Recent Research

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  FIRST LOOK NOTES

  26 May 2025

  GFH Financial Group (GFH)

  BUY

  Last Closing Price

  1.12

  Target Price

  1.50

  Upside (%)

  +33.93%

  UAE Equity Research - GFH Financial Group (GFH) 1Q25 - First Look Note

  Assets under management increased from USD 21.7 Bn in 4Q24 to USD 22.6 Bn in 1Q25. The Company’s core business, Investment Banking, continued to grow strongly, contributing 39% of the total income in 1Q25 compared to 28% in 1Q24.

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• 

  FIRST LOOK NOTES

  07 Mar 2025

  GFH Financial Group (GFH)

  BUY

  Last Closing Price

  1.14

  Target Price

  1.50

  Upside (%)

  +31.58%

  UAE Equity Research - GFH Financial Group (GFH) 4Q24 - First Look Note

  Investment banking segment completed 13 deals in 2024. Total AUM increased to USD 22 Bn in 2024 from USD 20 Bn in 2023. Partnerships with leading acquired asset managers in the UK and US, providing access to high-potential investment opportunities. Solid liquidity with 48% of assets in cash and the treasury portfolio.

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• 

  FIRST LOOK NOTES

  04 Dec 2024

  GFH Financial Group (GFH)

  BUY

  Last Closing Price

  1.20

  Target Price

  1.45

  Upside (%)

  +20.83%

  UAE Equity Research - GFH Financial Group (GFH) 3Q24 - First Look Note

  Investment banking segment completed four deals in 3Q24. Total AUMs and assets stood at USD 21.2 Bn in 3Q24. Co-investing in a European maritime ship leasing platform along with Hayfin Capital Management committing an investment of USD 50 Mn in 3Q24 and with Blackstone in a renewable energy platform in the US.

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  FIRST LOOK NOTES

  12 Oct 2024

  GFH Financial Group (GFH)

  BUY

  Last Closing Price

  1.22

  Target Price

  1.45

  Upside (%)

  +18.85%

  Higher-income from treasury and proprietary and commercial banking segments boosted profitability

  GFH’s total treasury and proprietary investment recorded strong performance as it grew from USD 37 Mn in 2Q23 to USD 94 Mn in 2Q24, representing 55.2% of total income in 2Q24.

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• 

  FIRST LOOK NOTES

  05 Dec 2023

  GFH Financial Group (GFH)

  BUY

  Last Closing Price

  0.91

  Target Price

  1.30

  Upside (%)

  +42.86%

  Robust growth in Investment Banking income drove profitability

  GFH reported more than double growth in Investment Banking revenue due to solid growth in deal-related income driven by closing transactions of US opportunistic Fund, Student Housing Fund, Saudi Food Logistics Fund in 3Q23. GHF maintained healthy capitalization with a CET 1 ratio of 14.7% and capital adequacy ratio of 15.6% in 3Q23. GFH’s total assets rose 2.0% QOQ and 17.1% YOY to USD 10.5 Bn in 3Q23 whereas AUM’s increased 9.8% QOQ and 25.9% YOY to USD 9.3 Bn in 3Q23. According to GFH’s strate

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• 

  FIRST LOOK NOTES

  11 Sep 2023

  GFH Financial Group (GFH)

  BUY

  Last Closing Price

  0.98

  Target Price

  1.30

  Upside (%)

  +32.65%

  Robust growth in investment banking and real estate income drove profitability

  GFH reported doubled growth in income and profitability due to healthy contributions from the core business lines. GFH generated USD 39.2 Mn income from investment activities in 2Q23 as it placed the Healian regional healthcare platform in addition to the placement of GCC Logistics Fund and US Opportunistic Fund. Launched GFH Partners, a fully-owned subsidiary to grow and expand global asset management capabilities primarily in the real estate sector. It manages over USD 6 Bn of AUM in the real

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