PHOENIX MILLS (IN), a company active in the Real Estate Holding & Development industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date March 29, 2022, the closing price was INR 1,058....
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
A director at Phoenix Mills Limited sold 6,510 shares at 797.091INR and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...
PHOENIX MILLS: Beat on estimates; outlook positive (PHNX IN, Mkt Cap USD1.9b, CMP INR883, TP INR1015, 15% Upside, Buy) PHNX’s third-quarter result highlights consistency in its operational performance amidst a subdued macro environment. The traction in its key retail assets is particularly impressive. We find comfort in the company’s strong track record of execution/operations, scalability and robust cash generation. This, along with the affirmative guidance around consumption, reinforce...
PHOENIX MILLS: Residential business drives; Big beat (PHNX IN, Mkt Cap USD1.4b, CMP INR645, TP INR750, 16% Upside, Buy) Core portfolio PAT grows 40% YoY: 1QFY20 revenue grew 49% YoY to INR6,150m (v/s est. of INR4,447m). The beat was primarily driven by lopsided revenue growth in the residential segment driven by revenue recognition of 'One Bangalore West Tower 6'. EBITDA margin expanded 30bp YoY to 47.6% (v/s est. of 51.5%). Its core portfolio comprising retail malls, commercial and ...
Phoenix Mills: Transient moderation in consumption (PHNX IN, Mkt Cap USD1.4b, CMP INR619, TP INR785, 27% Upside, Buy) Kessaku revenue recognition drives outperformance: Revenue grew 66% YoY to INR7,232m (our estimate: INR4,839m) in 4QFY19, driven by revenue recognition of INR3,170m in Kessaku, Bengaluru. EBITDA increased 74% YoY to INR3,771m (our estimate: INR2,419m), with the margin expanding 260bp YoY to 52% (our estimate: 50%). Adj. PAT grew over 100% YoY to INR1,879m, higher than our ...
Phoenix Mills: On-track execution; five new malls to drive rental growth; Operational retail portfolio to double in four years (PHNX IN, Mkt Cap USD1.3b, CMP INR590, TP INR708, 20% Upside, Buy) PHNX is well on track to achieve 11-12msf portfolio by FY23. Currently, the company has a retail portfolio of 5.9msf (operational) and 4.6msf (under construction), with plans to add another 1-2 new assets — taking the total portfolio to 11-12msf by FY23. The company is developing five new malls —...
Phoenix Mills: Performance in line; clear vision equals on-track execution (PHNX IN, Mkt Cap USD1.3b, CMP INR587, TP INR708, 21% Upside, Buy) In-line performance; PAT grows 9%: PHNX's revenues grew 6% YoY to INR4,404m (in line with our est. of INR4,409m), primarily driven by the Retail segment (+7% to INR2,899m). EBITDA margin expanded 90bp YoY to 50.5% (v/s our est. of 49.3%). EBITDA stood at INR2,225m, as against our est. of INR2,173m, up 8% YoY. We note that other comprehensive income ...
Phoenix Mills | Annual Report Update: Organic and inorganic opportunities driving aggressive growth (PHNX IN, Mkt Cap USD1.2b, CMP INR547, TP INR720, 32% Upside, Buy) We analyzed Phoenix Mills’ FY18 Annual Report and key takeaways are: Performance highlights: On a standalone basis (only High Street Phoenix (HSP) and Palladium, Mumbai), income from operations increased 6% YoY to INR3,972m in FY18 from INR3,759m in FY17. On a consolidated basis, income from operations decreased by 11% to...
Phoenix Mills: PAT growth impressive; On track to achieve FY23 target (PHNX IN, Mkt Cap USD1.4b, CMP INR645, TP INR757, 17% Upside, Buy) Healthy operational performance: PHNX's revenue grew 4% YoY to INR4,132m (est. of INR4,487m) in 1QFY19. EBITDA grew 11% YoY to INR1,953m (est. INR2,207m), with the margin expanding 280bp YoY to 47.3% (est. of 49.2%). Interest expense declined 6% YoY to INR846m (est. of INR857m). PAT, thus, increased 40% YoY to INR597m (est. of INR656m), led by a strong o...
Phoenix Mills: Mall additions brighten rental prospects; To add 4msf of mall space to its existing portfolio of 6msf (PHNX IN, Mkt Cap USD1.7b, CMP INR637, TP INR757, 19% Upside, Buy) Phoenix Mills (PHNX) acquired an under-construction mall in Indore for a consideration of INR2.3b. This was its third mall acquisition (Pune, Bangalore and now Indore) under the Canada Pension Plan Investment Board (CPPIB) platform - these malls are likely to commence operations over FY21-23, driving rental ...
Phoenix Mills: Revenue/EBITDA in-line; PAT exceeds estimates; Renewals to drive rentals growth (phnx IN, Mkt Cap USD1.5b, CMP INR616, TP INR737, 20% Upside, Buy) Revenue/EBITDA in-line; PAT exceeds estimates: PHNX’s revenue declined 4% YoY to INR4,366m (est. of INR4,410m) in 4QFY18 due to reclassification of its subsidiary. Thus, on a like-to-like (L2L) basis, revenue was up 9% YoY to INR4,962m. EBITDA margin expanded 550bp YoY to 49.5% (est. of 48.7%). PAT rose 102% YoY to INR1,037m, hig...
Phoenix Mills (initiating coverage): The Specialist; Carving a niche by tapping the untapped (PHNX IN, Mkt Cap USD1.4b, INR606, TP INR732, 21% Upside, Buy) Phoenix Mills (PHNX) has an operational history of more than 100 years. A textile manufacturer at inception, the company has reinvented itself as a retail-led mixed-use mall developer. Its diversified portfolio of businesses comprises: (a) Retail mall development (enjoys a leadership position in cities where it operates) and (b) Hospital...
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