摩根斯坦利：墨西哥地产行业研究报告2009年8月

相似文件 换一批

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

Remain bullish Mexican homebuilders heading into
2010. Earnings should accelerate from positive macroeconomic
and industry dynamics; consensus does not
reflect this upside, in our view, and valuations look
attractive. The group should benefit from economic
recovery, particularly employment and wages;
Infonavit’s attractive mortgage program; recovery in the
middle-income and residential segments; and improved
balance sheets and competitive position. Upgrading
Geo to Overweight; raising price targets on Homex, Urbi.
Consensus underestimates 2010. Consensus sees
5–6% real revenue growth, in line with 2009, even
though Infonavit forecasts 14% mortgage growth and
the market expects economic growth to swing from –7%
in 2009 to +3% in 2010. Our economists expect
employment to expand 2.3%, after an estimated drop of
3.9% in 2009. Our EPS estimates are 5–18% above
consensus.
Upgrade Geo to Overweight from Equal-weight. The
company has improved execution capabilities by
bringing in new management, upgrading its IT platform,
and implementing new construction technology. These
initiatives, together with a new multi-channel marketing
effort, should help Geo deliver attractive results in 2010.
Our target offers 42% upside, the highest in the group.
Raising EPS and price targets for the group. Our
new targets incorporate our new earnings forecasts and
lower discount rates given the contraction in sovereign
spreads. Further, we are rolling over our targets to
year-end 2010 figures. We remain Overweight on
Homex and Urbi; our price targets offer 34% and 16%
upside, respectively.

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏0 回帖

关键词：行业研究报告 摩根斯坦利 摩根斯坦 研究报告 根斯坦利 研究报告 地产 行业 摩根斯坦利 墨西哥