Recent Research

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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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  FIRST LOOK NOTES

  07 Mar 2025

  Amanat Holding

  BUY

  Last Closing Price

  1.08

  Target Price

  1.30

  Upside (%)

  +20.37%

  UAE Equity Research - Amanat Holdings PJSC 4Q24 - First Look Note

  Amanat incurred a Zakat of AED 8 Mn in 4Q24 compared to AED 112 Mn in 4Q23. In the Education segment, Amanat witnessed record highest enrolments in FY2024 with the student base reaching c. 23,000. The Board of Directors recommended a cash dividend of 1.6 fils per share, amounting to AED 40 Mn for 2H24.

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  EARNINGS CALL INSIGHT

  18 Feb 2025

  Amanat Holding

  BUY

  Last Closing Price

  1.12

  Target Price

  1.30

  Upside (%)

  +16.07%

  UAE Equity Research - Amanat Holdings 4Q24 - Earnings Call Insight

  Revenue rose 24.4% YOY to AED 230 Mn in 4Q24 owing to the strong growth in the Education segment revenue partially offset by decline in Healthcare segment revenue. The total student base rose 18% YOY to c. 23,000 driven by growth in Middlesex university enrolments. NEMA Holding and HDC enrolments rose 14% & 29% respectively on a YOY basis.

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