The general evaluation of EMAAR DEVELOPMENT (AE), a company active in the Real Estate Holding & Development industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of 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....
Cash flow position at inflection point, supporting potential stock rerating. Cash flow from operations for Emaar Dev. has been in negative territory since 1Q18. The delivery of projects carrying post-handover payment plans kicked-off in 3Q19, and is expected to give some relief to the cash position, given the cash inflow on these projects carries no construction commitments. An improved outlook on cash flows will complement the company’s superior operational performance and dividend offering. Th...
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)...
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