Recent Research

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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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  FIRST LOOK NOTES

  06 Aug 2025

  Dubai Financial Market (DFM)

  HOLD

  Last Closing Price

  1.72

  Target Price

  1.80

  Upside (%)

  +4.65%

  UAE Equity Research - Dubai Financial Market PJSC (DFM) 2Q25 - First Look Note

  DFM’s trading commission fees rose from AED 44 Mn in 2Q24 to AED 124 Mn in 2Q25, driven by strong trading activities and higher trading value. The Company saw addition of 53,655 new investors in 1H25, with 84% being from foreign investors.

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• 

  FIRST LOOK NOTES

  07 May 2025

  Dubai Financial Market (DFM)

  HOLD

  Last Closing Price

  1.44

  Target Price

  1.50

  Upside (%)

  +4.17%

  UAE Equity Research - Dubai Financial Market PJSC (DFM) 1Q25 - First Look Note

  DFM’s trading commission fees rose 51.3% YOY to AED 73 Mn in 1Q25, and the dividend income grew significantly from AED 29 Mn in 1Q24 to AED 48 Mn in 1Q25. DFM’s cost-to-income ratio improved from 35.5% in 1Q24 to 27.7% in 1Q25.

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