DAMAC PROPERTIES DUBAI SUSP - SUSP.15/02/22 (AE), a company active in the Real Estate Holding & Development industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date April 5, 2022, the...
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....
DAMAC is a pure play residential property developer, generating essentially all its revenues from the sale of villas and apartments in Dubai. The company is, therefore, highly sensitive to the trends in the Dubai real estate market, where transaction value fell by 34% yoy in 2018. Sell the 22s and 23s. Given the lack of evidence of growth in booked sales – which is a leading indicator of the strength of the future pipeline which, in turn, will shape the company’s credit profile and define ca...
Flag Emaar Development as a play on the development segment in Dubai. We initiate coverage on Emaar Development (ED) with an Overweight rating (48% upside), and Damac Properties (Damac) with a Neutral rating. We find ED’s story quite compelling, with a P/NAV of 0.68x, a 16% discount to JLL’s NAV vs. 1.0x for its closest peer, Damac (trading 24% ahead of its historical NAV). Relative to Damac, ED is supported by a: i) stronger brand name, ii) larger land bank, iii) more resilient client base, iv)...
Damac properties released its Q3 2017 results showing a 31% increase, yoy, in its revenue to AED2.29bn and reported a third consecutive profit decline as direct costs increased by 69.8% in Q3 2017 compared with the same period in 2016. As a result, the gross margin deteriorated to 41.5% in Q3 2017 (vs. 54.8% in Q3 2016). Nearly AED800m of advances from customers were recognised as revenues in Q3 2017, pulling down the CF from operating activities from AED233m to AED72m.
Damac Properties has released its Q2 2017 figures, showing a 10.5% decrease, yoy, in its revenue to AED1.57bn. On the other hand, the company’s direct costs decreased by 6%, yoy, which resulted in gross margin of 54.5% (vs. 56.5% in Q2 2016). The company was not able to control its GA&S expenses which have increased by 28% to AED252m, resulting in a 20.9% decrease, yoy, in its comprehensive income to AED701.3m. H1 2017 profits fell 18% to AED1.59bn from AED1.94bn in the prior-year period (45.1...
Damac Properties has released its Q1 2017 figures showing a 20% increase, yoy, in its revenue to AED1,945m. On the other hand, the company’s direct costs increased by 40%, yoy, which resulted in a 700-bp loss in its gross margin to 54% (vs. 61% in Q1 2016). The company managed to keep its GA&S expenses under control at around 13% of its sales. Other operating income took a hit decreasing by 71%, yoy, to around AED90m. On the balance sheet side, the company’s WCR increased by AED866m mainly d...
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...
​​Newly-booked sales are marginally up in Q3 to AED 1.7bn (+5% q/q, -10% y/y), but still remain 25% below the company’s historical 4-yr quarterly averageLand sales in Akoya significantly recovered in Q3 (+44% y/y, +2.3x q/q), but lower pricing is starting to compromise marginsConstruction-linked proceeds unexpectedly dropped this quarter (-32% y/y, -28% q/q), which we view as negative, as this would result in delays in handovers, and consequently delays in the release of cash from restrict...
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