【出版时间及名称】：2010年5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】：49
        【目录或简介】：
to have a positive impact on sector performance. We are also seeing a pick-up
in equity capital markets, especially in Asia. Earnings momentum remains weak
in developed markets, while emerging markets (China, Hong Kong, India, Latin
America) offer superior earnings momentum.
Global asset pricing and transaction trends. Despite relatively limited
datapoints, property cap rates have compressed across the major global regions
over the last six months. Initial readings on 1Q10 bode well for global transaction
volumes, which continue to pick up. The Americas and EMEA regions have seen
the sharpest pick-up in activity and appear set to accelerate into 2H10.
A fairly balanced global view. We see 4% upside to our base case valuations
(market-cap weighted), with 28% upside to our bull case and 33% downside to
our bear case. China, Latin America, Taiwan and Hong Kong offers the best
Risk-Reward, while Japan, Europe, US and UK provide less upside potential at
current valuations.
Top ideas in the sector. We highlight our most and least preferred stocks from
each of the regional teams on page 3. Agile (China), Sino Land (HK), Allgreen
(Singapore), Farglory (Taiwan) and MRV Engenharia (Brazil) offer most upside
to our price targets.