Recent Research

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  FIRST LOOK NOTES

  14 Nov 2024

  Dubai Taxi Company

  ACCUMULATE

  Last Closing Price

  AED 2.64

  Target Price

  AED 3.00

  Upside (%)

  +13.64%

  UAE Equity Research - Dubai Taxi Company (DTC) 3Q24 - First Look Note

  DTC recorded a 5.0% YOY increase in the Taxi and Limousines segment trips to 12.2 Mn during 3Q24, out of which the taxi segment accounted for 12.0 Mn trips. Signed a strategic partnership with Bolt with exclusive operational rights to offer e-hailing services for 20 years in the UAE.

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  EARNINGS CALL INSIGHT

  11 Nov 2024

  Dubai Taxi Company

  ACCUMULATE

  Last Closing Price

  AED 2.72

  Target Price

  AED 3.00

  Upside (%)

  +10.29%

  UAE Equity Research - Dubai Taxi Company (DTC) 3Q24 - Earnings Call Insight

  DTC’s revenue grew 11.0% YOY to AED 507 Mn in 3Q24 owing to growth across taxi, buses, and delivery bikes segments partially offset by a decline in Limousine revenue. DTC recorded a 5.0% YOY increase in the Taxi and Limousines segment trips that reached 12.2 Mn during 3Q24, out of which the taxi segment accounted for 12.0 Mn trips

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  FIRST LOOK NOTES

  29 Jul 2024

  Dubai Taxi Company

  BUY

  Last Closing Price

  AED 2.32

  Target Price

  AED 2.75

  Upside (%)

  +18.53%

  Higher finance cost and operating expenses impacted profitability

  DTC acquired 94 taxi licenses in the recent RTA auction and further plans to participate in two upcoming auctions; one in August 2024 and the other at the end of the year.

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  FIRST LOOK NOTES

  10 May 2024

  Dubai Taxi Company

  HOLD

  Last Closing Price

  AED 2.30

  Target Price

  AED 2.48

  Upside (%)

  +7.83%

  Robust fleet expansion and higher tariffs drove profitability

  DTC acquired 94 taxi licenses in the recent RTA auction and added 235 delivery bikes to its fleet in 1Q24.

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  FIRST LOOK NOTES

  06 Mar 2024

  Dubai Taxi Company

  ACCUMULATE

  Last Closing Price

  AED 2.23

  Target Price

  AED 2.48

  Upside (%)

  +11.21%

  Higher loss on financial assets impacted profitability

  Dubai Taxi Company P.J.S.C. (DTC/the Company) net profit declined 12.9% YOY to AED 78 Mn in 4Q23, lower than our estimate of AED 89 Mn.

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  INITIAL COVERAGE (EQUITIES)

  09 Jan 2024

  Dubai Taxi Company

  ACCUMULATE

  Last Closing Price

  AED 2.24

  Target Price

  AED 2.47

  Upside (%)

  +10.27%

  Favourable regulations with strong macro backdrop fuels growth

  We initiate coverage on Dubai Taxi Company PJSC (“DTC” or “the Company”) with a target price of AED 2.47 per share.

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