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What’s the theme?
PHNX's key project, High Street Phoenix (HSP), is now fully operational and is likely to generate rental
income of Rs2-2.2bn in FY12E.
What will move the stock?
We see the following near-term triggers for the stock: (1) Commencement of three Market City Projects in
Q2 -Q4 FY12; (2) Commencement of the first phase of Shangri-La Hotel in Q2-Q3FY12;
(3) HSP-Phase IV (0.25 msf) - although this provides a strong delta to the company's valuation, it may add
significant upside if PHNX manages to secure hospitality FSI (5x).
Where are we stacked versus consensus?
Our EPS estimates for FY12 and FY13 are Rs14.3 and Rs15.8 respectively. Our FY12 earnings estimate
is 45% higher than consensus estimate of Rs9.1. We have a 'BUY' recommendation on the stock with a
target price of Rs240, which discounts FY12E Gross NAV by 20%.
What will challenge our target price?
1) Slowdown in execution in Market City projects and extending free rental periods may hamper holding
company profitability; economic slowdown may affect revenue from Market City and HSP
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
What’s the theme?
PHNX's key project, High Street Phoenix (HSP), is now fully operational and is likely to generate rental
income of Rs2-2.2bn in FY12E.
What will move the stock?
We see the following near-term triggers for the stock: (1) Commencement of three Market City Projects in
Q2 -Q4 FY12; (2) Commencement of the first phase of Shangri-La Hotel in Q2-Q3FY12;
(3) HSP-Phase IV (0.25 msf) - although this provides a strong delta to the company's valuation, it may add
significant upside if PHNX manages to secure hospitality FSI (5x).
Where are we stacked versus consensus?
Our EPS estimates for FY12 and FY13 are Rs14.3 and Rs15.8 respectively. Our FY12 earnings estimate
is 45% higher than consensus estimate of Rs9.1. We have a 'BUY' recommendation on the stock with a
target price of Rs240, which discounts FY12E Gross NAV by 20%.
What will challenge our target price?
1) Slowdown in execution in Market City projects and extending free rental periods may hamper holding
company profitability; economic slowdown may affect revenue from Market City and HSP
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