Аннотация

Содержание отчёта

• 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