Recent Research

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  FIRST LOOK NOTES

  28 Oct 2026

  Aldar Properties

  BUY

  Last Closing Price

  7.90

  Target Price

  11.00

  Upside (%)

  +39.24%

  UAE Equity Research - Aldar Properties 3Q26 - First Look Note

  ALDAR’s Development sales declined 33.3% YOY to AED 6.8 Bn in 3Q26. Backlog stood at AED 71.6 Bn as of 3Q26, providing clear visibility on revenue recognition over the next two to three years.

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• 

  EARNINGS CALL INSIGHT

  28 Oct 2026

  Aldar Properties

  BUY

  Last Closing Price

  7.65

  Target Price

  11.00

  Upside (%)

  +43.79%

  UAE Equity Research - Aldar properties 3Q26 - Earnings Call Insight

  ALDAR’s revenue grew 16.4% YOY to AED 9,345 Mn in 3Q26, primarily driven by higher revenue from both Aldar Development and Aldar Investment segments. Direct costs increased 13.0% to AED 5,958 Mn in 3Q26.

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• 

  FIRST LOOK NOTES

  31 Jul 2026

  Aldar Properties

  BUY

  Last Closing Price

  7.45

  Target Price

  11.00

  Upside (%)

  +47.65%

  UAE Equity Research - Aldar Properties 2Q26 - First Look Note

  Group development sales declined 42.5% YOY to AED 5.4 Bn in 2Q26. Backlog remained resilient at AED 71.6 Bn in 2Q26, including AED 59.9 Bn in the UAE. Maintained a robust liquidity position of AED 37.1 Bn as of 2Q26, comprising AED 16.8 Bn of free and unrestricted cash and AED 20.3 Bn of committed undrawn credit facilities.

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• 

  EARNINGS CALL INSIGHT

  30 Jul 2026

  Aldar Properties

  BUY

  Last Closing Price

  7.45

  Target Price

  11.00

  Upside (%)

  +47.65%

  UAE Equity Research - Aldar properties 2Q26 - Earnings Call Insight

  ALDAR's revenue increased 4.8% YOY to AED 8.1 Bn in 2Q26, supported by continued execution of the development backlog and higher recurring income from the Investment segment.

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• 

  FIRST LOOK NOTES

  10 Feb 2026

  Aldar Properties

  ACCUMULATE

  Last Closing Price

  10.90

  Target Price

  12.00

  Upside (%)

  +10.09%

  UAE Equity Research - Aldar Properties 4Q25 - First Look Note

  Record UAE quarterly sales of around AED 9.0 Bn in 4Q25, supported by continued strong demand across new launches and existing inventory sales. The Group revenue backlog stood at around AED 71.7 Bn in 4Q25, with AED 61.0 Bn from the UAE.

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• 

  EARNINGS CALL INSIGHT

  10 Feb 2026

  Aldar Properties

  ACCUMULATE

  Last Closing Price

  10.80

  Target Price

  12.00

  Upside (%)

  +11.11%

  UAE Equity Research - Aldar properties 4Q25 - Earnings Call Insight

  Aldar revenue rose significantly, 58.0% YOY to AED 10.3 Bn in 4Q25, with higher revenues recorded across all operating segments. Direct cost grew 64.3% YOY to AED 6.8 Bn in 4Q25, higher than the revenue growth.

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