Recent Research

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  FIRST LOOK NOTES

  13 May 2025

  Parkin Company

  HOLD

  Last Closing Price

  5.85

  Target Price

  5.60

  Upside (%)

  -4.27%

  UAE Equity Research - Parkin Company 1Q25 - First Look Note

  Parkin added 11.7k YOY parking spaces across in 1Q25. It further expects to add c.5.5k public parking spaces and at least 1.5k spaces in developer parking portfolio in 2025. Total parking transactions grew 12% YOY to 36.5 Mn in 1Q25.

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• 

  FIRST LOOK NOTES

  07 Mar 2025

  Parkin Company

  HOLD

  Last Closing Price

  4.90

  Target Price

  4.85

  Upside (%)

  -1.02%

  UAE Equity Research - Parkin Company PJSC 4Q24 - First Look Note

  The Company’s total number of parking spaces grew from 196.0K in 4Q23 to 206.4K in 4Q24. The total number of parking transactions grew from 32 Mn in 4Q23 to 37 Mn in 4Q24. Utilization rate across the public parking spaces grew from 25.9% in 4Q23 to 28.3% in 4Q24.

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• 

  FIRST LOOK NOTES

  20 Nov 2024

  Parkin Company

  REDUCE

  Last Closing Price

  4.05

  Target Price

  3.50

  Upside (%)

  -13.58%

  UAE Equity Research - Parkin Company 3Q24 - First Look Note

  The Company’s total number of parking spaces grew from 196.1K in 3Q23 to 207.3K in 3Q24. The total number of parking transactions grew from 29.2 Mn in 3Q23 to 33.8 Mn in 3Q24. Utilization rate across the public parking spaces grew from 25.7% in 2Q24 to 26.4% in 3Q24 mainly due to an increased customer base, particularly in zones C and D.

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• 

  FIRST LOOK NOTES

  12 Oct 2024

  Parkin Company

  HOLD

  Last Closing Price

  3.32

  Target Price

  2.90

  Upside (%)

  -12.65%

  Continued digitalization and favorable operating leverage boosted profitability

  PARKIN’s EBITDA grew by a strong 42.2% YOY to AED 134.0 Mn in 2Q24 with an EBITDA margin of 65.5% in 2Q24.

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• 

  FIRST LOOK NOTES

  13 May 2024

  Parkin Company

  HOLD

  Last Closing Price

  2.70

  Target Price

  2.60

  Upside (%)

  -3.70%

  Strong growth in the core business segment and operating leverage supported margins

  PARKIN’s EBITDA grew strongly 33.1% YOY to AED 138 Mn in 1Q24 with an EBITDA margin of 64.2% in 1Q24.

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• 

  INITIAL COVERAGE (EQUITIES)

  07 May 2024

  Parkin Company

  HOLD

  Last Closing Price

  2.66

  Target Price

  2.60

  Upside (%)

  -2.26%

  UAE Equity Research - Parkin Company - Initiation Coverage

  We initiate coverage on Parkin Company PJSC (“Parkin” or “the Company”) with a Valuation of AED 2.60 per share. Parkin, Dubai’s leading parking operator to be listed on the DFM, is owned by the Dubai Investment Fund, a wholly-owned subsidiary of the Government of Dubai. The company signed a 49-year exclusive Concession Agreement with RTA that provides an exclusive right to Parkin to operate RTA’s parking facilities.

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