【出版时间及名称】：2010年4月阿联酋地产行业研究报告
        【作者】：汇丰银行
        【文件格式】：pdf
        【页数】：36
        【目录或简介】：

Abu Dhabi’s property market still has
better support than Dubai’s over the
longer term
 But for now, we prefer Dubai’s Emaar
Properties
 We lower our rating on Aldar from
Overweight (V) to Neutral (V) and our
target price to AED4.70 from AED6.50; we
lower our rating on Sorouh from
Overweight (V) to Underweight (V) and
our target price to AED1.70 from AED4.20
Softer fundamentals alter our view
Since early 2008, we have promoted the view that Abu
Dhabi property companies would deliver better performance
than Dubai companies. We still believe the Abu Dhabi
property market, where Aldar and Sorouh operate, has better
fundamental support. But we see risks to this call in the near
to medium term.
Over the next 12 to 24 months, we expect the fundamentals
of real estate in Abu Dhabi to soften as new supply arrives,
demand lags and the companies face increased calls on their
cash flow. We believe those issues are likely to lead to
under-performance by both Aldar and Sorouh share prices.
In conjunction with our resuming coverage of Emaar
Properties (see Emaar Properties: Catalysts on the horizon,
28 April 2010), we propose investors would generate higher
returns over the next 12 months with an Overweight (V)
position on Emaar; our target price is AED5.50 (current
price AED3.94). We lower our rating on Aldar from
Overweight (V) to Neutral (V) and our target price to
AED4.70 from AED6.50. We downgrade Sorouh from
Overweight (V) to Underweight (V) and cut our target price
to AED1.70 from AED4.20