Recent Research

• 

  FIRST LOOK NOTES

  24 Apr 2026

  Emirates Integrated Telecommun...

  ACCUMULATE

  Last Closing Price

  10.48

  Target Price

  11.50

  Upside (%)

  +9.73%

  UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 1Q26 - First Look Note

  Du's mobile subscriber base grew 6.1% YOY to 9.7 Mn in 1Q26, due to steady growth across both prepaid & postpaid segments. January–February recorded strong growth, outperforming full-year guidance, driven by robust demand and strong commercial momentum.

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• 

  EARNINGS CALL INSIGHT

  24 Apr 2026

  Emirates Integrated Telecommun...

  ACCUMULATE

  Last Closing Price

  10.48

  Target Price

  11.50

  Upside (%)

  +9.73%

  UAE Equity Research - Emirates Integrated Telecommunications Co PJSC (DU) 1Q26 - Earnings Call Insight

  DU’s revenue increased 6.9% YOY to AED 4.1 Bn in 1Q26, driven by strong performance across Mobile, Fixed, and ICT services, partially offset by a decline in Wholesale revenues. Mobile Services revenue grew 7.2% YOY to AED 1.8 Bn in 1Q26, supported by subscriber base growth and a favourable mix shift toward postpaid.

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• 

  FIRST LOOK NOTES

  12 Feb 2026

  Emirates Integrated Telecommun...

  HOLD

  Last Closing Price

  11.05

  Target Price

  11.50

  Upside (%)

  +4.07%

  UAE Equity Research - Emirates Integrated Telecommunications Co PJSC (DU) - 4Q25 First Look Note

  Prepaid subscribers increased 8.6% YOY to 7.7 Mn, while Postpaid subscribers rose 9.9% YOY to 2.0 Mn in 4Q25.The Company’s fixed subscriber base expanded 7.8% YOY to 735K in 4Q25.

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• 

  EARNINGS CALL INSIGHT

  11 Feb 2026

  Emirates Integrated Telecommun...

  HOLD

  Last Closing Price

  10.90

  Target Price

  11.50

  Upside (%)

  +5.50%

  UAE Equity Research - Emirates Integrated Telecommunications Co PJSC (DU) 4Q25 - Earnings Call Insight

  DU’s revenue grew 10.6% YOY to AED 4.3 Bn in 4Q25, primarily driven by strong growth across Mobile, Fixed and Wholesale businesses. Mobile Services revenue rose 8.6% YOY to AED 1.8 Bn in 4Q25, driven by continued expansion of the subscriber base and a favorable mix of prepaid and postpaid subscriber.

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• 

  FIRST LOOK NOTES

  27 Oct 2025

  Emirates Integrated Telecommun...

  ACCUMULATE

  Last Closing Price

  9.18

  Target Price

  10.25

  Upside (%)

  +11.66%

  UAE Equity Research - Emirates Integrated Telecommunications Co PJSC (DU) 3Q25 - First Look Note

  Strong commercial performance across B2B and B2C segments with an expanded partnership pipeline, including recent agreements announced at GITEX. Continued expansion of the ICT business was highlighted by the launch of the AI park ecosystem. Revenue rose 7.9% YOY to AED 3,872 Mn in 3Q25, due to robust growth across all segments.

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• 

  EARNINGS CALL INSIGHT

  27 Oct 2025

  Emirates Integrated Telecommun...

  ACCUMULATE

  Last Closing Price

  9.18

  Target Price

  10.25

  Upside (%)

  +11.66%

  UAE Equity Research - Emirates Integrated Telecommunications Co PJSC (DU) 3Q25 - Earnings Call Insight

  DU’s revenue grew 7.9% YOY to AED 3.9 Bn in 3Q25, primarily driven by a strong growth across Mobile, Fixed and ICT businesses. Mobile Services revenue rose 8.4% YOY to AED 1.8 Bn in 3Q25, driven by continued expansion of the subscriber base and a favorable mix of prepaid and postpaid subscriber.

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