HC Securities cuts Sorouh price estimate to AED1.9

Abu Dhabi-based property developer has its price estimate cut 34 percent.
HC Securities cuts Sorouh price estimate to AED1.9
(Getty Images)
By Bloomberg
Mon 30 Aug 2010 12:44 PM

Sorouh Real Estate Co, Abu Dhabi’s second-biggest property developer by market value, had its price estimate cut 34 percent to 1.9 dirhams at HC Securities, which cited a “delivery gap.”

A delay in project delivery will “adversely impact earnings momentum expected in the second half of 2010 unless new sales are achieved,” analysts Majed Azzam, Ankur Khetawat and Nermeen Abdel Gawad wrote in a note on Monday.

HC maintained its “hold” rating on the stock and recommended a shift to Aldar Properties PJSC, Abu Dhabi’s biggest developer. (Bloomberg)

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