-Trick or Treat- Value proposition after the 1H09 run in Asian property stocks

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报告的出版单位：Nomura
出版日期：20090629
报告的名称：Trick or Treat- Value proposition after the 1H09 run in Asian property stocks
内容介绍：The strength of the Asian property stocks must be one of the big surprises in 1H09.
Asian property stocks have risen 55% y-t-d, rebounded some 131% from the 2008-
2009 trough, but remain 48% below their 2007-2008 peaks. While the 1H09’s strong
performance was nice, what value propositions do the stocks offer now? Will property
stocks continue to be a treat or will they turn out to be a trick? Unlike 1H09, where
most markets benefitted from a reduction in risk premium, we see more differentiation
between the property markets in 2H09. Since property is local in nature, we ask our
property analysts in China, Hong Kong, India and Singapore what catalysts they would
look for to trigger the next up or down leg to the property market and what have current
valuations priced in. Our bottom-up view suggests BUY China, take profit in Singapore
and be selective in Hong Kong and India.
文件的格式：pdf
页数：90pages

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关键词：proposition property position Stocks treat property Asian proposition treat Trick