Recent Research

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  FIRST LOOK NOTES

  11 Aug 2025

  Tecom Group

  BUY

  Last Closing Price

  3.35

  Target Price

  3.90

  Upside (%)

  +16.42%

  UAE Equity Research - TECOM Group 2Q25 - First Look Note

  The Company’s revenue grew at a healthy pace in 1H25, owing to a rise in rental rates, high occupancy levels, and income from strategic assets from the previous year. Funds from Operations (FFO) experienced a 17% YOY growth to AED 984 Mn in 1H25 due to improved revenue quality.

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  EARNINGS CALL INSIGHT

  06 Aug 2025

  Tecom Group

  BUY

  Last Closing Price

  3.35

  Target Price

  3.90

  Upside (%)

  +16.42%

  UAE Equity Research - Tecom Group 2Q25 - Earnings Call Insight

  Tecom’s revenue grew 21.5% YOY to AED 709 Mn in 2Q25, while direct cost increased 23.2% YOY to AED 235 Mn in 2Q25. Gross profit rose 20.7% YOY to AED 474 Mn in 2Q25 with a 46 bps YOY decline in gross profit margin to 66.8% due to higher direct costs.

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  FIRST LOOK NOTES

  07 May 2025

  Tecom Group

  BUY

  Last Closing Price

  3.08

  Target Price

  3.55

  Upside (%)

  +15.26%

  UAE Equity Research - TECOM Group 1Q25 - First Look Note

  Dubai Internet City contributed 65% of Dubai’s tech sector GDP, according to an Impact Assessment study with Accenture, launched during Step Dubai in February, where the district served as Strategic Partner.

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  FIRST LOOK NOTES

  19 Feb 2025

  Tecom Group

  HOLD

  Last Closing Price

  3.19

  Target Price

  3.45

  Upside (%)

  +8.15%

  UAE Equity Research - TECOM Group 4Q24 - First Look Note

  Tecom has a total of 153 buildings commercially leased, coupled with 1,140 warehouses and 92 worker accommodations, along with 846 leased land plots. The Company is launching a grade-A office in phase 3 at Dubai Internet City, along with the acquisition of two existing grade-A office buildings for compensation of AED 420 Mn to add 334K SQFT of GLA in the premium segment.

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  EARNINGS CALL INSIGHT

  14 Feb 2025

  Tecom Group

  ACCUMULATE

  Last Closing Price

  3.05

  Target Price

  3.45

  Upside (%)

  +13.11%

  UAE Equity Research - Tecom Group 4Q24 - Earnings Call Insight

  Tecom’s revenue grew 10.8% YOY to AED 643 Mn in 4Q24, while direct cost increased 21.2% YOY to AED 241 Mn in 4Q24. Gross profit rose 5.4% YOY to AED 402 Mn in 4Q24 with a 321 bps YOY decline in gross profit margin to 62.5% due to higher direct cost.

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• 

  FIRST LOOK NOTES

  18 Nov 2024

  Tecom Group

  HOLD

  Last Closing Price

  3.14

  Target Price

  3.45

  Upside (%)

  +9.87%

  UAE Equity Research - TECOM Group PJSC 3Q24 - First Look Note

  TECOM's client base grew 9% YOY to more than 11,800 in 9M24, with the addition of more than 1,000 new customers including OZON Pharmaceuticals and Hisense. TECOM experienced a strong occupancy of 90% in the Commercial segment and 98% in the Industrial leasing segment in 3Q24.

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