Recent Research

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  FIRST LOOK NOTES

  19 Feb 2025

  Tecom Group

  HOLD

  Last Closing Price

  AED 3.19

  Target Price

  AED 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

  AED 3.05

  Target Price

  AED 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

  AED 3.14

  Target Price

  AED 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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• 

  FIRST LOOK NOTES

  12 Oct 2024

  Tecom Group

  ACCUMULATE

  Last Closing Price

  AED 2.85

  Target Price

  AED 3.15

  Upside (%)

  +10.53%

  High occupancy and rental rates drove profitability

  TECOM's client base grew 11% YOY to more than 11,000 in 1H24, with the addition of more than 1,000 new customers.

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• 

  FIRST LOOK NOTES

  14 May 2024

  Tecom Group

  BUY

  Last Closing Price

  AED 2.73

  Target Price

  AED 3.15

  Upside (%)

  +15.38%

  Record occupancy with a high retention rate and a rise in rental rates drove the top-line

  TECOM Investment PJSC (TECOM/the Company) net profit increased 14.7% YOY to AED 293 Mn in 1Q24 higher than our estimate of AED 248 Mn.

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• 

  FIRST LOOK NOTES

  09 Feb 2024

  Tecom Group

  ACCUMULATE

  Last Closing Price

  AED 2.85

  Target Price

  AED 3.15

  Upside (%)

  +10.53%

  Robust occupancy with a high retention rate and a rise in rental rates drove the top-line

  TECOM Group PJSC (TECOM/the Company) net profit increased significantly from AED 87 Mn in 4Q22 to AED 311 Mn in 4Q23 higher than our estimate of AED 149 Mn.

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