Recent Research

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  FIRST LOOK NOTES

  20 Nov 2025

  Amanat Holding

  ACCUMULATE

  Last Closing Price

  1.14

  Target Price

  1.30

  Upside (%)

  +14.04%

  UAE Equity Research - Amanat Holdings 3Q25 - First Look Note

  Total beneficiaries and student base increased 22% YOY to c. 28.0k in 9M25, driven by strong growth in international students and the expansion of HDC. After refurbishment, Jeddah bed capacity expanded to 200; Dhahran capacity increased to 70. Additionally, 40 beds are expected to be operationalized in Khobar in 4Q25.

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• 

  EARNINGS CALL INSIGHT

  17 Nov 2025

  Amanat Holding

  ACCUMULATE

  Last Closing Price

  1.14

  Target Price

  1.30

  Upside (%)

  +14.04%

  UAE Equity Research - Amanat Holdings 3Q25 - Earnings Call Insight

  Revenue rose 20.3% YOY to AED 154 Mn in 3Q25, owing to the strong growth in the Healthcare Segment, owing to bed additions and subdued growth in the Education Segment. The third quarter is a seasonally weak quarter for the Education segment due to summer vacation.

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• 

  FIRST LOOK NOTES

  21 Aug 2025

  Amanat Holding

  ACCUMULATE

  Last Closing Price

  1.17

  Target Price

  1.30

  Upside (%)

  +11.11%

  UAE Equity Research - Amanat Holdings 2Q25 - First Look Note

  Total beneficiaries and student base increased 17% YoY to approximately 23.9k in 1H25, driven by strong growth in international students and the expansion of HDC. After refurbishment, Jeddah bed capacity expanded to 170; post 2Q25 added 30 in Jeddah and 10 beds in Dharan, with 30 beds additional under licensing at Khobar.

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  EARNINGS CALL INSIGHT

  18 Aug 2025

  Amanat Holding

  HOLD

  Last Closing Price

  1.19

  Target Price

  1.30

  Upside (%)

  +9.24%

  UAE Equity Research - Amanat Holdings 2Q25 - Earnings Call Insight

  Revenue rose 13.5% YOY to AED 225 Mn in 2Q25, owing to the strong growth in the Education segment revenue, and further subdued growth in the Healthcare segment revenue. The total beneficiaries and student base grew 17% YoY to c. 23.9k in 1H25, driven by a strong growth in the international students coupled with HDC expansion.

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• 

  FIRST LOOK NOTES

  23 May 2025

  Amanat Holding

  BUY

  Last Closing Price

  1.06

  Target Price

  1.30

  Upside (%)

  +22.64%

  UAE Equity Research - Amanat Holdings 1Q25 - First Look Note

  Amanat’s revenue grew 12.8% YOY to AED 241 Mn, while EBITDA grew 4.1% YOY to AED 84 Mn in 1Q25. In the Education segment, Amanat recorded strong enrolments in 1Q25 with the student base reaching c. 23,700.

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• 

  EARNINGS CALL INSIGHT

  16 May 2025

  Amanat Holding

  BUY

  Last Closing Price

  1.06

  Target Price

  1.30

  Upside (%)

  +22.64%

  UAE Equity Research - Amanat Holdings 1Q25 - Earnings Call Insight

  Revenue rose 12.8% YOY to AED 241 Mn in 1Q25, owing to the strong growth in the Education segment revenue, partially offset by a decline in healthcare segment revenue. Education segment revenue grew strongly 23.2% YOY to AED 152 Mn, whereas Healthcare segment revenue declined 1.6% YOY to AED 89 Mn in 1Q25.

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