【出版时间及名称】：2009年12月菲律宾地产行业研究报告
        【作者】：瑞士信贷
        【文件格式】：PDF
        【页数】：37
        【目录或简介】：
Attractively valued. The Philippines property sector is attractively valued, in
our view, with a steep RNAV discount of 40% and a P/B of 2.0x, significantly
below historical averages. It compares well regionally and from a country
perspective. With improving earnings and valuation prospects, we expect a
continued rerating in 2010.
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Key drivers are continued growth in the residential sector and likely
valuation enhancements due to the upcoming implementation of REITs in
the Philippines. Residential should benefit from near record-low interest
rates, steadily growing remittances, and a manageable supply level.
Meanwhile, the introduction of REITs are likely to lead to an upward
revaluation of investment property portfolios through the compression of
capitalisation rates. Much of Philippine investment property portfolios are in
the retail segment, characterised by the best profitability and steady growth.
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We rate the Philippines property sector as OVERWEIGHT. We upgrade
SM Prime from Neutral to OUTPERFORM, as the biggest beneficiary of
REITS implementation with 100% of revenues from shopping malls. Other
top picks for the sector in order of preference are Filinvest Land and Ayala
Land.