Recent Research

• 

  FIRST LOOK NOTES

  14 Nov 2025

  Emaar Development

  BUY

  Last Closing Price

  14.95

  Target Price

  17.25

  Upside (%)

  +15.38%

  UAE Equity Research - Emaar Development (EMAARDEV) 3Q25 - First Look Note

  Property sales rose 10% YOY to AED 52.9 Bn in 9M25, supported by the launch of 33 new projects, driving sales backlog up 44% YOY to AED 120.4 Bn. EMAARDEV revenue grew substantially from AED 5,140 Mn in 3Q24 to AED 7,714 Mn in 3Q25.

  Download
• 

  FIRST LOOK NOTES

  14 Nov 2025

  Emaar Properties

  BUY

  Last Closing Price

  13.70

  Target Price

  18.45

  Upside (%)

  +34.67%

  UAE Equity Research - Emaar Properties 3Q25 - First Look Note

  Record backlog of AED 150.3 Bn in 3Q25, led by UAE at AED 130 Bn, with c. 60K units under construction for delivery over the next four years. Announced Emaar Hills development, featuring around 40K ultra-luxury units valued at c. AED 100 Bn.

  Download
• 

  EARNINGS CALL INSIGHT

  10 Nov 2025

  Emaar Properties

  NOT RATED

  Last Closing Price

  13.40

  Target Price

  0.00

  Upside (%)

  NA

  UAE Equity Research - Emaar Properties 3Q25 - Earnings Call Insight

  Emaar Properties reported a 41.4% YOY increase in revenue, reaching AED 13.3 Bn in 3Q25, reflecting steady demand for its developments, robust revenue backlog, and strong recurring revenue operations.

  Download
• 

  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.

  Download
• 

  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.

  Download
• 

  FIRST LOOK NOTES

  30 Oct 2025

  Aldar Properties

  BUY

  Last Closing Price

  9.45

  Target Price

  11.00

  Upside (%)

  +16.40%

  UAE Equity Research - Aldar Properties 3Q25 - First Look Note

  Record UAE quarterly sales of AED 9.1 Bn in 3Q25, supported by strong inventory uptake and three successful new launches. The Group development revenue backlog stood at AED 66.5 Bn in 3Q25, with AED 57.3 Bn from the UAE.

  Download