Phoenix Mills -- In-line operational progress, Maintain TP of Rs 231 :Emkay

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Phoenix Mills

In-line operational progress, Maintain TP of Rs 231

ACCUMULATE

CMP: Rs 214                                       Target Price: Rs 231

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n     Topline for the quarter at Rs 471mn, marginally below our estimate of Rs 484mn. PAT at Rs 272mn against our estimate of Rs 245mn due to one-time Other Income of Rs 30mn

n     MC Pune of 1.2 msf is launched in the quarter with occupancy rate of 80% and avg. rental of Rs 60/sf/mth. Company expects its next project launch to be MC Bangalore (E) in Q2FY11

n     Company further increased its stake in MC Bangalore by 8.6% to 46.4% for Rs 168mn, valuing the project at Rs 1.95bn. We have been valuing the same for Rs 1.88bn

n     We maintain our TP of Rs 231 derived on SOTP basis but reduce our rating to Accumulate due to recent run-up in stock price. At TP, the stock will trade at 1.9x FY12 P/BV