Recent Research

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  FIRST LOOK NOTES

  06 May 2025

  Borouge PLC

  BUY

  Last Closing Price

  AED 2.57

  Target Price

  AED 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

  AED 2.58

  Target Price

  AED 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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• 

  FIRST LOOK NOTES

  30 Apr 2025

  Borouge PLC

  BUY

  Last Closing Price

  AED 2.57

  Target Price

  AED 2.95

  Upside (%)

  +14.79%

  UAE Equity Research - Borouge PLC 1Q25 - Earnings Flash

  Net profit rose to $281 Mn in 1Q25, a 3% increase from $273 Mn in 1Q24, driven by higher production volumes (up 7% YoY) and record monthly production in March.

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• 

  EARNINGS CALL INSIGHT

  05 Mar 2025

  Borouge PLC

  BUY

  Last Closing Price

  AED 2.50

  Target Price

  AED 2.95

  Upside (%)

  +18.00%

  UAE Equity Research - Borouge PLC 4Q24 - M&A Insight

  ADNOC and OMV have established a binding framework agreement that details the merger of Borouge Plc (Borouge) and Borealis AG (Borealis) to create a new organization called Borouge Group International, positioning it as a prominent global player in polyolefins.

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• 

  FIRST LOOK NOTES

  07 Feb 2025

  Borouge PLC

  BUY

  Last Closing Price

  AED 2.53

  Target Price

  AED 2.95

  Upside (%)

  +16.60%

  UAE Equity Research - Borouge PLC 4Q24 - First Look Note

  Borouge’s PE sales volume rose 10% YOY to 823 thousand tonnes and PP sales volume surged 5% YOY to 640 thousand tonnes in 4Q24. The Company exhibited a utilization rate of 113% for PE and 98% for PP in 4Q24.

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• 

  EARNINGS CALL INSIGHT

  05 Feb 2025

  Borouge PLC

  BUY

  Last Closing Price

  AED 2.57

  Target Price

  AED 2.95

  Upside (%)

  +14.79%

  UAE Equity Research - Borouge PLC 4Q24 - Earnings Call Insight

  Borouge’s revenue grew 8.3% YOY to USD 1.6 Bn in 4Q24, owing to an 8% growth in total sales volume coupled with a marginal increase of 1% in average selling prices. Direct cost rose 8.1% YOY to USD 972 Mn in 4Q24 owing to higher volumes.

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