Recent Research

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  FIRST LOOK NOTES

  06 Nov 2026

  Dubai Financial Market (DFM)

  BUY

  Last Closing Price

  1.27

  Target Price

  2.00

  Upside (%)

  +57.48%

  UAE Equity Research - Dubai Financial Market PJSC (DFM) 3Q26 - First Look Note

  Total traded value decreased 11.5% YOY to AED 42.5 Bn during 3Q26. DFM added 55,460 new investors during 9M26, of which 72% were international investors, bringing the total investor base to over 1.3 Mn. It added 12,596 investors during 3Q26 compared to 22,162 investors in 2Q26.

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  EARNINGS CALL INSIGHT

  05 Nov 2026

  Dubai Financial Market (DFM)

  BUY

  Last Closing Price

  1.27

  Target Price

  2.00

  Upside (%)

  +57.48%

  UAE Equity Research - Dubai Financial Market (DFM) 3Q26 - Earnings Call Insight

  Dubai Financial Market’s operating income decreased 11.7% YOY to AED 126 Mn in 3Q26, primarily reflecting a decline in trading commission fees and clearing, settlement & depository fees, partially offset by growth in brokerage fees, listing & market data fees and other fees.

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• 

  FIRST LOOK NOTES

  04 Aug 2026

  Dubai Financial Market (DFM)

  BUY

  Last Closing Price

  1.44

  Target Price

  2.00

  Upside (%)

  +38.89%

  UAE Equity Research - Dubai Financial Market PJSC (DFM) 2Q26 - First Look Note

  DFM’s earnings from Clearing, Settlement & Depository fees rose from AED 36 Mn in 2Q25 to AED 54 Mn in 2Q26, reflecting higher trading activity. Added 42,864 new investors in 1H26, with 71.4% comprising international investors, reflecting strong international participation.

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• 

  EARNINGS CALL INSIGHT

  03 Feb 2026

  Dubai Financial Market (DFM)

  BUY

  Last Closing Price

  1.66

  Target Price

  1.90

  Upside (%)

  +14.46%

  UAE Equity Research - Dubai Financial Market (DFM) 4Q25 - Earnings Call Insight

  Dubai Financial Market's operating income increased 12.5% YOY to AED 121 Mn in 4Q25, due to strong growth in clearing settlement & depository fees. The Company’s clearing settlement & depository fees grew from AED 5 Mn in 4Q24 to AED 19 Mn in 4Q25, while other fees rose from AED 2 Mn in 4Q24 to AED 3 Mn in 4Q25.

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• 

  FIRST LOOK NOTES

  30 Jan 2026

  Dubai Financial Market (DFM)

  BUY

  Last Closing Price

  1.65

  Target Price

  1.90

  Upside (%)

  +15.15%

  UAE Equity Research - Dubai Financial Market (DFM) 4Q25 - First Look Note

  Average value traded rose 63% YOY to AED 174 Bn in 2025, supported by higher institutional participation and sustained growth in cross-border trading activity. Added 97,394 new investors in 2025, with 84% comprising foreign investors, reflecting strong international participation.

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• 

  FIRST LOOK NOTES

  03 Nov 2025

  Dubai Financial Market (DFM)

  BUY

  Last Closing Price

  1.54

  Target Price

  1.80

  Upside (%)

  +16.88%

  UAE Equity Research - Dubai Financial Market PJSC (DFM) 3Q25 - First Look Note

  DFM’s earnings from trading commission fees rose from AED 46 Mn in 3Q24 to AED 113 Mn in 3Q25, driven by strong trading activities and higher value traded. Added 82,742 new investors in 9M25, with 84% being from foreign investors.

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