Recent Research

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  FIRST LOOK NOTES

  10 Feb 2025

  Dubai Financial Market (DFM)

  ACCUMULATE

  Last Closing Price

  AED 1.37

  Target Price

  AED 1.50

  Upside (%)

  +9.49%

  UAE Equity Research - Dubai Financial Market PJSC (DFM) 4Q24 - First Look Note

  DFM's revenue from trading commission fees rose 42.3% YOY to AED 94 Mn in 4Q24. In contrast, clearing and depository fees fell from AED 60 Mn in 4Q23 to AED 5 Mn in 4Q24. Investment and divided income reduced 13.1% YOY and 22.2% YOY to AED 43 Mn and AED 3 Mn, respectively in 4Q24.

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  EARNINGS CALL INSIGHT

  06 Feb 2025

  Dubai Financial Market (DFM)

  HOLD

  Last Closing Price

  AED 1.40

  Target Price

  AED 1.50

  Upside (%)

  +7.14%

  UAE Equity Research - Dubai Financial Market PJSC (DFM) 4Q24 - Earnings Call Insight

  Dubai Financial Market (DFM) reported an 18.9% YOY decline in operating income, reaching AED 108 Mn in 4Q24 attributable to a fall in the clearing, settlement & depository fees partially offset by a strong growth in trading commission fees. While brokers fees, listing & market data fees, and other fees remained at remained largely unchanged in 4Q24 compared to 4Q23.

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  FIRST LOOK NOTES

  14 Nov 2024

  Dubai Financial Market (DFM)

  BUY

  Last Closing Price

  AED 1.33

  Target Price

  AED 1.50

  Upside (%)

  +12.78%

  UAE Equity Research - Dubai Financial Market PJSC (DFM) 3Q24 - First Look Note

  DFM's revenue from Trading commission fees decreased by 34.6% YOY to AED 46 Mn in 3Q24. In contrast, clearing and depository fees experienced remarkable growth, more than tripling to AED 37 Mn in 3Q24.

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• 

  FIRST LOOK NOTES

  12 Oct 2024

  Dubai Financial Market (DFM)

  BUY

  Last Closing Price

  AED 1.23

  Target Price

  AED 1.50

  Upside (%)

  +21.95%

  Surge in profitability is driven by strong investment income and cost efficiency

  DFM's revenue rose 23.1% YOY to AED 158 Mn owing to growth in income from operation and investment income.

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  FIRST LOOK NOTES

  03 May 2024

  Dubai Financial Market (DFM)

  BUY

  Last Closing Price

  AED 1.36

  Target Price

  AED 1.59

  Upside (%)

  +16.91%

  Higher income from investment activity and trading commission fees drove profitability

  Dubai Financial Market PJSC (“DFM/the Company”) net profit grew from AED 36 Mn in 1Q23 to AED 90 Mn in 1Q24, significantly higher than our estimate of AED 43 Mn.

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• 

  FIRST LOOK NOTES

  05 Feb 2024

  Dubai Financial Market (DFM)

  BUY

  Last Closing Price

  AED 1.33

  Target Price

  AED 1.59

  Upside (%)

  +19.55%

  Higher depository fee and investment income drove top-line

  Dubai Financial Market PJSC (“DFM/the Company”) net profit grew from AED 59 Mn in 4Q22 to AED 130 Mn in 4Q23, higher than our estimate of AED 108 Mn.

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