Recent Research

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  FIRST LOOK NOTES

  30 Jul 2025

  Aldar Properties

  BUY

  Last Closing Price

  9.40

  Target Price

  11.00

  Upside (%)

  +17.02%

  UAE Equity Research - Aldar Properties- 2Q25 First Look Note

  The Group revenue backlog stood at AED 62.3 Bn in 2Q25, with AED 53.4 Bn from the UAE. Aldar’s liquidity remained strong at AED 29.7 Bn in 2Q25, including free cash of AED 12.2 Bn and an undrawn credit facility of AED 17.5 Bn.

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  EARNINGS CALL INSIGHT

  30 Jul 2025

  Aldar Properties

  BUY

  Last Closing Price

  9.52

  Target Price

  11.00

  Upside (%)

  +15.55%

  UAE Equity Research - Aldar Properties 2Q25 - Earnings Call Insight

  Aldar revenue rose significantly, 45.9% YOY to AED 7.7 Bn in 2Q25, due to high-double digit growth recorded in Development and Investments. Gross profit increased significantly, 40.3% YOY to AED 2.6 Bn in 2Q25, while gross margins declined 131 bps YOY to 33.1% in 2Q25.

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• 

  FIRST LOOK NOTES

  01 May 2025

  Aldar Properties

  BUY

  Last Closing Price

  8.16

  Target Price

  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

  8.40

  Target Price

  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

  8.54

  Target Price

  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

  9.02

  Target Price

  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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