Recent Research

• 

  FIRST LOOK NOTES

  24 Jul 2026

  Emirates Integrated Telecommun...

  HOLD

  Last Closing Price

  12.02

  Target Price

  12.50

  Upside (%)

  +3.99%

  UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 2Q26 - First Look Note

  Emirates Integrated Telecommunications Co. PJSC (DU/The Company) reported a 9.8% YOY increase in net profit to AED 798 Mn in 2Q26, slightly higher than our estimate of AED 762 Mn. The increase in net profit is primarily driven by higher revenue and lower direct costs, partially offset by higher operating expenses (excl. D&A), coupled with an increase in depreciation, amortization expense, federal royalty and income tax charges.

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• 

  EARNINGS CALL INSIGHT

  24 Jul 2026

  Emirates Integrated Telecommun...

  HOLD

  Last Closing Price

  12.10

  Target Price

  12.50

  Upside (%)

  +3.31%

  UAE Equity Research - Emirates Integrated Telecommunications Co PJSC (DU) 2Q26 - Earnings Call Insight

  DU’s revenue increased 4.6% YOY to AED 4.1 Bn in 2Q26, driven by continued growth in Mobile, Fixed, and Wholesale revenues, partially offset by lower ICT revenues. Net profit increased 9.8% YOY to AED 798 Mn in 2Q26, driven by higher revenue and lower direct costs.

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• 

  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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