Recent Research

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  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.

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  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.

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• 

  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.

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• 

  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.

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• 

  FIRST LOOK NOTES

  12 Oct 2024

  Emaar Properties

  BUY

  Last Closing Price

  8.15

  Target Price

  9.75

  Upside (%)

  +19.63%

  Strong revenue growth and decline in provisions drove profitability

  Emaar’s property’s sales backlog grew from AED 78.3 Bn in 1Q24 to AED 90.1 Bn in 2Q24, indicating strong revenue visibility.

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• 

  FIRST LOOK NOTES

  30 May 2024

  Emaar Properties

  BUY

  Last Closing Price

  7.50

  Target Price

  9.75

  Upside (%)

  +30.00%

  Lower other income and rising operating expenses impacted the bottom line

  Emaar Properties PJSC (Emaar/the Company) net profit declined from AED 3,206 Mn in 1Q23 to AED 2,921 Mn in 1Q24, higher than our estimate of AED 2,645 Mn.

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