Recent Research

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  FIRST LOOK NOTES

  20 May 2025

  RAK Ceramics

  BUY

  Last Closing Price

  2.43

  Target Price

  3.45

  Upside (%)

  +41.98%

  UAE Equity Research - RAK Ceramics 1Q25 - First Look Note

  Gross margin improved 33 bps YOY to 39.7% in 1Q25 due to margin expansion in the Tiles and Sanitaryware segment, partially offset by a decline in the Faucets margin. Incurred AED 8.4 Mn on the transformation of Kludi Group in 1Q25. Tiles & Sanitaryware Segment revenue remains marginally lower due to decline in regions outside the GCC.

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  EARNINGS CALL INSIGHT

  19 May 2025

  RAK Ceramics

  BUY

  Last Closing Price

  2.45

  Target Price

  3.45

  Upside (%)

  +40.82%

  UAE Equity Research - RAK Ceramics (RAKCEC) 1Q25 - Earnings Call Insight

  Rak Ceramics revenue declined 0.7% YOY to AED 777 Mn in 1Q25, primarily due to currency depreciation of Euro, Bangladesh Taka (BDT) and Indian Rupee (INR) against USD. The decline in revenue is mainly due to a slowdown in revenue across all segments except the Tiles Segment.

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  FIRST LOOK NOTES

  25 Feb 2025

  RAK Ceramics

  BUY

  Last Closing Price

  2.54

  Target Price

  3.45

  Upside (%)

  +35.83%

  UAE Equity Research - RAK Ceramics (RAKCEC) 4Q24 - First Look Note

  Net debt declined from AED 1.56 Bn in 3Q24 to AED 1.39 Bn in 4Q24, while net debt to EBITDA ratio declined from 2.61x in 3Q24 to 2.35x in 4Q24. RAKCEC's working capital declined from AED 1.53 Bn in 3Q24 to AED 1.43 Bn in 4Q24.

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  FIRST LOOK NOTES

  26 Nov 2024

  RAK Ceramics

  BUY

  Last Closing Price

  2.45

  Target Price

  3.55

  Upside (%)

  +44.90%

  UAE Equity Research - RAK Ceramics (RAKCEC) 3Q24 - First Look Note

  Revenue fell 4.1% YOY to AED 803 Mn in 3Q24 due to ongoing geopolitical tension, market volatility, higher interest rates, political unrest in Bangladesh and currency devaluation. Gross margins grew 247 bps YOY to 41.2% in 3Q24 due to favorable product mix.

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  FIRST LOOK NOTES

  12 Oct 2024

  RAK Ceramics

  BUY

  Last Closing Price

  2.40

  Target Price

  3.80

  Upside (%)

  +58.33%

  Rising geopolitical tensions and lower sales volumes impact profitability

  Gross margins grew 113 bps YOY to 39.6% in 2Q24.

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• 

  FIRST LOOK NOTES

  21 May 2024

  RAK Ceramics

  BUY

  Last Closing Price

  2.52

  Target Price

  3.80

  Upside (%)

  +50.79%

  Growth in margins despite challenging macroeconomic conditions

  Gross and EBITDA margins grew 68 bps YOY and 151 bps YOY to 39.3% and 19.3% respectively in 1Q24.

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