Recent Research

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  FIRST LOOK NOTES

  09 May 2025

  RAK PROPERTIES PJSC

  BUY

  Last Closing Price

  AED 1.27

  Target Price

  AED 1.65

  Upside (%)

  +29.92%

  UAE Equity Research - RAK Properties 1Q25 - First Look Note

  RAKPROP boast a strong revenue backlog of AED 2.3 Bn as of 1Q25. Recurring revenue accounted for 20% of the total revenue from hospitality, retail, and leasing assets, reflecting strong demand across its income-generating portfolio.

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  FIRST LOOK NOTES

  24 Feb 2025

  RAK PROPERTIES PJSC

  BUY

  Last Closing Price

  AED 1.39

  Target Price

  AED 1.65

  Upside (%)

  +18.71%

  UAE Equity Research - RAK Properties 4Q24 - First Look Note

  RAKPROP boast a strong revenue backlog of AED 1.9 Bn as of December 2024. RAKPROP generated AED 261 Mn in recurring revenue from its hospitality, retail, and leasing assets, reflecting stable demand across its income-generating portfolio.

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• 

  FIRST LOOK NOTES

  21 Nov 2024

  RAK PROPERTIES PJSC

  BUY

  Last Closing Price

  AED 1.10

  Target Price

  AED 1.45

  Upside (%)

  +31.82%

  UAE Equity Research - RAK Properties (RAKPROP) 3Q24 - First Look Note

  RAK Properties’ revenue grew 61.5% YOY to AED 281 Mn in 3Q24. The Company witnessed high demand and performance across its hospitality and residential portfolio, with AED 925 Mn in sales value as of September 2024. The Company’s occupancy rate at Intercontinental Hotel reached 68%, while the at Antara Resort at 47% during 3Q24.

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  INITIAL COVERAGE (EQUITIES)

  12 Jun 2024

  RAK PROPERTIES PJSC

  BUY

  Last Closing Price

  AED 1.12

  Target Price

  AED 1.31

  Upside (%)

  +16.96%

  UAE Equity Research - RAK Properties PJSC - Initiation Coverage

  We initiate coverage on Rak Properties (“RAKPROP” or “The Company”) with a Valuation of AED 1.31 per share. Rak Properties is a real estate development company based in Ras AL Khaimah with operations across Property Sales, Property Leasing, Hotel Operations, and Facility Management Services & Others. Moreover, RAK Properties recently expanded its portfolio to include significant investments in hotel properties.

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