Recent Research

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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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• 

  FIRST LOOK NOTES

  01 Aug 2025

  Borouge PLC

  ACCUMULATE

  Last Closing Price

  2.64

  Target Price

  2.95

  Upside (%)

  +11.74%

  UAE Equity Research - Borouge PLC 2Q25- First Look Note

  Completed B3 turnaround eight days early, executing 88 debottlenecking projects and Borouge 4 tie-ins, significantly improving asset performance and ensuring six years reliability. PE premia rose to USD 249 per tonne, PP premia hit USD 141 per tonne, both exceeding targets, supported by product differentiation, market reallocation, and commercial discipline.

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• 

  EARNINGS CALL INSIGHT

  31 Jul 2025

  Borouge PLC

  ACCUMULATE

  Last Closing Price

  2.64

  Target Price

  2.95

  Upside (%)

  +11.74%

  UAE Equity Research - Borouge PLC 2Q25 - Earnings Call Insight

  Borouge's revenue declined 13.2% YOY to USD 1.3 Bn in 2Q25, primarily due to planned maintenance at Borouge 3, partially offset by c. 140 kt of inventory sales. Direct cost declined marginally 0.9% YOY to USD 0.9 Bn in 2Q25, owing to lower feedstock costs partially offset by an increase in other variable and fixed production costs primarily due to inventory impact in the quarter.

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• 

  FIRST LOOK NOTES

  06 May 2025

  Borouge PLC

  BUY

  Last Closing Price

  2.57

  Target Price

  2.95

  Upside (%)

  +14.79%

  UAE Equity Research - Borouge PLC 1Q25 - First Look Note

  PE sales volume rose 8% YOY to 740 thousand tonnes, and PP sales volume surged 13% YOY to 506 thousand tonnes in 1Q25. The Company exhibited a utilization rate of 101% for PE and 98% for PP in 1Q25.

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• 

  EARNINGS CALL INSIGHT

  01 May 2025

  Borouge PLC

  BUY

  Last Closing Price

  2.58

  Target Price

  2.95

  Upside (%)

  +14.34%

  UAE Equity Research - Borouge PLC 1Q25 - Earnings Call Insight

  Borouge's revenue grew 9.0% YOY to USD 1.4 Bn in 1Q25, owing to a 10.0% YOY growth in total sales volume, partially offset by a 4.0% YOY decline in average PE selling price. Direct cost rose 15.9% YOY to USD 846 Mn in 1Q25 owing to an increase in sales volumes.

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