Recent Research

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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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• 

  FIRST LOOK NOTES

  15 Nov 2023

  Dubai Financial Market (DFM)

  BUY

  Last Closing Price

  AED 1.38

  Target Price

  AED 1.59

  Upside (%)

  +15.22%

  Strong growth in trading commission fees and investment income drove top-line

  Dubai Financial Market PJSC (“DFM/the Company”) net profit more than doubled to AED 74 Mn in 3Q23 compared to AED 26 Mn in 3Q22, in line with our estimate of AED 72 Mn.

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• 

  FIRST LOOK NOTES

  14 Aug 2023

  Dubai Financial Market (DFM)

  HOLD

  Last Closing Price

  AED 1.64

  Target Price

  AED 1.57

  Upside (%)

  -4.27%

  Strong growth in traded value and investment income drove top-line

  Dubai Financial Market PJSC (“DFM/the Company”) net profit more than doubled to AED 77 Mn in 2Q23 compared to AED 36 Mn in 2Q22, higher than our estimate of AED 45 Mn.

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