2010年2月澳大利亚房地产行业研究报告-经管之家官网！

【出版时间及名称】：2010年2月澳大利亚房地产行业研究报告
【作者】：摩根斯坦利
【文件格式】：PDF
【页数】：40
【目录或简介】：
Chart of the Week: We believe that the key catalysts for
WDC's share price performance will be the US retail
environment and the potential ramp-up of its (domestic)
development pipeline. In their recent Mall Sales Monitor,
our US REIT team highlighted that mall sales results
were up 5.6% in January (helped by easier comps of
course), as 60% of mall store concepts beat consensus
estimates. At the same time, the US Mall REITs that
have reported 4Q09 earnings so far have shown a
stabilisation in specialty sales growth and same store
NOI growth and an improvement in occupancy. More
importantly, both SPG and MAC have given positive L4L
NOI growth guidance for 2010. The recovery will take
time and we won't see a major impact on forecasts until
2011/12, but improving US sentiment has historically
been an imported driver for the shares.
This week in Australia: Previews for Westfield’s FY09
result and MGR, CPA, CFX, DXS and MOF 1H10 results
next week. Implications for WDC and CPA as WDC
signs up JP Morgan as anchor for Sydney CBD Office
development. Stockland provides a solid result, but the
share price is already fully valued.
Internationally: Kerry received strong market response
for its Island Crest project, reaping HK$1.8 billion over
the weekend. Reiterate Equal-weight rating on Wing Tai.