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 BUY UAE AED 9.82 21,021.81 11.00 38.97 11,219,820 30-Jul-25 17.39
Emaar Development BUY UAE AED 14.75 16,063.60 16.00 21.69 3,650,098 21-May-25 33.74
Emaar Properties BUY UAE AED 14.65 35,255.05 16.00 16.84 13,206,510 20-May-25 18.98
RAK Properties BUY UAE AED 1.56 1,274.20 1.65 32.45 15,423,740 9-May-25 6.40
Tecom Group BUY UAE AED 3.31 4,505.98 3.90 NA 1,081,208 11-Aug-25 20.16
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Recent Research

  • UAE Flag
    FIRST LOOK NOTES
    11 Aug 2025
    Tecom Group
    BUY
    AED 3.35
    AED 3.90
    +16.42%

    UAE Equity Research - TECOM Group 2Q25 - First Look Note

    The Company’s revenue grew at a healthy pace in 1H25, owing to a rise in rental rates, high occupancy levels, and income from strategic assets from the previous year. Funds from Operations (FFO) experienced a 17% YOY growth to AED 984 Mn in 1H25 due to improved revenue quality.
  • UAE Flag
    EARNINGS CALL INSIGHT
    06 Aug 2025
    Tecom Group
    BUY
    AED 3.35
    AED 3.90
    +16.42%

    UAE Equity Research - Tecom Group 2Q25 - Earnings Call Insight

    Tecom’s revenue grew 21.5% YOY to AED 709 Mn in 2Q25, while direct cost increased 23.2% YOY to AED 235 Mn in 2Q25. Gross profit rose 20.7% YOY to AED 474 Mn in 2Q25 with a 46 bps YOY decline in gross profit margin to 66.8% due to higher direct costs.
  • UAE Flag
    FIRST LOOK NOTES
    30 Jul 2025
    Aldar Properties
    BUY
    AED 9.40
    AED 11.00
    +17.02%

    UAE Equity Research - Aldar Properties- 2Q25 First Look Note

    The Group revenue backlog stood at AED 62.3 Bn in 2Q25, with AED 53.4 Bn from the UAE. Aldar’s liquidity remained strong at AED 29.7 Bn in 2Q25, including free cash of AED 12.2 Bn and an undrawn credit facility of AED 17.5 Bn.
  • UAE Flag
    EARNINGS CALL INSIGHT
    30 Jul 2025
    Aldar Properties
    BUY
    AED 9.52
    AED 11.00
    +15.55%

    UAE Equity Research - Aldar Properties 2Q25 - Earnings Call Insight

    Aldar revenue rose significantly, 45.9% YOY to AED 7.7 Bn in 2Q25, due to high-double digit growth recorded in Development and Investments. Gross profit increased significantly, 40.3% YOY to AED 2.6 Bn in 2Q25, while gross margins declined 131 bps YOY to 33.1% in 2Q25.
  • UAE Flag
    SECTOR NOTE
    25 Jun 2025
    Properties

    UAE Equity Research - Real Estate Sector 2Q25 - Preview Note

    The UAE’s economy grew 4.0% in 2024 compared to 2023, primarily due to a strong growth in the non-oil sector, which recorded an increase of 5.0% in 2024. The contribution of non-oil stood at 75.5% in 2024, and the oil sector contributed the remaining. The Central Bank of UAE expects the economy to g...

  • UAE Flag
    FIRST LOOK NOTES
    21 May 2025
    Emaar Development
    BUY
    AED 13.25
    AED 16.00
    +20.75%

    UAE Equity Research - Emaar Development 1Q25 - First Look Note

    EMAARDEV recorded the highest-ever property sales of AED 16.5 Bn in 1Q25 compared to AED 12.9 Bn in 1Q24. The Company’s sales backlog reached at AED 100.1 Bn in 1Q25, indicating strong revenue visibility in the upcoming period. Emaar Development reported revenue of AED 5.0 Bn (USD 1.4 Bn) and an EBITDA of AED 2.5 Bn during 1Q25.

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