DCR - FoxLogica

📈 DCR: BUY Signal (7/10) – Corporate Briefing Session FY 2025 Presentation

⚡ 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.

Signal: BUY 📈

Strength: 7/10

Sentiment: POSITIVE

Time Horizon: MEDIUM_TERM

📌 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.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 27, 2025

announcements DCR Signal: HOLD

⏸️ DCR: HOLD Signal (5/10) – Corporate Briefing Session 2025 – Dolmen City REIT

⚡ Flash Summary

Dolmen City REIT (DCR) will hold a corporate briefing session on November 28, 2025, to discuss the Scheme’s profile and performance for the year ended June 30, 2025. The session will be conducted via Zoom, and registration details are available through a provided link. The management company will discuss the REIT’s financial performance and outlook, followed by a Q&A session. Market participants and TRE certificate holders are encouraged to attend.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🗓️ Corporate Briefing Session (CBS) of Dolmen City REIT (DCR) for FY25.
📅 Date: Friday, November 28, 2025.
⏰ Time: 10:30 a.m. PKT.
💻 The CBS will be held via Zoom video conference.
🔗 Registration details will be provided via a link.
🏢 The Management Company will discuss the Scheme’s financial performance.
🔮 Discussion of the REIT’s outlook.
❓ A Q&A session will follow the presentation.
✉️ Contact Corporate Compliance Department for any queries.
📧 Email for queries: reit@arifhabibdolmenreit.com
🌐 More information available at www.arifhabibdolmenreit.com

🎯 Investment Thesis

HOLD. A final recommendation cannot be made until after the corporate briefing session on November 28, 2025. Investors should listen to the presentation, review the financial data, and assess the forward guidance to reach a decision.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 25, 2025

announcements DCR Signal: HOLD

⏸️ DCR: HOLD Signal (5/10) – DCR | Dolmen City REIT Board Meeting

⚡ Flash Summary

Arif Habib Dolmen REIT Management Limited has announced that the Board of Directors will convene a meeting on Wednesday, October 29, 2025, at 03:30 p.m. at Arif Habib Centre, Karachi. The purpose of the meeting is to consider and approve the condensed interim financial statements for the quarter ended September 30, 2025. In compliance with regulations, a closed period has been determined from October 23, 2025, to October 29, 2025, prior to any announcement related to the Scheme.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📅 Board meeting scheduled for October 29, 2025.
🏢 Meeting will be held at Arif Habib Centre in Karachi.
💰 Purpose: To consider and approve interim financial statements.
🗓️ Financial statements are for the quarter ended September 30, 2025.
🔒 Closed period in effect from October 23 to October 29, 2025.
📜 Closed period due to upcoming financial announcement.
🏛️ Meeting complies with Clause 5.6.4 of Pakistan Stock Exchange rules.
📢 Members of the Exchange to be informed accordingly.
💼 Razi Haider, CFO & Company Secretary, signed the announcement.

🎯 Investment Thesis

A ‘HOLD’ recommendation is appropriate at this time, as the announcement provides no new information that would alter an existing investment strategy. The meeting’s purpose is to approve routine interim financial statements. A more informed decision will be possible after reviewing the approved financial statements. No specific price target can be determined based on this announcement.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements DCR Signal: HOLD

⏸️ DCR: HOLD Signal (6/10) – Transmission of Annual Report for the Year Ended June 30, 2025

⚡ Flash Summary

Dolmen City REIT (DCR) reported a strong operational performance in its Annual Report for the year ended June 30, 2025. The REIT achieved an impressive occupancy rate of 98.5%, up from 97.48% the previous year. Rental income increased significantly, and the REIT successfully maintained its position as a leading retail and lifestyle destination. The board declared a final cash dividend of PKR 0.63 per unit, bringing the total dividend for FY25 to PKR 2.23 per unit.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: POSITIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🏆 DCR’s occupancy rate reached 98.5% in FY25, increasing from 97.48% in FY24.
📈 Rental income grew to PKR 5,780.50 million, up from PKR 5,078.58 million in FY24.
🛍️ Marketing income rose to PKR 94.116 million, from PKR 80.02 million in FY24.
🏦 Profit on Shariah-compliant bank deposits declined to PKR 211.56 million, from PKR 338.95 million in FY24.
💸 Administrative, operating, and other expenses totaled PKR 1,178.09 million, up from PKR 982.52 million in FY24.
📊 The fund size increased to PKR 76.52 billion, from PKR 73.19 billion in FY24.
⭐ Net Asset Value (NAV) stood at PKR 34.41 per unit.
✨ The stock price traded at a 21.50% discount to NAV.
💰 The Board declared a final cash dividend of PKR 0.63 per unit.
🎉 Total dividend for FY25 amounts to PKR 2.23 per unit.
✅ Average monthly footfall increased to 747,797 visitors, up from 722,666 in FY24.
👣 DCR recorded approximately 8.97 million visitors in FY25, an improvement from 8.67 million in FY24.
💯 The Scheme has set the benchmark for the industry
10 yr Key Metrics: Unit price rose from PKR 11.0 to PKR 27.01 (+142%), delivering 276% total return.
AAA, highest credit rating assigned to DCR by VIS credit rating agency

