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basant
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Posts: 18403
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   Posted: 04/Aug/2007 at 5:12pm |
Originally posted by vishal.sahay
Who says Indian Reasl Estate Market is expensive..by looking at this table it doesnt look to be
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Market Cap |
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P/E |
EPS growth |
|
NAV premium |
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|
CY07E |
CY08E |
CY07E |
CY08E |
/discount |
|
(US$MM) |
(x) |
(x) |
(%) |
(%) |
Current % |
| India |
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| DLF |
25,115 |
17.1 |
11.3 |
210% |
51% |
8% |
| Unitech* |
10,627 |
24.5 |
12 |
36% |
103% |
-6% |
| Parsavnath* |
1,602 |
25.5 |
15.3 |
67% |
137% |
NA |
| Sobha* |
1,538 |
25.6 |
19.2 |
56% |
36% |
NA |
| Sector wtd average |
|
19.5 |
12 |
151% |
69% |
NA |
| China |
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| China Vanke (CH) |
23,222 |
40.4 |
27.2 |
-1% |
49% |
202% |
| China Overseas Land |
15,192 |
27 |
21.5 |
88% |
25% |
90% |
| China Resource Land |
6,940 |
57.5 |
21.9 |
155% |
162% |
50% |
| Greentown |
3,693 |
16 |
11.6 |
25% |
38% |
41% |
| Guangzhou R&F Properties |
12,128 |
26.3 |
17.4 |
73% |
51% |
96% |
| Sector wtd average |
|
40.8 |
22.8 |
44% |
67% |
89% |
| Malaysia |
|
|
|
|
|
|
| SPSetia |
1,676 |
22.8 |
19.4 |
-1% |
17% |
20% |
| EOPD |
802 |
20 |
25.1 |
100% |
-20% |
-17% |
| MK |
381 |
90.7 |
38.9 |
-69% |
133% |
-50% |
| Sector wtd average |
|
26.9 |
21 |
11% |
22% |
-3% |
| Phillipines |
|
|
|
|
|
|
| Ayala Land |
4,947 |
39.5 |
35.2 |
13% |
12% |
-4% |
| Filinvest |
1,122 |
23.3 |
18.8 |
35% |
24% |
12% |
| Megaworld |
1,843 |
32 |
21.7 |
7% |
48% |
-5% |
| SMPH |
3,491 |
21.2 |
20.1 |
12% |
6% |
-3% |
| Sector wtd average |
|
30.2 |
25.8 |
15% |
18% |
-5% |
| Hong Kong Developers |
|
|
|
|
|
|
| Cheung Hong Kong |
33,006 |
10.7 |
25.8 |
71% |
-59% |
-15% |
| Far East Consortium |
735 |
15 |
9 |
186% |
68% |
-43% |
| HangLung Group |
6,550 |
26.5 |
21.8 |
103% |
21% |
-26% |
| HangLung Properties |
15,593 |
41.4 |
26.4 |
62% |
57% |
39% |
| Henderson Land |
14,151 |
21.6 |
23.4 |
-65% |
-8% |
-13% |
| Sector wtd average |
|
22.7 |
21.6 |
50% |
9% |
-9% |
| Singapore |
|
|
|
|
|
|
| CapitaLand |
13,331 |
19.6 |
26.4 |
2% |
-26% |
-14% |
| City |
9,068 |
27.9 |
25 |
58% |
11% |
1% |
| KeppelLand |
4,089 |
32.1 |
30.6 |
-4% |
5% |
8% |
| SingaporeLand |
3,051 |
47.1 |
44.8 |
11% |
5% |
63% |
| Sector wtd average |
|
26.4 |
27.3 |
14% |
0% |
2% |
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| Source: Consensus Estimates, JP Morgan Estimates |
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There might be some typing mistakes as i got to type the report form research report to excel sheet. Anyone who wants the complete India Real Estate sector report u can PM me with your email id. |
There were so many global comparisions yet no one could bring it up before and we all said bubble. Though I would never have put money in this sector this sector has proved many of us wrong and we should understand that whatever the sector does it has made a tonne of money for the early investors.
CapitaLand has a JV with the Future group through Future Capital. 
Edited by basant - 04/Aug/2007 at 5:15pm
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'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in
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vishal.sahay
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Joined: 29/Oct/2006
Location: India
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Posts: 205
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Posted: 04/Aug/2007 at 5:57pm |
but these reports does provide u some benchmark, and also these reports do provide the global comparison at point when other say they are expensive. To put it into more simple words the other day i saw some analyst commenting that media has run up ahead of its valuation but then i think that analyst forgot the kind of oppurtunity the media sector reprsents like
- India Entertainment & Media (IEM) industry to be $21 billion by 2010
- IEM is just 0.7% ($10 billion) of the global $1.4 trillion industry
- India has a low ad spend to GDP ratio of about 0.5% as compared to a global average of about 1%
- With 3.7bn movie tickets sold annually, India is ~2.5x the size of the second largest market (USA - 1.4bn)
- India is the third largest market in terms of C&S households, with 68 million cable homes
So, the sectors like real estate, media, retail, financial services its all about execution and scalibilty. The company who so ever has these two things in command will definately be a leader. And to me DLF has both management and execution skills where it can go and claim high valautions like other emerging stocks.
Edited by vishal.sahay - 04/Aug/2007 at 6:01pm
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Vishal
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smartcat
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Posted: 05/Aug/2007 at 12:16pm |
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Basant, Point to be noted, My Lord! These JP Morgan waley are looking at P/E and EPS growth while evaluating real estate companies.
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kulman
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Location: India
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Posts: 9319
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Posted: 05/Aug/2007 at 12:25pm |
These JP Morgan waley ...
----------------------------------------
Suit-boot aur Tie waale.... SmartCat?
They seem to have been licenced to steal.
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Life can only be understood backwards—but it must be lived forwards
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vishal.sahay
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Posts: 205
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Posted: 05/Aug/2007 at 12:50pm |
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all they have done the comparison in their report to analyse the stock from every financial persoective whether its PE,EPS or NAV ..also they do have provided where all the real estate can unlock the value and face pressure and beleiev me the more i read in that report its cearly shows DLF can become very big in next few years
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Vishal
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deveshkayal
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Posted: 27/Aug/2007 at 11:35am |
Indian real estate major DLF Group is planning to step up on its cinema exhibition business through its wholly owned subsidiary - DT Cinemas.
Plans are to add 200 screens to the DT brand in the next two years at an approximate cost of Rs 5 billion (Rs 500 crores), which will cover the major cities across India. In the first phase spanning the next eight to nine months, plans are to complete work on 35 – 40 screens across the country.
Refuting media claims that international players like Warner Brothers would be part of the expansion bid, DT Cinemas CEO Kajal Eijaz says, "We are planning to build more screens across cities in India and in the first phase we will be completing work on 35 – 40 screens in the next eight-nine months."
Source: BusinessofCinema
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"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett
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PKB2000
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Posted: 14/Sep/2007 at 7:38pm |
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I have heard that the DLF associates is also under consideration of listing but outside India!
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I am always doing that which I cannot do, in order that I may learn how to do it. ~Pablo Picasso
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smartcat
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Posted: 14/Sep/2007 at 7:39pm |
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It will be listed in Singapore Stock Exchange.
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