CI Capital - Emaar Malls PJSC (EMAARMALLS) Overweight ahead of expansions, mega-events

Report

CI Capital

Jan P. Hasman

EUR 88.38 For Business Accounts Only

Overweight ahead of expansions, mega-events

Controlling 16% of Dubai’s prime retail space and its key locations. We initiate coverage on EMG, Dubai’s leading mall owner and operator, with a target price of AED3.08/share, warranting an Overweight rating. EMG has a total GLA of 5.9mn sqft, 63% of which represents the iconic The Dubai Mall, with a below-market vacancy of 4% across the portfolio. The stock trades at 2017e P/E of 15.1x, at a 17% discount to peers, despite having a superior growth profile (2016-18e EPS CAGR of 19% vs 13% market average).

16/10/2016 22 EN

Underlying

Emaar Malls PJSC

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AEE001501015 Dubai Financial Market United Arab Emirates

Provider

CI Capital

CI Capital is a diversified financial services group and Egypt’s leading provider of leasing, microfinance, and investment banking products and services.

Through its headquarters in Cairo and presence in New York and Dubai, CI Capital offers a wide range of financial solutions to a diversified client base that include global and regional institutions and family offices, large corporates, SMEs, and high net worth and individual investors.

CI Capital leverages its full-fledged investment banking platform to provide market leading capital raising and M&A advisory, asset management, securities brokerage, custody and research. Through its subsidiary Corplease, CI Capital offers comprehensive leasing solutions, including finance and operating leases, and sale and leaseback, serving a wide range of corporate clients and SMEs. In addition, CI Capital offers microfinance lending through Egypt’s first licensed MFI, Reefy.

The Group has over 1,700 employees, led by a team of professionals who are among the most experienced in the industry, with complementary backgrounds and skill sets and a deep understanding of local market dynamics.

CI Capital has been recognized as the “Best Investment Bank in Egypt” by EMEA Finance for four years running from 2013-2016, and by Global Finance in 2014 and 2015.

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Analysts

Jan P. Hasman

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Overweight ahead of expansions, mega-events

For EMAAR MALLS PJSC, the environment deterioration entails a downgrade to Neutral

Monthly LMI Update Independent Investment Research

EMAARMLS UH | A play on UAE shift to normalisation; Overweight

Egypt banks | Higher RRR: A manageable headwind; flag CAE

The Pulse | Cityscape Egypt 2022: Positive vibes

EKHO EY | EGP listing offers ideal currency hedge

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