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
Company%20Profile
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
