Gladiator Stocks – Phoenix Mills : ICICI Direct research

Phoenix Mills (PML) is a leading retail mall developers and operators in India. It is into retail-led, mixed-use properties and has developed 17.5+ mn sq ft of retail, commercial, hospitality, and residential asset class. PML has an operational retail area of ~7 mn sq ft spread over nine operational malls, and is developing ~6 mn sq ft of retail space. It has of 2 mn sq ft operation in commercial segment and plans to add ~5 mn sq ft PML remains a quasi-play on India's consumption story, given the quality of assets, healthy balance sheet and strategic expansion plans. The QIP fund raise/investments by GIC/CPPIB has boosted the liquidity and growth ammunition

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Technical View

  • The retail space has seen rejuvenation of upward momentum after couple of months breather. The Phoenix Mills is a key proxy of the Retail theme and has been an outperformer in the recent market correction. It offers fresh entry opportunity to ride next leg of up move
  • Structurally, up move since November 2020 has been confined within well-defined upward sloping channel wherein on multiple occasions stock bounced from 50 days EMA, highlighting buying demand at elevated support base
  • The retail space has seen rejuvenation of upward momentum after couple of months breather. The Phoenix Mills is a key proxy of the Retail theme and has been an outperformer in the recent market correction. It offers fresh entry opportunity to ride next leg of up move
  • Structurally, up move since November 2020 has been confined within well-defined upward sloping channel wherein on multiple occasions stock bounced from 50 days EMA, highlighting buying demand at elevated support base
  • On the oscillator front, weekly MACD has been inching northward while sustaining above its nine period average, highlighting acceleration of upward momentum

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Fundamental View

  • Phoenix Mills (PML) is a leading retail mall developers and operators in India. It is into retail-led, mixed-use properties and has developed 17.5+ mn sq ft of retail, commercial, hospitality, and residential asset class. PML has an operational retail area of ~7 mn sq ft spread over nine operational malls, and is developing ~6 mn sq ft of retail space. It has of 2 mn sq ft operation in commercial segment and plans to add ~5 mn sq ft
  • PML remains a quasi-play on India’s consumption story, given the quality of assets, healthy balance sheet and strategic expansion plans. The QIP fund raise/investments by GIC/CPPIB has boosted the liquidity and growth ammunition

>Here’s the link to the report of ICICI Direct – https://www.icicidirect.com/mailimages/IDirect_GladiatorStocks_PhoenixMill_Jul22.pdf

ICICI DIRECT RESEARCH

Shares of The Phoenix Mills Ltd was last trading in BSE at ₹ 1218.40 as compared to the previous close of ₹ 1234.25. The total number of shares traded during the day was 7798 in over 1529 trades.

The stock last hit in BSE,

  • Intraday High of ₹ 1238.75
  • Intraday low of ₹ 1194.90
Market Times