Recent Research

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  FIRST LOOK NOTES

  03 Aug 2026

  Borouge PLC

  BUY

  Last Closing Price

  2.40

  Target Price

  2.95

  Upside (%)

  +22.92%

  UAE Equity Research - Borouge PLC 2Q26 - First Look Note

  Polyethylene (PE) premia over benchmark increased 75.9% YOY to USD 438 per tonne in 2Q26, while Polypropylene (PP) premia over benchmark price doubled YOY to USD 282 per tonne in 2Q26. Capital expenditure rose from USD 48 Mn in 1Q26 to USD 114 Mn in 2Q26, reflecting capitalised repair and restoration costs at the Ruwais complex.

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• 

  EARNINGS CALL INSIGHT

  03 Aug 2026

  Borouge PLC

  BUY

  Last Closing Price

  2.40

  Target Price

  2.95

  Upside (%)

  +22.92%

  UAE Equity Research - Borouge PLC 2Q26 - Earnings Call Insight

  Borouge's revenue increased 7.7% YOY to USD 1.4 Bn in 2Q26, driven by an increase in blended average selling prices amid tight global polyolefins market conditions, partially offset by decline in sales volumes along with production volumes following the Ruwais asset damage and Strait of Hormuz-related disruption.

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• 

  FIRST LOOK NOTES

  09 Feb 2026

  Borouge PLC

  ACCUMULATE

  Last Closing Price

  2.59

  Target Price

  2.95

  Upside (%)

  +13.90%

  UAE Equity Research - Borouge PLC 4Q25 - First Look Note

  Recorded highest ever volume production of 1,643 thousand tonnes in 4Q25. Cash conversion declined from 93% in 3Q25 to 84% in 4Q25. Capital expenditure rose from USD 40 Mn in 3Q25 to USD 98 Mn in 4Q25.

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• 

  EARNINGS CALL INSIGHT

  09 Feb 2026

  Borouge PLC

  ACCUMULATE

  Last Closing Price

  2.59

  Target Price

  2.95

  Upside (%)

  +13.90%

  UAE Equity Research - Borouge PLC 4Q25 - Earnings Call Insight

  Borouge's revenue increased 3.4% YOY to USD 1.7 Bn in 4Q25, due to an increase in sales volume partially offset by a decline in average realized price for PE and PP.

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• 

  FIRST LOOK NOTES

  31 Oct 2025

  Borouge PLC

  BUY

  Last Closing Price

  2.50

  Target Price

  2.95

  Upside (%)

  +18.00%

  UAE Equity Research - Borouge PLC 3Q25 - First Look Note

  Recorded highest ever volume production of 1,390 thousand tonnes in 3Q25. Cash conversion increased from 71% in 2Q25 to 93% in 3Q25. Capital expenditure declined from USD 130 Mn in 2Q25 to USD 40 Mn in 3Q25.

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• 

  EARNINGS CALL INSIGHT

  30 Oct 2025

  Borouge PLC

  BUY

  Last Closing Price

  2.54

  Target Price

  2.95

  Upside (%)

  +16.14%

  UAE Equity Research - Borouge PLC 3Q25 - Earnings Call Insight

  Borouge's revenue declined 9.5% YOY to USD 1.5 Bn in 3Q25, due to a decline in both sales volume and average realized price for PE and PP. Direct cost declined 8.2% YOY to USD 840 Mn in 3Q25, owing to a decline in feedstock cost and lower other variable and fixed production costs.

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