Phoenix Mills Ltd. share price target

Rental business: Rental income collectively grew 9% YoY, despite slower consumption growth of 4% YoY (vs. 19% YoY in Q1), on account of refurbishment of 50k sf at High Street Phoenix (HSP). Development business remained muted with new sales weak at Rs 0.1 bn due to no new launches

The St. Regis (Palladium) hotel clocked Q1FY18 occupancy of 72% (up 1,100bps YoY) with ARR growing 8% YoY to Rs10,779 and operating EBITDA up 33% YoY to Rs223mn. We retain our TP for PHNX at Rs483 based on 1x FY18E NAV based on an 8% cap rate...

Visibility on rental growth remains strong driven by rental renewals (~1.7 msf of its leasable area up for renewal over FY18-20) at significantly higher Minimum Guarantees (MG) and better revenue share terms.

Phoenix Mills Ltd's (PML)~49% stake divestment in its subsidiary holding MarketCity Bangalore for ~Rs 16 bn to CPPIBvalues the mall at a cap rate of 6.4% as per our estimate(after stripping off additional development potential worth Rs 2 bn).

Phoenix Mills Ltd (PML) defied the slowdown due to demonetization to report 12% YoY and 10% YoY growth in rental income and consumption at its malls in Q3. The growthwas driven by festive demand in Oct' 16 and strong recovery (post demonetization) in Dec' 16 (consumption growth in Dec 16 stoo..

P&L; hit by one-off exceptional item: Consolidated revenue grew 17% YoY to INR4.7b (our estimate: INR4.9b). EBITDA grew 30% YoY (flat QoQ) to INR2.1b, with EBITDA margin at 44% (+1pp QoQ). PHNX reported net loss of INR14m, led...

The Phoenix Mills (PHNX) reported standalone 3QFY15 PAT of Rs 381mn, in line with our estimates. On consolidated basis, PHNX?s consolidated 3QFY15 PAT of Rs 430mn was marginally higher than standalone PAT owing to lower accounting losses of Rs 229mn at the Palladium hotel(loss of Rs 389mmn in 2QFY15 and Rs 268mn in 1QFY15) .