EMAAR MALLS PJSC (AE), a company active in the Real Estate Holding & Development industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 3 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date September 17, 2021, the closing price was AED 2.10 and its expected val...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Positioned to benefit from brewing U-shaped recovery. We maintain our Overweight rating on EMG, with a potential upside of 31%. We lower our TP by 8%, on the impact seen on 2020e operations having a trickle on effect for the coming few years. EMG provides strong exposure to the gradual normalisation of the activity post-COVID era. That said, with 3Q20 numbers showing promise, we expect the recovery to be U-shaped from here, on: i) expected tourism recovery post-pandemic (potential vaccine + Expo...
Testing 200-day MA support Generally speaking most major indexes are currently trading at the lower end of their May trading ranges. Barring improving headlines regarding tariffs & trade or comments from the Fed suggesting a potential rate cut on the horizon - both of which would result in a weaker U.S. dollar - we believe global markets are vulnerable to further weakness. With global markets in purgatory, we are watching for support at the all-important 200-day moving averages on the S&P 500, ...
TP still offers upside following price drop. We downgrade our TP by c15% to AED2.50/share, primarily on: i) a c3% revision to 2017e rental price/sqft in Dubai Mall following 3Q17 results (base rent up 3% y-o-y vs. 11% in 3Q16), and ii) a c10% decrease in 2018-22e gross rental income primarily on lower growth assumptions (avg. 3% in next 5 years vs. 6% previously) amid regional turbulence and shrinking consumer baskets. That said, following a c20% drop in share price, our current TP implies an up...
Tweak medium-term estimates on slower growth in core lines and new acquisition. Following a flat 1Q17 top and bottom line on minimal base rent growth and declining turnover rent, we downgrade our 17e EPS by c9%. We delay Fashion Avenue’s contribution by 6 months to 18e, although leases for 80% of the GLA are already in place as at end-1Q17. Despite incremental value from the new Namshi acquisition, we trim our TP by c4% to AED2.95/share, still warranting an Overweight rating backed by c18% disco...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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...
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