Consumption momentum, new assets support Phoenix Mills' stock gains

Strong consumption growth, improving occupancies and a healthy pipeline of new assets are supporting Phoenix Mills' stock, prompting brokerages to upgrade earnings estimates

The stock of retail mall developer, The Phoenix Mills, is trading near its yearly highs, riding on strong consumption growth, improving occupancies and a robust pipeline of new assets.

 

Given the better than expected performance in the September quarter, brokerages had raised their earnings estimates for the mall operator. The stock has gained about 14 per cent since the start of October and is currently trading at 44 times its FY27 earnings estimates.

 

Led by higher consumption growth, the company reported a revenue growth of 22 per cent and operating profit growth of 29 per cent in the September quarter.