A brokerage cut its price target for Emaar Properties shares yesterday, even before a new report showed that property prices in Dubai continue to decline.
Alembic HC Securities forecastEmaar's next three quarters would be weighed down by a Dh172 million impairment on Dubai Bank, sluggish property deliveries and a full write-down of the Islamic mortgage company Amlak Finance.
"We feel that the timing [of the impairments] may be unfavourable given the already weak earnings outlook for the year on the back of an expected slowdown in deliveries," Majed Azzam, an analyst at Alembic,told clients in a note yesterday.
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