【出版时间及名称】：2010年4月全球地产行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：PPT
        【页数】：44
        【目录或简介】：
Tracking global sector momentum. In this new monthly publication, we will highlight global real estate news flow, shifts in fundamental trends, key investment recommendations, and recent research from our global property research team. We also summarize valuation and financial measures for the ~200 global property stocks under coverage.
Sector up 6% in March on limited news flow. While (rapidly) improving credit conditions and (slowly) improving fundamentals are starting to drive up asset values in many regions, earnings momentum remains weak in developed markets. Emerging markets (China, Hong Kong, India, Latin America) offer superior earnings momentum.
A fairly balanced global view. We see modest 2% upside to our base case valuations (market-cap weighted), with 30% upside to our bull case and 30% downside to our bear case. India, Latin America, Taiwan, Hong Kong and China offers the best Risk-Reward, while Europe, Japan, Singapore and the US provide less upside potential at current valuations.
Top ideas in the sector. We highlight our Top Overweight and Underweight recommendations from each of the regional teams on page 3. Agile (China), Sino Land (HK), Allgreen (Singapore), Unitech (India), Farglory (Taiwan) and MRV Engenharia (Brazil) offer most upside to our price targets.
April 6, 2010
Global Property Team (see page 2 for regional team details)