Recent Research

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  FIRST LOOK NOTES

  01 May 2025

  Aldar Properties

  BUY

  Last Closing Price

  AED 8.16

  Target Price

  AED 10.00

  Upside (%)

  +22.55%

  UAE Equity Research - Aldar Properties 1Q25 - First Look Note

  Aldar Development launched two new projects, Manarat Living III in Saadiyat Island and The Wilds in Dubai, marking its third development with Dubai Holdings. The Group revenue backlog stood at AED 55.7 Bn in 1Q25 with AED 46.7 Bn from UAE.

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  EARNINGS CALL INSIGHT

  30 Apr 2025

  Aldar Properties

  BUY

  Last Closing Price

  AED 8.40

  Target Price

  AED 10.00

  Upside (%)

  +19.05%

  UAE Equity Research - Aldar Properties 1Q25 - Earnings Call

  Aldar revenue rose significantly, 38.7% YOY to AED 7.8 Bn in 1Q25, due to high-double digit growth recorded in Development and Investments. Direct cost grew almost in line with revenue from AED 3.6 Bn in 1Q24 to AED 5.0 Bn in 1Q25.

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• 

  FIRST LOOK NOTES

  29 Apr 2025

  Aldar Properties

  BUY

  Last Closing Price

  AED 8.54

  Target Price

  AED 10.00

  Upside (%)

  +17.10%

  UAE Equity Research - Aldar Properties 1Q25 - Earnings Flash

  Aldar reported a 33% year-on-year (YoY) increase in net profit before tax to AED 2.2 Bn in 1Q25, with net profit after tax grew by 22% YoY to AED 1.9 Bn in 1Q25. This growth underscores the company’s ability to enhance profitability across its diversified portfolio, driven by strong development sales and investment income. The 22% YoY increase in Earnings per share (EPS) to AED 0.20 further supports a positive outlook for shareholders, indicating improved earnings distribution potential.

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  FIRST LOOK NOTES

  21 Feb 2025

  Aldar Properties

  ACCUMULATE

  Last Closing Price

  AED 9.02

  Target Price

  AED 10.00

  Upside (%)

  +10.86%

  UAE Equity Research - Aldar Properties 4Q24 - First Look Note

  Twelve projects were launched in 2024, with four of them in 4Q24, including Mamsha Palm, Faya Al Saadiyat, Mandarin Oriental Residences, and Mamsha Gardens. The Company launched three new projects during the quarter—Verdes by Haven in Dubai, The Arthouse on Saadiyat Island, and Yas Riva.

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  EARNINGS CALL INSIGHT

  12 Feb 2025

  Aldar Properties

  HOLD

  Last Closing Price

  AED 9.10

  Target Price

  AED 9.30

  Upside (%)

  +2.20%

  UAE Equity Research - Aldar Properties 4Q24 - Earnings Call Insight

  Group revenue rose significantly 47.8% YOY to AED 6.5 Bn in 4Q24, due to strong demand for new and existing projects, a rising appeal among international buyers, and a successful execution of revenue backlog. Direct cost grew significantly from AED 2.8 Bn in 4Q23 to AED 4.1 Bn in 4Q24, mainly due to a sharp increase in property development and sales, project management, and estates (principal investment) cost.

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• 

  FIRST LOOK NOTES

  12 Nov 2024

  Aldar Properties

  HOLD

  Last Closing Price

  AED 7.96

  Target Price

  AED 8.70

  Upside (%)

  +9.30%

  UAE Equity Research - Aldar Properties 3Q24 - First Look Note

  Aldar’s Development revenue backlog grew to AED 48.6 Bn in 3Q24, up from AED 39.0 Bn in 2Q24, providing significant revenue visibility. The Company launched three new projects during the quarter—Verdes by Haven in Dubai, The Arthouse on Saadiyat Island, and Yas Riva.

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