DUBAI // Profit at DP World is down sharply and its stock is coming off a recent surge, yet some analysts still see the company as having an attractive value.
Credit Suisse, which covers about 10 port operators outside this region, has initiated coverage on DP World with a price target of 60 US cents a share. That is about a 30 per cent premium over the stock's closing price yesterday, which was down 2 per cent at 48 US cents.
The Swiss bank believes that DP World has been "unjustifiably penalised" for the debt troubles of its parent, Dubai World, even though DP World is explicitly excluded from the continuing restructure. The companies have repeatedly stated that none of DP World's assets are pledged against Dubai World's debt.
DP World said yesterday that net profit from continuing operations fell to US$333 million for the period ending December 31, down from $621m in 2008, while revenue fell to $2.8 billion from $3.28bn as container volumes declined 8 per cent.
The company said that despite the decline in profit, it is seeing signs of recovery. Investors appear to agree.
This month the Dubai Financial Market General Index has advanced more than 9 per cent on reports suggesting Dubai World is close to make a proposal to its lenders. By contrast, DP World shares have gained 25 per cent on NASDAQ Dubai over the same period.
"We believe the market is now assuming reasonable ring-fencing of DP World's asset," said Hans Zayed, a Credit Suisse analyst.
Global container volumes have started rising since the last quarter of last year. The fact that DP World is 80 per cent exposed to an emerging market where growth is expected to be higher than the global increase suggests that the firm is particularly well positioned to benefit from improving industry fundamentals.
In addition, Mr Zayed believes that DP World's planned dual listing on the London Stock Exchange in the second quarter of this year will also prove to be a major boost for the stock.
@Email:skhan@thenational.ae
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Leeds United 1 Manchester City 1
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Man City: Sterling (17')
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Call the hotline on 0502955999 or send "thenational" to the following numbers:
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Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
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Engine: Four electric motors, one at each wheel
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