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Global Property Insight
Focus on the US
Global real estate growth slowed down in January
Compared to Dec 2010, January saw a slowing-down in all global real estate
securities markets. Globally, the sector (+1.3% in US$) was broadly in line with
the global equity market (+1.6% in US$). In US$, North America was the best
performing region in January, up +3.1%, compared to South Africa, which fell
furthest at -12.1%.
Current global valuations suggest 7.8% upside to target price
In aggregate, the current upside to our target price is now 7.8% (4.7% last
month), with our universe of leading market stocks trading at a weighted-average
discount to NAV of 8.2% (-10.0%) and an FY1 dividend yield of 3.4% (3.4%).
Capital market issuance
Another busy month for capital markets, with a total of £7.6bn (£4.2bn in Dec
2010) raised globally and still dominated by the US (£4.0bn). Of this £0.4bn was
for IPOs (£1.0bn last month), £2.7bn in secondary issues (£2.3bn), and £4.5bn
(£0.9bn) in bond issues (p 17).
Key Overweight markets – Hong Kong, Singapore, Thailand, Philippines,
Indonesia and the US
Key Underweight markets – China, Japan, Australia and New Zealand
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Global Property Insight
Focus on the US
Global real estate growth slowed down in January
Compared to Dec 2010, January saw a slowing-down in all global real estate
securities markets. Globally, the sector (+1.3% in US$) was broadly in line with
the global equity market (+1.6% in US$). In US$, North America was the best
performing region in January, up +3.1%, compared to South Africa, which fell
furthest at -12.1%.
Current global valuations suggest 7.8% upside to target price
In aggregate, the current upside to our target price is now 7.8% (4.7% last
month), with our universe of leading market stocks trading at a weighted-average
discount to NAV of 8.2% (-10.0%) and an FY1 dividend yield of 3.4% (3.4%).
Capital market issuance
Another busy month for capital markets, with a total of £7.6bn (£4.2bn in Dec
2010) raised globally and still dominated by the US (£4.0bn). Of this £0.4bn was
for IPOs (£1.0bn last month), £2.7bn in secondary issues (£2.3bn), and £4.5bn
(£0.9bn) in bond issues (p 17).
Key Overweight markets – Hong Kong, Singapore, Thailand, Philippines,
Indonesia and the US
Key Underweight markets – China, Japan, Australia and New Zealand
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