أبشروا: السوق متيــــــــــــــــن

25 thoughts on “أبشروا: السوق متيــــــــــــــــن”

1. وحليلها

   ما اعتقد انها بتعود للتصريحات ان دخلت وشافت الردود على تصريحها

   مسكينه كلمة متين يتراوالي ان كان بيدها لاختفت من المعجم والقاموس

2. سوق مربرب

3. انا صارت عندي عقده من المتن و المتان ….. الله يسامحه اللي

   علمهم هاي الكلمه …..

4. يجب أولاً أن يكون الكلام عن السوق متين حتى نصدق أن السوق نفسه متين و لكن في الإعلام يقوم المسؤولون بالخلط بين التين و اللحم بعجين كأن كل الناس جهلة مساكين

5. جمبري ..

   ما سمعت آخر أخبار هرميس مع الدار و صروح

   EFG Hermes 29 January 2009:
   Aldar Properties – FY2008 Results Reflect Operational Strength

   UAE | Real Estate & Hotels
   Short-Term Rec.: Accumulate
   Long-Term Rec. : Buy
   Current Price*: AED 2.55
   LT Fair Value : AED 23.80

   · Weak Income Statement, Strong Balance Sheet: Aldar reported FY2008 results with revenue of AED4,978 million (up 306% Y-o-Y) and net income of AED3,447 million (up 77.5% Y-o-Y). While this growth trend reflects the contribution from land sales, unit sales and rental income, these numbers were shy of our overall FY2008 expectations. On the other hand, strong balance sheet growth, both in terms of cash balances and properties under construction, better reflects the steady progress being made on overall sales activity and project execution.

   · Land and Unit Sales Boost Revenue: Top-line contribution was driven primarily by strong land and unit sales, but both FY2008 revenue of AED4,978 million and 4Q08 revenue of AED579.7 million were short of our expectation of AED5,883 million and AED1,484 million respectively. The disappointing growth figures could be due to timing/volume variances with such lumpiness between quarters being common.

   · Net Income Disappoints: SG&A continued to ramp up in keeping with higher staff and project related expenses. Meanwhile, while the company reported net interest income again this quarter (as it did in both 3Q and 2Q), the contribution was not as positive as we were expecting. Moreover, the FY2008 gain on valuation of its investment property portfolio of AED1,533 million is below our estimate of AED2,041 million. Thus, with the top line weaker than expected and costs higher, despite the positive net interest income with a smaller recognised gain on valuation of investment properties, overall net income for the quarter (AED84.4 million) and the year (AED3,447 million) disappointed.

   · Strong Balance Sheet Growth: Aldar reported very solid growth in terms of the balance sheet with its cash balance reaching AED12.0 billion, reflecting the proceeds from land and unit sales. Sales of AED6.4 billion were completed during 2008, with revenue and profit to be recognised in future periods. Properties under construction reached cAED22 billion, with this being exactly in line with our expectations. We believe this reflects the strong progress being made on its projects under execution, especially Yas Island where construction is proceeding at an accelerated pace and looks to meet targets, with other projects under development reaching set milestones as well, underlining the commitment to execution.

   · Operationally On Track: While the top- and bottom-line numbers were weak versus our expectations, we believe balance sheet developments are more reflective of the overall progress being made with respect to sales and construction activity, and here Aldar’s balance sheet growth was solid in our view. We will be revisiting our forecasts and valuation to account for weaker sentiment being directed towards the real estate sector, our expectations for the success and viability of future projects and to incorporate FY2008 results.

   EFG Hermes 29 January 2009:
   Sorouh Real Estate – FY2008 Results

   UAE | Real Estate & Hotels

   Short-Term Rec.: Buy
   Long-Term Rec. Buy
   Current Price*: AED 2.88
   LT Fair Value : AED 14.80

   · Overall Weak: Sorouh reported FY2008 results with revenues of AED3,723 million (up 60.4% Y-o-Y) and net income of AED1,858 million (up 47.8% Y-o-Y), both short of our FY2008e expectations of AED4,257 million and AED2,283 million. Also, while Sorouh depicted decent balance sheet growth in terms of its cash position and properties under construction, these were also below our FY2008 expectations, reflecting an overall weaker than anticipated performance.

   · Top-Line Growth Disappoints: Sorouh reported revenue of AED3,723 million, with the sale of land plots being the main contributor, but this was lower than our expectation of AED4,257 million, with the difference mostly attributed to volume/timing variances. At the same time, weaker than expected top-line growth meant that despite the impact of a slightly higher gross margin (61.7% vs. our 60.3% estimate), somewhat higher SG&A resulted in weaker than expected operating income of AED1,645 million.

   · Weaker Net Income: Net income missed our estimates, stemming from a mix of: i) weaker than expected top-line growth, ii) a smaller than expected positive contribution from net interest income, iii) and less positive contribution from investment and other income.
   · Undeniable 4Q Weakness: After a solid set of 9M2008 results, Sorouh showed marked weakness in the final quarter with 4Q2008 revenue of AED532.1 million vs. our expectation of AED1,066 million. This much weaker than anticipated top-line growth coupled with higher direct costs, higher SG&A and a very minor positive contribution from interest and other income, meant that net income for the quarter of AED45.2 million was significantly below our estimate of AED470.1 million.

   · Balance Sheet Grows: With income statements of property developers tending to be inherently lumpy, we discuss balance sheet trends to get a better understanding of overall health. On this basis, Sorouh’s cash balance reached AED6,842 million, reflecting the proceeds from land and unit sales. However, this was short of our FY2008 estimate of AED8,062 million. Moreover, properties under construction reached cAED3.0 billion, short of our expectation of AED4.9 billion, suggesting that while steady construction progress is being made, this is happening at a less rapid pace than what we had anticipated.

   · Taking a Closer Look: While these results reflect the way in which Sorouh’s business model is taking shape, both 4Q and FY08 top- and bottom-line numbers and the balance sheet growth are disappointing. Moreover, the ongoing weaker real estate environment does not provide a fertile environment for new sales phases/ projects, and while a focus on execution in 2009 will facilitate Sorouh’s track record of deliverability, we will be revisiting our forecasts once full disclosure is available. We will incorporate FY2008 results, account for the impact of this challenging real estate environment, our expectations for the successful execution on ongoing projects and the potential success of future ones.

Comments are closed.