. Phoenix Mills: The Specialist (Initiating Coverage); 2. ACC; 3. HDFC Standard life; 4. MindTree

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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