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 7.49 16,033.51 8.70 29.72 8,710,969 12-Nov-24 15.45
Emaar Development BUY UAE AED 12.75 13,885.11 11.00 18.75 3,229,372 26-Nov-24 31.32
Emaar Properties BUY UAE AED 12.75 30,681.89 11.25 14.66 14,056,540 26-Nov-24 15.38
RAK Properties BUY UAE AED 1.07 873.94 1.45 22.26 6,620,846 21-Nov-24 4.56
Tecom Group HOLD UAE AED 3.09 4,206.37 3.45 NA 872,326 18-Nov-24 20.00
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Recent Research

  • UAE Flag
    FIRST LOOK NOTES
    26 Nov 2024
    Emaar Development
    BUY
    AED 11.10
    AED 11.00
    -0.90%

    UAE Equity Research - Emaar Development (EMAARDEV) 3Q24 - First Look Note

    EMAARDEV recorded property sales of AED 18.3 Bn in 3Q24 compared to AED 9.9 Bn in 3Q23. The Company’s sales backlog stood at AED 83.7 Bn in 3Q24, 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
    26 Nov 2024
    Emaar Properties
    BUY
    AED 9.51
    AED 11.25
    +18.30%

    UAE Equity Research - Emaar Properties 3Q24 - First Look Note

    Property sales backlog increased from AED 90.1 Bn in 2Q24 to more than AED 100.0 Bn in 3Q24. Total EBITDA rose from AED 4,138 Mn in 3Q23 to AED 4,544 Mn in 3Q24. Emaar Malls reported a strong occupancy rate of 99% as of 30 September 2024, with approximately 142 Mn visitors recorded in 9M24.
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  • UAE Flag
    FIRST LOOK NOTES
    21 Nov 2024
    RAK PROPERTIES PJSC
    BUY
    AED 1.10
    AED 1.45
    +31.82%

    UAE Equity Research - RAK Properties (RAKPROP) 3Q24 - First Look Note

    RAK Properties’ revenue grew 61.5% YOY to AED 281 Mn in 3Q24. The Company witnessed high demand and performance across its hospitality and residential portfolio, with AED 925 Mn in sales value as of September 2024. The Company’s occupancy rate at Intercontinental Hotel reached 68%, while the at Antara Resort at 47% during 3Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    18 Nov 2024
    Tecom Group
    HOLD
    AED 3.14
    AED 3.45
    +9.87%

    UAE Equity Research - TECOM Group PJSC 3Q24 - First Look Note

    TECOM's client base grew 9% YOY to more than 11,800 in 9M24, with the addition of more than 1,000 new customers including OZON Pharmaceuticals and Hisense. TECOM experienced a strong occupancy of 90% in the Commercial segment and 98% in the Industrial leasing segment in 3Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    12 Nov 2024
    Aldar Properties
    HOLD
    AED 7.96
    AED 8.70
    +9.30%

    UAE Equity Research - Aldar Properties 3Q24 - First Look Note

    Aldar’s Development revenue backlog grew to AED 48.6 Bn in 3Q24, up from AED 39.0 Bn in 2Q24, providing significant revenue visibility. 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
    EARNINGS CALL INSIGHT
    30 Oct 2024
    Aldar Properties
    HOLD
    AED 7.52
    AED 8.00
    +6.38%

    UAE Equity Research - Aldar Properties 3Q24 - Earnings Call Insight

    Group revenue rose significantly from AED 3.5 Bn in 3Q23 to AED 5.6 Bn in 3Q24, primarily due to the launch of wellness-inspired luxury developments and strong contributions from Aldar’s international sales network. Direct cost grew significantly from AED 2.2 Bn in 3Q23 to AED 3.8 Bn in 3Q24, mainly due to a sharp increase in Property Development & Sales, Project management and International segment costs.
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