By Matthew Brown
Oct. 12 (Bloomberg) -- Emaar Properties PJSC, the Middle East's largest real-estate developer, had its price estimate reduced to 15 dirhams from 21 dirhams by Citigroup Inc., which reiterated a `buy' recommendation on the stock.
``In the last three months local and global macro risks and equity risk appetite have deteriorated hugely but not by enough to justify the current book value discount, which implies no value for completion of current or future projects,'' Hasnain Malik, analyst at Citigroup, said in e-mailed statement today.
Emaar shares slumped 9.3 percent to 5.17 dirhams at 10:28 a.m. local time.
To contact the reporter on this story: Matthew Brown in Dubai at mbrown42@bloomberg.net
Sunday, October 12, 2008
Emaar Price Estimate Cut 29 Percent to 15 Dirhams at Citibank
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