Recent Research

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  FIRST LOOK NOTES

  18 Mar 2025

  Dubai Investments Company (DIC...

  BUY

  Last Closing Price

  AED 2.36

  Target Price

  AED 2.40

  Upside (%)

  +1.69%

  UAE Equity Research - Dubai Investments PJSC (DIC) 4Q24 - First Look Note

  Income from the Property Segment grew 68.8% YOY to AED 1.3 Bn in 4Q24, mainly attributable to higher gains on fair valuation of investment properties. Violet Tower project is steadily progressing with expected completion by 4Q26.

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• 

  FIRST LOOK NOTES

  20 Nov 2024

  Dubai Investments Company (DIC...

  BUY

  Last Closing Price

  AED 2.09

  Target Price

  AED 2.40

  Upside (%)

  +14.83%

  UAE Equity Research - Dubai Investments Company (DIC) 3Q24 - First Look Note

  Income from the Investment Segment grew 224.1% YOY to AED 112 Mn in 3Q24, mainly attributable to higher gains on fair valuation of investments. Development of Phase 1 of the Danah Bay project progressed as planned in 3Q24 and is anticipated to be completed by 1Q25.

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• 

  FIRST LOOK NOTES

  12 Oct 2024

  Dubai Investments Company (DIC...

  BUY

  Last Closing Price

  AED 2.02

  Target Price

  AED 2.40

  Upside (%)

  +18.81%

  High property sales and fair valuation gain on investment property from boosted profit

  DIC’s net profit, excluding a one-off gain on the fair value of investment properties, rose 78.1% YOY to AED 183 Mn in 2Q24.

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• 

  FIRST LOOK NOTES

  28 May 2024

  Dubai Investments Company (DIC...

  BUY

  Last Closing Price

  AED 2.11

  Target Price

  AED 2.47

  Upside (%)

  +17.06%

  Lower revenue and rising operating expenses impacted profitability

  Dubai Investment PJSC (DIC) net profit declined from AED 314 Mn in 1Q23 to AED 120 Mn in 1Q24, lower than our estimate of AED 200 Mn.

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• 

  FIRST LOOK NOTES

  14 Mar 2024

  Dubai Investments Company (DIC...

  HOLD

  Last Closing Price

  AED 2.31

  Target Price

  AED 2.47

  Upside (%)

  +6.93%

  Robust growth in the Property segment drove the topline

  DIC’s revenue grew 12.6% YOY to AED 1,107 Mn in 4Q23 driven by resilient performance of the Property segment.

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• 

  FIRST LOOK NOTES

  05 Dec 2023

  Dubai Investments Company (DIC...

  HOLD

  Last Closing Price

  AED 2.25

  Target Price

  AED 2.47

  Upside (%)

  +9.78%

  Healthy growth in the Properties Segment boosted profitability

  Dubai Investment PJSC (DIC) net profit declined from AED 1,125 Mn in 3Q22 to AED 237 Mn in 3Q23, higher than our estimate of AED 143 Mn.

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