Chicago-based Jones Lang LaSalle, Incorporated (JLL) is a leading full-service real estate firm that provides corporate, financial, and investment management services. The company caters to corporations and other real estate owners, users, and investors worldwide. Jones Lang LaSalle has approximately 180 offices worldwide in about 750 cities and 60 countries.Global commercial real estate markets are rapidly deteriorating. Transaction volumes are declining due to a lack of available financing. As such, we expect revenue to continue trending down well into 2009. The company reported a large decline in capital markets income in the 3rd quarter. In addition, operating and integration expenses are increasing due to acquisition activity in 2007 and 2008. We have slashed our 2009 EPS estimates by 30% in response.Despite softening fundamentals, we still rate JLL a Hold, based primarily on valuation. The company is the best-positioned global real estate services ...

If you had all the money in the world, where would you invest it?

For sovereign wealth funds (SWFs), the answer is commercial real estate. These mega funds are homing in on the sector right now, according to emerging markets expert Irwin Greenstein.

We keep hearing about the real-estate meltdown. But as of the end of September, REITs have been up about 2% for the year -- a far cry from the wreckage of other markets.

Barrron’s analyst Andrew Bary sees potential in R.H. Donnelly, the publisher of yellow pages:

a. Investors long considered yellow-pages publishers stable, high-margin cash cows capable of carrying high debt loads. That perception has changed dramatically in the past year amid advertising declines and fears about whether Americans are forsaking print yellow-pages books for online searches. Reflecting investor concerns, some of R.H. Donnelley’s debt trades for just 50 cents on the dollar, which works out to a yield of over 25%. That may make the bonds a safer play than the shares, which also hold promise.

b. R.H. Donnelley is far from dead. The company expects to generate $475 million to $525 million in free cash flow this year. It has no major debt maturities until 2010. Thus, investors probably get a two-year “look” at Donnelley’s business before possible problems loom in 2010, when it will have $1.4 billion in

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Well it appears the ipo schedule will commence next week after a 3 week or so lull. We should see quite a few the back half of September so we’ll resume the one free weekly blog piece.

This weeks is an interesting China ipo from August, EJ. Note as always analysis pieces are available for subscribers before debut. The free blog pieces are all done pre-ipo and posted here after debut. We’ve analyzed pretty much every ipo here before debut for 2 1/2 years now.