【出版时间及名称】：2010年1月俄罗斯房地产行业研究报告
        【作者】：德意志银行
        【文件格式】：pdf
        【页数】：56
        【目录或简介】：


Table of Contents
Executive summary ........................................................................... 3
Outlook – Still Overweight the sector in 2010 ..........................................................................3
Valuation ..................................................................................................................................6
Risks ........................................................................................................................................8
Appendix .......................................................................................... 11
Earnings change summary......................................................................................................11
Sector activity is picking up ........................................................... 13
Residential market – Lifting off the ground.............................................................................13
Commercial market.................................................................................................................16
AFI Development ............................................................................. 18
Target price raised to USD3.4/share .......................................................................................19
The much feared share overhang is 38% away ......................................................................22
LSR Group........................................................................................ 25
Investment thesis ...................................................................................................................25
Construction materials: we anticipate recovery in 2010-2012 ................................................26
Target price raised to USD10.3/share .....................................................................................28
PIK..................................................................................................... 33
Investment thesis ...................................................................................................................33
Restructuring nearly completed ..............................................................................................34
Where to next? .......................................................................................................................36
Target price raised to USD7.5/share .......................................................................................38
Sistema-Hals .................................................................................... 41
Investment thesis ...................................................................................................................41
VTB takes control – Beginning of a new life?..........................................................................42
The problems.........................................................................................................................42
VTB’s options.........................................................................................................................44
Target price upgraded to USD2.0/share..................................................................................45
Open Investments ........................................................................... 48
Investment thesis ...................................................................................................................48
Valuation ................................................................................................................................49