UBS is optimistic about the Indian real estate sector, forecasting a 15% CAGR in residential pre-sales from FY24 to FY29, driven by high affordability, regulatory reforms, and demographic trends. The brokerage has set target prices of ₹2,175 for Prestige Estates and ₹1,005 for DLF, indicating significant upside potential, while assigning a 'Neutral' rating to Oberoi Realty with a target of ₹2,230. Despite potential near-term market softness, UBS encourages viewing dips as buying opportunities, highlighting a sustainable upcycle supported by strong fundamentals.
10:29 05.12.2024
UBS reported that all four Credit Suisse Real Estate Funds achieved higher investment returns this year, ranging from 3.5% to 4.5%, compared to the previous year's modest performance. Distributions per unit are CHF 45.00 for CS 1a Immo PK, CHF 4.81 for CSREF Interswiss, CHF 3.50 for CSREF LogisticsPlus, and CHF 3.38 for CSREF Siat, with payout ratios around 100%. A merger of the Interswiss fund with UBS's Swiss Commercial Property Fund is under consideration for 2026/2027.
10:28 05.12.2024
Automobile sales faced challenges in the first half of FY2025 due to elections and adverse weather, with November data revealing disappointing single-digit year-on-year growth across all vehicle categories. While Tata Motors struggled, market leaders Maruti Suzuki, Hyundai, and Mahindra & Mahindra reported approximately 10% growth in wholesale dispatches.
Patrick Müller has been appointed as the new President of the Zurich Bankers Association (ZBV). The Regional Director Zurich at UBS was unanimously elected by the Board of Directors, succeeding Daniel Hunziker, who led the association from 2019 to 2024. Müller previously served as Vice President for several years.
10:28 05.12.2024
Zen Tech shares have surged following a strategic partnership with a Florida-based simulation company. The recent advancements showcased at the I/ITSEC 2024 event have bolstered the company's connections within the US defense sector, paving the way for co-development initiatives and increased export opportunities.
Switzerland's economy shows resilience amid global turbulence, with a projected growth of 1.4% for 2024, driven by the chemical and pharmaceutical sectors. Low inflation has allowed the Swiss National Bank to cut interest rates, boosting real estate investment sentiment, while demand for rental apartments remains high due to ongoing population growth, despite a slight decline in net immigration.
10:12 05.12.2024
US real estate markets are showing signs of recovery, with interest rates stabilizing and competition for quality investments increasing. Despite a challenging office sector, overall transaction volume is expected to grow, supported by positive net operating income across most sectors. The recent election results may further boost the sector, with anticipated lower taxes and regulations offsetting potential inflationary pressures.
10:12 05.12.2024
South Korea's yield spread has improved significantly, with 5-year interest rates dropping to about 2.9% amid falling inflation expectations. While office cap rates have seen minimal expansion, strong investor interest persists due to a robust rental outlook. APAC GDP growth is projected at 3.9% for 2024 and 2025, despite potential geopolitical risks from a new US administration.
10:12 05.12.2024
Vodafone has secured approval for a £15 billion merger with CK Hutchison's Three, creating the UK's largest mobile operator and potentially paving the way for further consolidation in Europe. Despite concerns over reduced competition and higher prices, regulators are acknowledging the need for increased investment in mobile networks. Vodafone's CEO emphasizes that outdated regulations have hindered the industry's ability to invest, while analysts suggest this regulatory shift could lead to more deals across Europe.
Vodafone's £15 billion merger with Three has been approved by the UK's competition authority, contingent on significant investment commitments to enhance network capabilities. The companies will also implement mobile tariff caps and provide favorable terms to mobile virtual network operators to address competition concerns. This decision marks a notable shift for the Competition and Markets Authority, which typically advocates for divestitures to maintain market competition.
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