【出版时间及名称】：2010年1月巴西商业地产行业研究报告
        【作者】：德意志银行
        【文件格式】：pdf
        【页数】：55
        【目录或简介】：
Table of Contents
Executive summary ........................................................................... 3
Outlook: A story of consolidation rather than sector growth ....................................................3
We prefer BR Malls and Multiplan ............................................................................................3
Valuation ..................................................................................................................................4
Risks ........................................................................................................................................4
Industry outlook ................................................................................ 5
Higher cost of capital could cap Brazilian shopping center industry growth.............................5
Sector consolidation should drive leading companies’ top-line expansion .............................10
Earnings visibility helps build a defensive story ......................................................................13
A relative approach on Brazilian shopping center companies .................................................13
BR Malls............................................................................................ 18
Our top pick in the shopping center universe .........................................................................18
Earnings outlook .....................................................................................................................19
Valuation: Buy rating and R$30.30 price target .......................................................................20
Risks ......................................................................................................................................21
Company description ..............................................................................................................21
BR Malls’ financials .................................................................................................................23
Multiplan .......................................................................................... 27
The best profitability in its class..............................................................................................27
Earnings outlook .....................................................................................................................28
Valuation: Buy rating and R$44.50 price target .......................................................................29
Risks ......................................................................................................................................29
Company description ..............................................................................................................29
Multiplan’s financials...............................................................................................................31
Iguatemi ........................................................................................... 35
Improving existing profitability is the main challenge .............................................................35
Earnings outlook .....................................................................................................................36
Valuation: Hold rating and R$38.40 price target......................................................................37
Risks ......................................................................................................................................37
Company description ..............................................................................................................38
Iguatemi’s financials................................................................................................................39
General Shopping............................................................................ 43
Current high leverages leads to lower growth prospects .......................................................43
Earnings outlook .....................................................................................................................44
Valuation: Hold rating and R$10.50 price target......................................................................45
Risks ......................................................................................................................................45
Company description ..............................................................................................................45
General Shopping financials....................................................................................................47