Properties

Sector Valuation

Company Name Rating Country Currency CMP
(Local Currency)		 Market Cap
(USD m)		 Target Price
(Local Currency)		 PER
(x)		 ADVT 3m
(Volume)		 Estimates
Last Updated On		 ROE
(Fwd) (%)
Aldar Properties HOLD UAE AED 8.42 18,023.83 10.00 33.41 10,643,500 21-Feb-25 16.08
Emaar Development BUY UAE AED 12.25 13,340.23 15.00 18.01 6,852,286 5-Mar-25 29.80
Emaar Properties HOLD UAE AED 13.35 32,124.87 15.00 15.34 13,968,940 28-Feb-25 16.57
RAK Properties BUY UAE AED 1.34 1,094.44 1.45 27.87 8,131,071 24-Feb-25 5.71
Tecom Group HOLD UAE AED 3.09 4,206.26 3.45 NA 1,363,898 19-Feb-25 18.85
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Recent Research

  • UAE Flag
    FIRST LOOK NOTES
    05 Mar 2025
    Emaar Development
    BUY
    AED 13.00
    AED 15.00
    +15.38%

    UAE Equity Research - Emaar Development (EMAARDEV) 4Q24 - First Look Note

    EMAARDEV recorded the highest-ever property sales of AED 65.4 Bn in FY2024 compared to AED 37.4 Bn in FY2023. The Company’s sales backlog stood at AED 90.9 Bn in FY2024, indicating strong revenue visibility in the upcoming period. EMAARDEV introduced “Lavita” at The Oasis, its first community of luxury mansions in 3Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    28 Feb 2025
    Emaar Properties
    BUY
    AED 13.90
    AED 15.00
    +7.91%

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

    Property sales backlog increased from AED 93.8 Bn in 3Q24 to AED 102.7 Bn in 4Q24. Emaar Malls reported a strong occupancy rate of 98.5% as of 2024, with c.194 Mn visitors in 2024.
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  • UAE Flag
    FIRST LOOK NOTES
    24 Feb 2025
    RAK PROPERTIES PJSC
    BUY
    AED 1.39
    AED 1.65
    +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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  • UAE Flag
    FIRST LOOK NOTES
    21 Feb 2025
    Aldar Properties
    HOLD
    AED 9.02
    AED 10.00
    +10.86%

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

    Twelve projects were launched in 2024, with four of them in 4Q24, including Mamsha Palm, Faya Al Saadiyat, Mandarin Oriental Residences, and Mamsha Gardens. The Company launched three new projects during the quarter—Verdes by Haven in Dubai, The Arthouse on Saadiyat Island, and Yas Riva.
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  • UAE Flag
    FIRST LOOK NOTES
    19 Feb 2025
    Tecom Group
    HOLD
    AED 3.19
    AED 3.45
    +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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  • UAE Flag
    EARNINGS CALL INSIGHT
    14 Feb 2025
    Tecom Group
    ACCUMULATE
    AED 3.05
    AED 3.45
    +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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