Recent Research

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  FIRST LOOK NOTES

  21 Feb 2025

  Aldar Properties

  HOLD

  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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• 

  EARNINGS CALL INSIGHT

  30 Oct 2024

  Aldar Properties

  HOLD

  Last Closing Price

  AED 7.52

  Target Price

  AED 8.00

  Upside (%)

  +6.38%

  UAE Equity Research - Aldar Properties 3Q24 - Earnings Call Insight

  Group revenue rose significantly from AED 3.5 Bn in 3Q23 to AED 5.6 Bn in 3Q24, primarily due to the launch of wellness-inspired luxury developments and strong contributions from Aldar’s international sales network. Direct cost grew significantly from AED 2.2 Bn in 3Q23 to AED 3.8 Bn in 3Q24, mainly due to a sharp increase in Property Development & Sales, Project management and International segment costs.

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• 

  FIRST LOOK NOTES

  12 Oct 2024

  Aldar Properties

  HOLD

  Last Closing Price

  AED 6.70

  Target Price

  AED 7.20

  Upside (%)

  +7.46%

  Strong domestic and international demand coupled with new launches boosted property sales

  Aldar Properties total revenue backlog stood at AED 39.0 Bn in 2Q24 out of which UAE backlog stood at AED 33.2 Bn and the remaining AED 5.8 Bn for the International Business.

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• 

  FIRST LOOK NOTES

  07 May 2024

  Aldar Properties

  ACCUMULATE

  Last Closing Price

  AED 5.89

  Target Price

  AED 6.50

  Upside (%)

  +10.36%

  Robust revenue recognition drove profitability

  Aldar Properties total revenue backlog stood at AED 38.1 Bn in 1Q24 out of which UAE backlog stood at AED 32.7 Bn and the remaining AED 5.4 Bn for the International Business.

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