Buy Phoenix Mills with a target at Rs 425: JM Financial
Kurla mall witnessed lower margins as company continued to incur improvement/maintenance expense. Hotel revenues improved on higher occupancy and room rents, primarily on tie-up with hotel operator
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| Updated: JM Financial Research maintains buy rating on Phoenix Mills post March quarter results with a 12-month target price of Rs 425.
Kurla mall witnessed lower margins as company continued to incur improvement/maintenance expense. Hotel revenues improved on higher occupancy and room rents, primarily on tie-up with hotel operator.
"We believe Phoenix is a good proxy for improving retail market dynamics as competition declines and international retailers look to increase presence in India," said the brokerage note.
Kurla mall witnessed lower margins as company continued to incur improvement/maintenance expense. Hotel revenues improved on higher occupancy and room rents, primarily on tie-up with hotel operator.
"We believe Phoenix is a good proxy for improving retail market dynamics as competition declines and international retailers look to increase presence in India," said the brokerage note.
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