Recent Research

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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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• 

  FIRST LOOK NOTES

  07 Nov 2024

  Borouge PLC

  BUY

  Last Closing Price

  AED 2.53

  Target Price

  AED 2.95

  Upside (%)

  +16.60%

  UAE Equity Research - Borouge PLC 3Q24 - First Look Note

  • Management expects its premium over the benchmark prices to stay c. USD 200 per tonne for PE and c. USD 140 per tonne for PP in the upcoming period. Utilization of PE and PP stood at 106% and 109% in 3Q24, while the OCU plant will be utilized at a higher capacity rate. The planned maintenance of Borouge 3 in 2Q25 is expected to impact production capacity by 320 thousand tonnes.

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• 

  FIRST LOOK NOTES

  12 Oct 2024

  Borouge PLC

  BUY

  Last Closing Price

  AED 2.41

  Target Price

  AED 2.95

  Upside (%)

  +22.41%

  Strong growth in sales and production volume supported profitability

  Management expects its premium over the benchmark prices to stay c. USD 200 per tonne for PE and c. USD 140 per tonne for PP in the upcoming period.

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• 

  FIRST LOOK NOTES

  08 May 2024

  Borouge PLC

  BUY

  Last Closing Price

  AED 2.46

  Target Price

  AED 2.95

  Upside (%)

  +19.92%

  A substantial decline in direct cost boosted profitability

  Borouge Plc (Borouge/the company) net profit rose 36.8% YOY to USD 271 Mn in 1Q24, higher than our estimate of USD 215 Mn.

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