Recent Research

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  FIRST LOOK NOTES

  04 Aug 2026

  Tecom Group

  BUY

  Last Closing Price

  3.38

  Target Price

  4.60

  Upside (%)

  +36.09%

  UAE Equity Research - Tecom Group 2Q26 - First Look Note

  Tecom’s occupancy rates for the commercial and industrial sectors remained strong at 96% and 98%, respectively, with tenant retention at 94% and 99% in 1H26. Land leasing revenue increased 22% YoY to AED 361 Mn in 1H26, with an EBITDA of AED 333 Mn and a 92% margin in the same period.

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  EARNINGS CALL INSIGHT

  31 Jul 2026

  Tecom Group

  BUY

  Last Closing Price

  3.39

  Target Price

  4.60

  Upside (%)

  +35.69%

  UAE Equity Research - Tecom Group 2Q26 - Earnings Call Insight

  Revenue increased 10.8% YOY to AED 786 Mn in 2Q26, driven by strong growth in operating lease income, which increased 14.8% YOY to AED 708 Mn in 2Q26, partially offset by a 16.5% YOY decline in service income to AED 77 Mn in 2Q26.

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• 

  FIRST LOOK NOTES

  11 Feb 2026

  Tecom Group

  BUY

  Last Closing Price

  4.05

  Target Price

  4.90

  Upside (%)

  +20.99%

  UAE Equity Research - Tecom Group 4Q25 - First Look Note

  Funds from Operations (FFO) rose by 19% YOY to AED 2 Bn in 2025, supported by stronger performance from income-generating assets and improved collection efficiency.

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  EARNINGS CALL INSIGHT

  10 Feb 2026

  Tecom Group

  BUY

  Last Closing Price

  4.15

  Target Price

  4.90

  Upside (%)

  +18.07%

  UAE Equity Research - Tecom Group 4Q25 - Earnings Call Insight

  Tecom’s revenue grew 15.7% YOY to AED 745 Mn in 4Q25 due to higher occupancy, healthy rent escalation and additional revenue from new acquisitions & developments. Direct cost increased 4.4% YOY to AED 252 Mn in 4Q25.

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• 

  FIRST LOOK NOTES

  07 Nov 2025

  Tecom Group

  BUY

  Last Closing Price

  3.27

  Target Price

  3.90

  Upside (%)

  +19.27%

  UAE Equity Research - Tecom Group 3Q25 - First Look Note

  The Company’s revenue grew at a healthy pace in 9M25, owing to a rise in rental rates, high occupancy levels, and income from strategic assets from the previous year.

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• 

  EARNINGS CALL INSIGHT

  07 Nov 2025

  Tecom Group

  BUY

  Last Closing Price

  3.27

  Target Price

  3.90

  Upside (%)

  +19.27%

  UAE Equity Research - Tecom Group 3Q25 - Earnings Call Insight

  Tecom’s revenue grew 18.5% YOY to AED 724 Mn in 3Q25 driven by increased occupancy across all business segments, higher rental rates and portfolio expansion, while direct cost increased 12.6% YOY to AED 261 Mn. Gross profit rose 22.2% YOY to AED 463 Mn in 3Q25 with a 192 bps YOY increase in gross profit margin to 63.9% despite higher direct costs.

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