Recent Research

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  FIRST LOOK NOTES

  11 Feb 2026

  Tecom Group

  BUY

  Last Closing Price

  4.05

  Target Price

  4.90

  Upside (%)

  +20.99%

  UAE Equity Research - Tecom Group 4Q25 - First Look Note

  Funds from Operations (FFO) rose by 19% YOY to AED 2 Bn in 2025, supported by stronger performance from income-generating assets and improved collection efficiency.

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  FIRST LOOK NOTES

  10 Feb 2026

  Aldar Properties

  ACCUMULATE

  Last Closing Price

  10.90

  Target Price

  12.00

  Upside (%)

  +10.09%

  UAE Equity Research - Aldar Properties 4Q25 - First Look Note

  Record UAE quarterly sales of around AED 9.0 Bn in 4Q25, supported by continued strong demand across new launches and existing inventory sales. The Group revenue backlog stood at around AED 71.7 Bn in 4Q25, with AED 61.0 Bn from the UAE.

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  EARNINGS CALL INSIGHT

  10 Feb 2026

  Tecom Group

  BUY

  Last Closing Price

  4.15

  Target Price

  4.90

  Upside (%)

  +18.07%

  UAE Equity Research - Tecom Group 4Q25 - Earnings Call Insight

  Tecom’s revenue grew 15.7% YOY to AED 745 Mn in 4Q25 due to higher occupancy, healthy rent escalation and additional revenue from new acquisitions & developments. Direct cost increased 4.4% YOY to AED 252 Mn in 4Q25.

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• 

  EARNINGS CALL INSIGHT

  10 Feb 2026

  Aldar Properties

  ACCUMULATE

  Last Closing Price

  10.80

  Target Price

  12.00

  Upside (%)

  +11.11%

  UAE Equity Research - Aldar properties 4Q25 - Earnings Call Insight

  Aldar revenue rose significantly, 58.0% YOY to AED 10.3 Bn in 4Q25, with higher revenues recorded across all operating segments. Direct cost grew 64.3% YOY to AED 6.8 Bn in 4Q25, higher than the revenue growth.

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  SECTOR NOTE

  16 Jan 2026

  Properties

  UAE Equity Research - Real Estate Sector 4Q25 - Preview Note

  The UAE economy sustained solid momentum through 3Q25, supported by resilient non-oil activity and a recovery in oil production. Real GDP grew 4.5% YOY in 2Q25, underpinned by a strong 6.1% YOY expansion in non-oil sectors, particularly manufacturing, financial services, construction, and real estat...

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• 

  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.

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