🎯 Investment Thesis

Given the high occupancy rates, growth in revenue and history of paying dividends, a HOLD position is advised. Positive signs are however counterbalanced with sector risks of concentration in Pakistan and general economic factors.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements DCR Signal: BUY

📈 DCR: BUY Signal (8/10) – FINANCIAL RESULTS OF DOLMEN CITY REIT FOR THE QUARTER ENDED SEPTEMBER 30, 2025

⚡ Flash Summary

Dolmen City REIT (DCR) reported strong financial results for the quarter ended September 30, 2025, with distributable profit increasing to PKR 1.385 billion from PKR 1.113 billion in the same period last year. The REIT maintained a high occupancy rate of 98% across its Dolmen Mall Clifton and Harbour Front properties. Earnings per unit (basic and diluted) increased to PKR 0.6229 from PKR 0.5005 year over year. DCR’s Net Asset Value (NAV) stands at PKR 34.40 per unit, with the unit trading at a 6.72% discount.

Signal: BUY 📈

Strength: 8/10

Sentiment: POSITIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🎉 Distributable profit increased significantly to PKR 1.385 billion, a notable rise from PKR 1.113 billion in Q1 2024.
🏢 Maintained a high occupancy rate of 98% across Dolmen Mall Clifton and Harbour Front.
📈 Earnings per unit (basic and diluted) surged to PKR 0.6229, compared to PKR 0.5005 in the prior year.
💰 Declared an interim cash dividend of PKR 0.63 per unit for the quarter ending September 30, 2025.
📊 Net Asset Value (NAV) stands at PKR 34.40 per unit.
🛒 Dolmen Mall Clifton’s leasable area is 542,847 sq.ft., with a 97.7% occupancy rate.
🏢 The Harbour Front maintains 100% occupancy across its 257,162 sq.ft. leasable area.
⭐ Total return on investment increased by 3.06x, from 6.91% in Q1 FY2025 to 21.19% in Q1 FY2026.
🛍️ Rental income increased to PKR 1.533 billion from PKR 1.286 billion year-over-year.
📉 Administrative and impairment expenses decreased from PKR 304.922 million to PKR 172.281 million.
Footfall at Dolmen City remained high, averaging between 25,000 to 29,000 customers per day.
✅ Shariah compliance has been confirmed by the Shariah advisor.
⚖️ DCR unit trades at a 6.72% discount to its NAV.
✔️ Weighted Average Lease Expiry (WALE) for Dolmen City Mall is approximately 2.40 years.
🏢 Weighted Average Lease Expiry (WALE) for Harbour Front is approximately 4.13 years.

🎯 Investment Thesis

BUY. Dolmen City REIT presents a compelling investment opportunity due to its strong financial performance, high occupancy rates, and a discounted valuation relative to its NAV. The increase in distributable profit and dividend payout reflects the REIT’s improved operational efficiency and profitability. The robust footfall and strategic location of Dolmen Mall Clifton and Harbour Front position DCR favorably in the competitive real estate market. It is expected that the growth trend to continue as Pakistan’s economy expands.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 7, 2025

announcements DCR Signal: HOLD

⏸️ DCR: HOLD Signal (5/10) – Transmission of Quarterly Report for the Period Ended September 2025

⚡ Flash Summary

DCR announced: Transmission of Quarterly Report for the Period Ended September 2025. Basic analysis suggests neutral sentiment. Professional review recommended.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

DCR made announcement: Transmission of Quarterly Report for the Period Ended September 2025
Automated analysis: HOLD signal detected
Signal strength: 5/10
This is basic analysis – manual review recommended
Professional CFA analysis unavailable

🎯 Investment Thesis

Basic HOLD indication for DCR. Manual verification required.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements DCR Signal: HOLD

