Phoenix Mills Ltd. India’s largest mall developer is the only stock with a 100 percent ‘Buy’ ratings for three years among Indian companies tracked by at least 10 analysts. The company remained analysts’ most-preferred bet for the third straight year now.
The bulk of the portfolio for the developer comprises rent-yielding commercial properties with a stable occupancy. That’s expected to aid its growth. During that period, the company had a sell rating only for three months (August 12, 2016, to November 14, 2016). But since then, all analysts suggest a ‘Buy’.
Shares of the company that operates India’s second-biggest shopping mall, Phoenix Market City in Mumbai, surged more than 100 percent in the last three years compared to a 49 percent gain in the Nifty Realty Index. The stock, according to the average of estimates, is expected to gain another 20 percent over the next 12 months.