【出版时间及名称】：2010年5月巴西房屋建筑行业研究报告
        【作者】：摩根大通
        【文件格式】：pdf
        【页数】：90
        【目录或简介】：

Table of Contents
Coverage universe........................................................................................................4
Summary of listed companies......................................................................................4
Price Performance and Valuation ...........................................6
Valuation: How to value the sector............................................................................11
What is the weight of the sector in market indexes?..................................................14
The sector trades US$200 mn daily ...........................................................................14
US$67bn in sales....................................................................16
Housing Deficit: Does It Matter?...............................................................................22
Home Price Evolution and Affordability ...................................................................25
The Homebuilders’ Business ................................................32
It’s all about working capital .....................................................................................33
How do developers finance their projects? ................................................................35
Companies moving toward the LI segment ...............................................................39
Land bank: Not as important as it is in other countries..............................................40
A Project’s Cost Structure .........................................................................................41
What happened in the last 2 years?......................................43
The focus in 2009 shifted from launches to presales .................................................45
Sales speed accelerating while inventories are low ...................................................46
Margins and Profitability on the Way Up..................................................................47
Balance sheets are stronger now ................................................................................50
Brazilian Mortgage System....................................................53
Mortgage outlook for 2010 ........................................................................................54
SBPE and FGTS figures ............................................................................................57
Conditions to withdraw money from the FGTS.........................................................61
Other mortgage instruments.......................................................................................62
Mortgages for individuals ..........................................................................................63
Saving Deposit details................................................................................................64
Government housing program – MCMV...............................65
Progress of MCMV 1.................................................................................................67
Caixa Economica Federal (CEF) structure ................................................................69
Accounting..............................................................................70
Income statement lines...............................................................................................70
Balance sheet lines.....................................................................................................70
Accounting changes: IFRS ........................................................................................71
Economic outlook is supportive ...........................................75
Main reports published ..............................................................................................78
Company summaries..................................................................................................80
Construction companies’ Ranking – 2009 .................................................................81
Brazilian Homebuilders’ Ranking – 2009..................................................................82
Tables ......................................................................................83
Figures ....................................................................................85