⚡ Flash Summary

Dolmen City REIT (DCR) presented its FY 2025 results, highlighting a strong performance driven by high occupancy rates and strategic rental increases. The REIT boasts a Shariah-compliant, rental structure with assets including Dolmen Mall Clifton and The Harbour Front. Financial performance demonstrates consistent growth in income and net profit, with a healthy dividend payout history. The company maintains a positive outlook, supported by sustained demand and ongoing investments.

📌 Key Takeaways

• ✅ DCR is a Shariah-compliant, rental REIT listed on the Pakistan Stock Exchange.
• 🏢 Key assets include Dolmen Mall Clifton (542,847 sq.ft.) and The Harbour Front (257,162 sq.ft.), totaling 800,009 sq.ft.
• 💰 Fund size has grown from PKR 22.237 Million at inception to PKR 74.776 Million as of June 30, 2025.
• ⭐ Rating: “AAA (rr)” by VIS Credit Rating Agency.
• 📈 Occupancy: Dolmen Mall Clifton at 97.80% and The Harbour Front at 100.00%.
• 📊 Net Asset Value: PKR 34.41 per unit as of June 30, 2025.
• 💲 Market Price: PKR 32.30 per unit as of November 17, 2025.
• 💸 Dividend Yield: Increased from 12.40% (June 2021) to 22.30% (June 2025).
• Revenue increased from PKR 3,795,200,000 in 2022 to PKR 5,874,614,000 in 2025.
• Operating expenses rose from PKR (516,370,000) in 2022 to PKR (981,128,000) in 2025.
• Net Profit grew from PKR 3,275,901,000 in 2022 to PKR 4,908,079,000 in 2025.
• Earnings per unit increased from PKR 1.47 in 2022 to PKR 2.21 in 2025.
• Dividend per unit rose from PKR 1.50 in 2022 to PKR 2.23 in 2025.
• The fair value of investment property increased from PKR 62,821,189,000 in 2022 to PKR 74,755,713,000 in 2025.
• Net asset value per unit grew from PKR 28.79 in 2022 to PKR 34.41 in 2025.

🎯 Investment Thesis

DCR presents a compelling investment opportunity due to its strong financial performance, high occupancy rates, and consistent dividend payouts. The REIT’s strategic assets and Shariah compliance further enhance its appeal. BUY with a price target of PKR 40, representing a 23.8% upside from the current market price. This price target is based on projected earnings growth, dividend yield, and potential for fair value appreciation.