Recent Research

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  FIRST LOOK NOTES

  18 Aug 2026

  Emaar Development

  BUY

  Last Closing Price

  13.12

  Target Price

  18.00

  Upside (%)

  +37.20%

  UAE Equity Research - Emaar Development (EMAARDEV) 2Q26 - First Look Note

  Property sales stood at AED 22.4 Bn in H1 2026, while revenue backlog increased to AED 127.7 Bn, providing revenue visibility over the coming four to five years. EMAARDEV has c. 51,400 residential units under construction as of 2Q26, with projects substantially sold at around 94%.

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• 

  FIRST LOOK NOTES

  17 Aug 2026

  Emaar Properties

  BUY

  Last Closing Price

  11.08

  Target Price

  17.00

  Upside (%)

  +53.43%

  UAE Equity Research - Emaar Properties 2Q26 - First Look Note

  Revenue backlog grew to AED 164.9 Bn in 1H26, with Emaar development backlog rising to AED 135.7 Bn in 1H26. Emaar Properties has c. 67,100 units under development, with 92% of launched units sold across six key countries.

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  EARNINGS CALL INSIGHT

  11 Aug 2026

  Emaar Properties

  BUY

  Last Closing Price

  11.20

  Target Price

  17.00

  Upside (%)

  +51.79%

  UAE Equity Research - Emaar properties 2Q26 - Earnings Call Insight

  Emaar Properties revenue increased 18.2% YOY to AED 11,510 Mn in 2Q26, primarily driven by higher sales of Residential Units and Commercial Units. Revenue from Residential Units increased 30.5% YOY to AED 8,940 Mn, while revenue from Commercial Units rose 3.3% YOY to AED 379 Mn in 2Q26.

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• 

  FIRST LOOK NOTES

  04 Aug 2026

  Tecom Group

  BUY

  Last Closing Price

  3.38

  Target Price

  4.60

  Upside (%)

  +36.09%

  UAE Equity Research - Tecom Group 2Q26 - First Look Note

  Tecom’s occupancy rates for the commercial and industrial sectors remained strong at 96% and 98%, respectively, with tenant retention at 94% and 99% in 1H26. Land leasing revenue increased 22% YoY to AED 361 Mn in 1H26, with an EBITDA of AED 333 Mn and a 92% margin in the same period.

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  EARNINGS CALL INSIGHT

  31 Jul 2026

  Tecom Group

  BUY

  Last Closing Price

  3.39

  Target Price

  4.60

  Upside (%)

  +35.69%

  UAE Equity Research - Tecom Group 2Q26 - Earnings Call Insight

  Revenue increased 10.8% YOY to AED 786 Mn in 2Q26, driven by strong growth in operating lease income, which increased 14.8% YOY to AED 708 Mn in 2Q26, partially offset by a 16.5% YOY decline in service income to AED 77 Mn in 2Q26.

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• 

  FIRST LOOK NOTES

  31 Jul 2026

  Aldar Properties

  BUY

  Last Closing Price

  7.45

  Target Price

  11.00

  Upside (%)

  +47.65%

  UAE Equity Research - Aldar Properties 2Q26 - First Look Note

  Group development sales declined 42.5% YOY to AED 5.4 Bn in 2Q26. Backlog remained resilient at AED 71.6 Bn in 2Q26, including AED 59.9 Bn in the UAE. Maintained a robust liquidity position of AED 37.1 Bn as of 2Q26, comprising AED 16.8 Bn of free and unrestricted cash and AED 20.3 Bn of committed undrawn credit facilities.

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