Recent Research

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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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• 

  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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