Aldar gains on Arqaam's buy rating on 'Aldar Sorouh Properties'
- United Arab Emirates: Monday, March 11 - 2013 at 14:32
The Abu Dhabi equity market index ADX General Index added 0.36% to reach 2,993.03 points. Aldar Properties surged 0.70% to reach Dhs1.45. Aldar Sorouh Properties, the company to be created through the merger of Abu Dhabi's two largest developers Aldar and Sorouh (up 0.57% at Dhs1.77), has been rated 'buy' by Dubai-based investment bank Arqaam Capital, Bloomberg has reported. The price target for the shares was set at Dhs2.5, Dubai-based analysts led by Mohammad Kamal wrote in a March 7 note to clients. "We believe the market is not fully pricing in the impact of the merger on balance sheets" and "is overestimating leverage risk inherent in standalone businesses," the analysts wrote. "We see 77% in upside potential" in value creation from monetising land and long-term development value."
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