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BoA, Merill Lynch Rates Aldar Properties ‘Overweight’
DUBAI - Bank of America, Merill Lynch has initiated coverage of Abu Dhabi-based Aldar Properties with an “overweight” rating on its $1.25 billion five-year bond issued in May with a fixed coupon rate of 8.75 per cent.
The bond which was oversubscribed at $5billion, was issued through a guaranteed special purpose vehicle to be listed on the London Stock Exchange.
The bank said that despite the property downturn gripping both Dubai and Abu Dhabi, it is comfortable with the long-term fundamentals of Aldar Properties.Gulf-based real-estate firms such as Aldar have been hit by the impact of the global financial crisis both at home and overseas. In the UAE, property market is in a slump, impacting Aldar’s sales and property prices. Aldar’s first-quarter net profit fell 35 per cent Dh888.6 million from a year earlier. “Aldar has been unfairly punished by developments in Dubai — alignments, restructurings in the real estate sector and agency downgrades of government-related entities.”
Abu Dhabi’s top property company has ample liquidity and land bank value which should help steer Aldar through the “difficult times ahead,” said Bank of American, Merill Lynch in a recent note to clients.
It said that Aldar’s liquidity position is strong, with Dh15.1 billion in cash and bank balances, and another Dh3.2 billion in undrawn credit facilities in the the first quarter.
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