Ukrainian Real Estate: TMM
- Дата выхода отчёта: 09 августа 2007 г.
- География исследования: Украина
- Период исследования: 2006 (актуализация по запросу)
- Язык отчёта: Английский
- Способ предоставления: электронный
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Содержание
1. Investment Thesis
TMM Real Estate Development
INVESTMENT CASE
SHARE PRICE PERFORMANCE - chart
MARKET INFORMATION - table
STOCK OWNERSHIP - table
Sector Performance, YTD - chart
2. Executive Summary
Getting Exposure to Booming Real Estate Market
Opportunities Scarce, TMM among the Few
Leader in High End Housing Market
Investment Characteristics
Valuation
Project Portfolio
Demand for Housing Fueled by Strong Macro
Commercial Market: Vast Room for Growth
3. Market Overview
Macro background
Residential Property Market
Housing Stock in Low Supply
Prices Reach Record Highs in 2006
Greater Mortgage Availability to Further Fuel Demand
The Kyiv Housing Market
Need for Residential Properties Escalating
Will There Be an End to Price Skyrocketing?
Segment Analysis: Where the Promise Lies
Investment Market: Still Attractive
Regional Housing Markets
The Kharkiv Housing Market
The Zhytomyr Housing Market
The Yalta Housing Market
Office Real Estate
Economic Growth and Structural Shifts Fuel Demand
The Kyiv Office Market: Far from Saturation
Retail Property
Demand fueled by retail trade growth
Warehouse Market
Market Players
4. Profile and Strategy
Business Overview
Strategy
Legal Structure
Management team
5.Project Portfolio
Kyiv Projects
Chaadaeva 2 residential complex
Komarova, residential complex
Triumph, residential complex
Sun City, residential complex
Laboratorny, residential complex
Tankova, residential complex
Volodymyrska, office premises
Komod, retail/entertainment and office complex
Mashynobudivna, office center
50-richya Zhovtnya, retail/office center
Gostomel warehousing complex
Kharkiv Projects
Atoll, residential complex
Druzhba, dwelling house
Flamingo, dwelling house
Cascade, residential complex
Carat, residential complex
Olimpiys'ka, residential complex
Green Town, residential complex
L. Svobody, dwelling house
Moskovskyi, residential complex
Zhytomyr Projects
Chornovola and Dytyachoyi Komuny Dwelling Houses
Crimean projects
Lesi Ukrayinky, residential/resort complex
Parkove village, residential/resort complex
Arabatska Strilka, residential/resort complex
Cottage Communities
Obukhiv and Mykulychi projects
Other Real Estate Assets
Projects on the Horizon
6. Valuation
Valuation Summary
Sum-of-the-Parts
Relative Valuation
7. Financial Statements
Assumptions Used in Financial Projections
8. Risks
Major Risks Faced by the Company
9. Legal Environment
Ownership
Mortgage financing
Leasing
Construction activities
Taxation
10. Appendices
Appendix A: Projects DCF Analysis
CHARTS
Commercial property yields in 2006, %
Residential real estate construction and stock in Ukraine
Housing price in 2006
Outstanding Housing Debt '04, % of GDP
Mortgage financing in Ukraine
GRP and housing supply by region, 2005
Capital gains: residential real estate vs. bank deposits
Elite apartment statistics, 2006
Employment change in Ukraine, 2001-06
Office stock per '000 inhabitants in 2005, m2
Office space stock in Kyiv, ths m2
Take-up by company origin, 2006
Take-up by type of transaction, 2006
Take-up by industry in Kyiv, 2005
Retail vs. Income in Ukraine, UAH bln*
Ukraine's vs. Global retail sector market
Retail space stock in Kyiv, ths m2
Shopping center yields, 2006
Warehouse Space by Class, '05
Stock per '000 inhabitants '06, m2
Warehouse Space Prices
Warehouse Yields, '06
Business Structure
Construction completion, ths m2
Company's ownership structure
TABLES
Ukrainian Real Estate Stock Market
Ukraine's key macroeconomic indicators
Office premises put into operation in 2006
Office premises pipeline for 2007-2008
Retail Centers pipeline for 2007-2008
Warehouse Space Put into Operation in 2006
Warehouse Space in Pipeline
Company's portfolio
Sum-of-the-parts valuation
Major assumptions
WACC Calculation
Consolidated DCF
Comparative valuation
Implied price sensitivity
Income Statement Summary, USD mln
Balance Sheet Summary, USD mln
Cash Flow Statement Summary, USD mln
UAH/USD Exchange Rates
Kyiv, Chaadayeva 2
Kyiv, Komarova
Kyiv, Triumph (Zvirynetska)
Kyiv, Sun City (Lomonosova)
Kyiv, Laboratorny
Kyiv, Tankova
Kyiv, Volodymyrska
Kyiv, Komod (Lunacharskogo)
Kyiv, Mashynobudivna
Kharkiv, Atoll (Klaptsova)
Kharkiv, Druzhby Narodiv
Kharkiv, Flamingo (Bakulina)
Kharkiv, Cascade (Kuznechna)
Kharkiv, Cascade (3rd phase)
Kharkiv, Carat (Potebni)
Kyiv, Edelweiss (Olimpiys'ka)
Kharkiv, Green Town (Akhsarova)
Kharkiv, L. Slobody
Kharkiv, Moskovskyi
Zhytomyr, Chornovola
Zhytomyr, Dytyacha Komuna
Yalta, Lesi Ukrayinky
Yalta, Parkove village
Arabatska Strilka
Kyiv, 50-richchya Zhovtnya
Kyiv region, Gostomel
Kyiv region, Mykulychi
Kyiv region, Obukhiv
