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Aldar, Sorouh and UP Rated as ‘buy’
DUBAI - Abu Dhabi-based Aldar Properties and Sorouh Real Estate and Dubai’s Union Properties can ride out the property malaise, said EFG Hermes.
EFG Hermes maintained its “buy” rating for Sorouh Real Estate and raised its target price to Dh14.3, a hefty upside over its closing price of Dh3.43 last Monday.
It downgraded top-ranked Aldar Properties to “accumulate” from “buy” in the short-term with a target price of Dh23.8. The stock last traded at Dh5.40.
Aldar will feel the pain of its capital intensive strategy but eventually, will have a very high free cash flow generation and create significant value, said EFG Hermes.
Union Properties is still rated a “long-term buy” but was rated “neutral” for the short-term with a target price of Dh4.3. It last traded at Dh1.07.
“Union Properties’ stable income stream and the limited execution risk associated with its current project pipeline suggest that should the
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