Recent Research

• 

  FIRST LOOK NOTES

  19 Aug 2025

  Emaar Properties

  BUY

  Last Closing Price

  14.95

  Target Price

  17.40

  Upside (%)

  +16.39%

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

  Emaar’s revenue backlog from property sales in the UAE rose AED 128.6 Bn in 2Q25 with a total backlog of AED 146.3 Bn. Emaar’s UAE hotels’ average occupancy rate stood at 80% in 1H25, while the mall assets average occupancy rate stood at 98%.

  Download
• 

  EARNINGS CALL INSIGHT

  18 Aug 2025

  Emaar Properties

  BUY

  Last Closing Price

  14.65

  Target Price

  16.00

  Upside (%)

  +9.22%

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

  Emaar Properties’ revenue grew 26.7% YOY to AED 9.7 Bn in 2Q25, mainly driven by a solid rise in property sales and recognition of backlog, along with robust performance across retail, hospitality, and international operations. The Company’s cost of revenue increased 30.2% YOY to AED 4.3 Bn in 2Q25. This is higher than the growth in revenue owing to a change in the revenue mix.

  Download
• 

  FIRST LOOK NOTES

  20 May 2025

  Emaar Properties

  BUY

  Last Closing Price

  13.55

  Target Price

  16.00

  Upside (%)

  +18.08%

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

  Emaar’s revenue backlog from property sales in the UAE rose to AED 112 Bn in 1Q25 with a total backlog of AED 127 Bn. Emaar’s UAE hotels’ average occupancy rate stood at 82%, while the mall assets average occupancy rate stood at 98% in 1Q25.

  Download
• 

  EARNINGS CALL INSIGHT

  19 May 2025

  Emaar Properties

  BUY

  Last Closing Price

  13.35

  Target Price

  16.00

  Upside (%)

  +19.85%

  UAE Equity Research - Emaar Properties 1Q25 - Earnings Call Insight

  Emaar Properties’ revenue boosted from AED 6.7 Bn in 1Q24 to AED 10.1 Bn in 1Q25, mainly driven by robust growth in revenue from Real Estate, followed by Hospitability and Leasing, Retail segments.

  Download
• 

  FIRST LOOK NOTES

  28 Feb 2025

  Emaar Properties

  HOLD

  Last Closing Price

  13.90

  Target Price

  15.00

  Upside (%)

  +7.91%

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

  Property sales backlog increased from AED 93.8 Bn in 3Q24 to AED 102.7 Bn in 4Q24. Emaar Malls reported a strong occupancy rate of 98.5% as of 2024, with c.194 Mn visitors in 2024.

  Download
• 

  FIRST LOOK NOTES

  26 Nov 2024

  Emaar Properties

  BUY

  Last Closing Price

  9.51

  Target Price

  11.25

  Upside (%)

  +18.30%

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

  Property sales backlog increased from AED 90.1 Bn in 2Q24 to more than AED 100.0 Bn in 3Q24. Total EBITDA rose from AED 4,138 Mn in 3Q23 to AED 4,544 Mn in 3Q24. Emaar Malls reported a strong occupancy rate of 99% as of 30 September 2024, with approximately 142 Mn visitors recorded in 9M24.

  Download

Load more reports