TMM's October sales exceed monthly average by 2x

TMM (TR61 GR) said in a sales update yesterday that it registered an uptick in buyer activity in October: its total cash receipts from the sale of properties came to UAH 38.3 mln (USD ~4.8 mln), up 3% yoy. The company’s October sales exceeded its monthly average sales volume in 2009 by over twofold. Sales of Kyiv projects made up 80% of the total, Kharkiv – 18% and Zhytomyr – 2%. Sales from completed projects amounted to 85% of sales; pre-sales – 15%. Andriy Gostik: We estimate that in 10M09 TMM generated ~USD 25 mln in cash receipts from sales and pre-sales, and should collect ~USD 30 mln for the whole year. This is more than enough to service debt and finance OpEx, and possibly some smaller construction projects, yet not nearly sufficient for massive construction in 2010. We regard the news as slightly positive, with limited effect on the stock price.