Recent Research

• 

  FIRST LOOK NOTES

  13 Nov 2026

  Emaar Properties

  NOT RATED

  Last Closing Price

  12.84

  Target Price

  0.00

  Upside (%)

  NA

  UAE Equity Research - Emaar Properties 3Q26 - First Look Note

  The Company launched 14 new projects during 9M26, with UAE sales reaching AED 26.2 Bn. Revenue backlog stood at AED 158.8 Bn as of September 2026, comprising AED 127.2 Bn from UAE operations and AED 31.6 Bn from international markets, providing revenue visibility over the next four to five years.

  Download
• 

  EARNINGS CALL INSIGHT

  12 Nov 2026

  Emaar Properties

  NOT RATED

  Last Closing Price

  12.90

  Target Price

  0.00

  Upside (%)

  NA

  UAE Equity Research - Emaar properties 3Q26 - Earnings Call Insight

  Emaar Properties revenue increased 2.7% YOY to AED 13,632 Mn in 3Q26, primarily driven by higher sales of Commercial Units and Residential units. Revenue from Residential Units increased 2.9% YOY to AED 11,023 Mn, while revenue from Commercial Units rose 13.5% YOY to AED 347 Mn in 3Q26.

  Download
• 

  FIRST LOOK NOTES

  12 Nov 2026

  Tecom Group

  BUY

  Last Closing Price

  3.42

  Target Price

  4.60

  Upside (%)

  +34.50%

  UAE Equity Research - Tecom Group 3Q26 - First Look Note

  Tecom’s occupancy rates for the commercial and industrial sectors remained strong at 95% and 98%, with tenant retention at 93% and 97% in 9M26. Operating lease income increased 13.9% YOY to AED 717 Mn in 3Q26, while service revenue declined 3.4% YOY to AED 92 Mn in 3Q26.

  Download
• 

  EARNINGS CALL INSIGHT

  05 Nov 2026

  Tecom Group

  BUY

  Last Closing Price

  3.20

  Target Price

  4.60

  Upside (%)

  +43.75%

  UAE Equity Research - Tecom Group 3Q26 - Earnings Call Insight

  Revenue increased 11.7% YOY to AED 809 Mn in 3Q26, driven by strong growth in operating lease income, which increased 13.9% YOY to AED 717 Mn in 3Q26, partially offset by a 3.4% YOY decline in service income to AED 92 Mn in 3Q26.

  Download
• 

  FIRST LOOK NOTES

  28 Oct 2026

  Aldar Properties

  BUY

  Last Closing Price

  7.90

  Target Price

  11.00

  Upside (%)

  +39.24%

  UAE Equity Research - Aldar Properties 3Q26 - First Look Note

  ALDAR’s Development sales declined 33.3% YOY to AED 6.8 Bn in 3Q26. Backlog stood at AED 71.6 Bn as of 3Q26, providing clear visibility on revenue recognition over the next two to three years.

  Download
• 

  EARNINGS CALL INSIGHT

  28 Oct 2026

  Aldar Properties

  BUY

  Last Closing Price

  7.65

  Target Price

  11.00

  Upside (%)

  +43.79%

  UAE Equity Research - Aldar properties 3Q26 - Earnings Call Insight

  ALDAR’s revenue grew 16.4% YOY to AED 9,345 Mn in 3Q26, primarily driven by higher revenue from both Aldar Development and Aldar Investment segments. Direct costs increased 13.0% to AED 5,958 Mn in 3Q26.

  Download