Recent Research

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  FIRST LOOK NOTES

  07 May 2025

  ADNOC Gas

  BUY

  Last Closing Price

  AED 3.27

  Target Price

  AED 3.93

  Upside (%)

  +20.18%

  UAE Equity Research - ADNOC Gas 1Q25 - First Look Note

  ADNOCGAS’s total sales volume increased 1.3% YOY to 902 TBTU in 1Q25, despite maintenance activity. The Company anticipates more shutdowns for the remainder of 2025, including two major ones related to tie-ins for new growth projects.

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  EARNINGS CALL INSIGHT

  06 May 2025

  ADNOC Gas

  BUY

  Last Closing Price

  AED 3.27

  Target Price

  AED 3.93

  Upside (%)

  +20.18%

  UAE Equity Research - ADNOC Gas PLC 1Q25 - Earnings Call Insight

  Revenue increased 2.4% YOY to USD 4,670 Mn in 1Q25, driven by higher sales volumes, well-managed shutdowns, and favorable LNG and LPG pricing market conditions. Total sales volume rose 1.3% YOY to 902 trillion British thermal units (TBTU) in 1Q25.

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• 

  FIRST LOOK NOTES

  27 Feb 2025

  ADNOC Gas

  BUY

  Last Closing Price

  AED 3.43

  Target Price

  AED 3.93

  Upside (%)

  +14.58%

  UAE Equity Research - ADNOC Gas PLC 4Q24 - First Look Note

  ADNOCGAS’s total sales volume (excluding ADNOCGAS LNG JV) declined 4.7% YOY to 869 TBTU in 4Q24. The Company expects lower sales volume in 1Q25 primarily due to planned shutdowns to maintain asset integrity and extend asset life.

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• 

  EARNINGS CALL INSIGHT

  07 Feb 2025

  ADNOC Gas

  BUY

  Last Closing Price

  AED 3.50

  Target Price

  AED 3.93

  Upside (%)

  +12.29%

  UAE Equity Research - Adnoc Gas 4Q24 - Earnings Call Insight

  Revenue fell 4.3% YOY to USD 4,771 Mn in 4Q24, due to lower production volumes attributable to planned shutdowns. Total sales volume fell 4.7% YOY to 869 trillion British thermal units (TBTU) in 4Q24. Domestic gas volume declined 3.7% YOY to 567 TBTU in 4Q24. Exports and Traded liquids volume fell to 235 TBTU in 4Q24 compared to 257 TBTU in 4Q23.

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• 

  FIRST LOOK NOTES

  14 Nov 2024

  ADNOC Gas

  BUY

  Last Closing Price

  AED 3.35

  Target Price

  AED 3.93

  Upside (%)

  +17.31%

  UAE Equity Research - ADNOC Gas 3Q24 - First Look Note

  ADNOCGAS’s total production volume (excluding ADNOCGAS LNG JV) declined 2.1% YOY to 876 TBTU in 3Q24. ADNOCGAS increased its guidance for export & traded liquid sales volume from 940-960 TBTU to 970-990 TBTU and for LNG JV products from 240-260 TBTU to 250-270 TBTU in 2024.

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• 

  FIRST LOOK NOTES

  12 Oct 2024

  ADNOC Gas

  BUY

  Last Closing Price

  AED 3.11

  Target Price

  AED 3.93

  Upside (%)

  +26.37%

  Strong revenue growth amid favorable pricing boosted profitability

  ADNOCGAS’s total production volume (excluding ADNOCGAS LNG JV) grew 2.2% YOY to 846 TBTU in 2Q24, driven by an increase in export & trading liquids volume partially offset by a marginal decline in domestic gas volume.

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