⏸️ DCR: HOLD Signal (6/10) – Credit of Interim Cash Dividend

⚡ Flash Summary

Arif Habib Dolmen REIT Management Limited announced an interim cash dividend of Re. 0.83 per unit, representing 6.3% of Dolmen City REIT’s (the Scheme) earnings for the quarter ended September 30, 2025. The dividend has been credited electronically to the designated bank accounts of unit-holders on November 04, 2025. Note that dividend payments to unit-holders who haven’t provided their valid IBAN or CNICs have been withheld pursuant to Regulation 6 of the Companies (Distribution of Dividends) Regulations, 2017. These dividends shall be dealt with in accordance with the applicable laws and regulations and directives of SECP.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: POSITIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

💰 Interim cash dividend declared: Re. 0.83 per unit.
📅 Dividend relates to: Quarter ended September 30, 2025.
💸 Dividend represents: 6.3% of Dolmen City REIT’s earnings.
🏦 Dividend credited: Electronically to unit-holders’ bank accounts.
🗓️ Credit date: November 04, 2025.
⚠️ Payment withheld: For unit-holders without valid IBAN or CNICs.
📜 Regulation compliance: Adherence to Regulation 6 of Companies (Distribution of Dividends) Regulations, 2017.
🏛️ Regulatory oversight: Subject to laws and directives of SECP.
🏢 Scheme name: Dolmen City REIT.
📝 Announcement date: November 05, 2025.

🎯 Investment Thesis

Based solely on this announcement, a HOLD recommendation is appropriate. The dividend distribution is a positive signal, but a complete assessment needs to analyze the overall financials, asset quality, and market position. Price target requires further analysis of NAV and market trends.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 6, 2025

announcements DCR Signal: BUY

📈 DCR: BUY Signal (7/10) – DECLARATION OF INTERIM DIVIDEND OF DOLMEN CITY REIT FOR THE QUARTER ENDED SEPTEMBER 30, 2025

⚡ Flash Summary

Arif Habib Dolmen REIT Management Limited announced an interim cash dividend of Re. 0.63 per unit for the quarter ended September 30, 2025. This translates to a 6.3% dividend for the quarter and an annualized yield of 25.2%. The dividend will be paid to unit holders registered as of October 21, 2025. The share transfer books will be closed from October 22, 2025, to October 24, 2025, for determining entitlement.

Signal: BUY 📈

Strength: 7/10

Sentiment: POSITIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

💰 Interim cash dividend declared: Re. 0.63 per unit.
📈 Quarterly dividend yield: 6.3%.
📅 Annualized dividend yield: 25.2%.
🗓️ Quarter ended: September 30, 2025.
✅ Dividend approved by the Board of Directors.
🧾 Record date: October 21, 2025.
🔒 Share transfer books closure: October 22-24, 2025.
🏢 Management Company: Arif Habib Dolmen REIT Management Limited.
📍 Meeting location: Arif Habib Centre, Karachi.
📜 Dividend will be paid to registered Unit Holders.

🎯 Investment Thesis

Based on the attractive dividend yield of 25.2% annualized, a BUY recommendation is warranted for Dolmen City REIT. The dividend provides a strong return for investors seeking income. A price target should be based on a discounted cash flow analysis considering future rental income and potential growth. Time horizon: Medium Term.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 10, 2025

announcements DCR Signal: HOLD

⏸️ DCR: HOLD Signal (5/10) – BOARD MEETING / CLOSED PERIOD

⚡ Flash Summary

Arif Habib Dolmen REIT Management Limited has announced a board meeting to be held on Friday, October 10, 2025, at 02:30 p.m. at Arif Habib Centre in Karachi. The purpose of the meeting is to consider and approve the distribution of an interim dividend, if any, for the quarter ended September 30, 2025. The company has also declared a closed period from October 4, 2025, to October 10, 2025, prior to any announcement regarding the Scheme.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🗓️ Board meeting scheduled for October 10, 2025.
🏢 Meeting will be held at Arif Habib Centre, Karachi.
🕒 Meeting time is 02:30 p.m.
💰 Purpose is to consider interim dividend distribution.
📅 Dividend consideration for quarter ended September 30, 2025.
🔒 Closed period declared from October 4, 2025, to October 10, 2025.
🚫 No announcements will be made during the closed period.
📜 Compliance with clause 5.6.4 of Pakistan Stock Exchange Limited Rule Book.
ℹ️ Information is being shared with members of the Exchange.
🤝 The announcement is made by Arif Habib Dolmen REIT Management Limited.

🎯 Investment Thesis

HOLD. Given the announcement’s nature, which mainly concerns an upcoming board meeting to discuss interim dividends, there’s no compelling reason to change our investment stance. The absence of financial data prevents a thorough analysis necessary for a BUY or SELL decision. The focus is now on the outcome of the board meeting, specifically whether or not an interim dividend will be announced.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 6, 2025