【出版时间及名称】：2010年1月埃及地产行业研究报告
        【作者】：汇丰银行
        【文件格式】：pdf
        【页数】：48
        【目录或简介】：
Investment Summary 2
Long-term Egyptian real
estate story solid 5
Short-term trends mixed 7
Non-residential will likely drive future revenues 8
Supply Fragmented 9
Stock Picking 11
Company Profiles 15
Palm Hills Developments 16
Company Overview 16
Investment Summary 16
Financial Summary 20
Valuation 22
Risks 25
SODIC – OW(V), EGP143
target price 27
Profit and Loss Analysis 28
Adjusting earnings to account for new projects 28
Balance sheet analysis 29
Cash flow analysis 29
Raising TP to EGP143 from EGP130 29
Risks 30
TMG - Downgrade to N(V)
from OW(V) 32
Backlog falls again… 32
Reported sales also falling… 33
…but construction on track 34
Cash position stable 34
Revising estimates 34
Lowering target price to EGP7.6 35
Disclosure appendix 42
Disclaimer 46