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Citigroup Rates Aldar, Sorouh as ‘Buy’
DUBAI — Citigroup has initiated coverage with a “buy” and medium risk rating for Aldar Properties and Sorouh Real Estate, two property heavyweights in Abu Dhabi which enjoy government support.
The target price for Aldar was pegged at Dh16.6 and Dh5.6 for Sorouh.
“Both Aldar and Sorouh have substantial funding requirements in order to realise the full value of their land banks. The current poor environment globally cuts some of the potential funding, but we believe that the flexibility of their business models substantially mitigate this risk.”
Aldar has in its cache, Dh13.5 billion in cash and Dh12.8 billion of undrawn funds.
Sorouh has Dh7.7 billion which can cover all its projects for the next 18 months, said Citigroup.
Both were rated as “medium risks” due to hazards common to all real estate developers operating in an environment of tight credit.
Risks though are curbed with the government, an investor in both companies, and were granted their land at near zero cost and offered multiple financing options.
Potential price catalysts for Aldar include the granting of the Mina Zayed which adds to its land bank portfolio, its strong off-plan and plot sales that could generate significant cash flows.
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