Recent Research

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  FIRST LOOK NOTES

  21 Nov 2025

  GFH Financial Group (GFH)

  HOLD

  Last Closing Price

  2.13

  Target Price

  2.05

  Upside (%)

  -3.76%

  UAE Equity Research - GFH Financial Group (GFH) 3Q25 - First Look Note

  Assets under management increased from USD 21.5 Bn in 4Q24 to USD 23.5 Bn in 3Q25. Treasury & Proprietary segment contributed 60.9% of total income, amounting to USD 122 Mn in 3Q25. GFH maintained a healthy NSFR and LCR at 139% and 142%, respectively, during 3Q25.

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  FIRST LOOK NOTES

  02 Sep 2025

  GFH Financial Group (GFH)

  BUY

  Last Closing Price

  1.42

  Target Price

  1.65

  Upside (%)

  +16.20%

  UAE Equity Research - GFH Financial Group (GFH) 2Q25 - First Look Note

  Assets under management increased from USD 21.8 Bn in 4Q24 to USD 23.7 Bn in 1H25. Proprietary & Treasury segment contributed 63.7% of total income, amounting to USD 119 Mn in 2Q25. GFH maintained a healthy NSFR and LCR at 142% and 155%, respectively, during 2Q25.

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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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