19 April 2018
Equities - India
10 Yrs G-Sec
10 Yrs AAA Corp
Flows (USD b)
Note: YTD is calendar year, *Avg
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
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
and an SOTP-based
TP of INR732 (upside 21%).
Phoenix Mills (Initiating Coverage) The Specialist
ACC (Result Flash)
HDFC Standard life
Margin beat led by better realisations
Steady quarter; business momentum remains strong
Revenue beat despite BFSI weakness
TCS | Mahindra CIE | Cyient
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 …
Chart of the Day: Phoenix Mills: The Specialist; Carving a niche by tapping the untapped
HSP mall trading density grew at a 16% CAGR over 2010-17
*Trading density refers to sales psf pm; Source: Company, MOSL
Research Team (Gautam.Duggad@MotilalOswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
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