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  • Saudi Flag
    FIRST LOOK NOTES
    24 Apr 2025
    Etihad Etisalat Co (Mobily)
    ACCUMULATE
    SAR 61.00
    SAR 66.50
    +9.02%

    Saudi Equity Research - Etihad Etisalat(Mobily) 1Q25 - First Look Note

    Revenue grew 5.1% YOY to SAR 4.7 Bn in 1Q25 due to the expansion of the overall customer base, Ramadan seasonality, and the signing of new agreements. Mobile subscriber base increased 5.7% YOY to 13.0 Mn, while FTTH subscriber declined 2.6% YOY to 290K Mn in 1Q25.
  • Saudi Flag
    FIRST LOOK NOTES
    24 Apr 2025
    Saudi National Bank
    BUY
    SAR 35.70
    SAR 47.00
    +31.65%

    Saudi Equity Research - Saudi National Bank (SNB) 1Q25 - First Look Note

    The Bank’s non-funded income grew strongly 16.4% YOY to SAR 2,361 Mn in 1Q25, primarily driven by an increase in domestic banking service fees and higher investment income. Net advances grew 13.0% YOY and 8.0% QOQ to SAR 706.4 Bn in 1Q25, owing to an increase in Wholesale and Retail financing portfolio.
  • UAE Flag
    FIRST LOOK NOTES
    24 Apr 2025
    Emirates NBD (ENBD)
    BUY
    AED 20.40
    AED 25.00
    +22.55%

    UAE Equity Research - Emirates NBD Bank (ENBD) 1Q25 - First Look Note

    The Bank's balance sheet crossed the AED 1 trillion mark in 1Q25, up from AED 997 Bn in 4Q24, reflects robust asset growth and cements ENBD’s position as a leading regional banking institution.
  • UAE Flag
    FIRST LOOK NOTES
    24 Apr 2025
    Abu Dhabi Islamic Bank (ADIB)
    HOLD
    AED 16.90
    AED 17.00
    +0.59%

    UAE Equity Research - Abu Dhabi Islamic Bank (ADIB) 1Q25 - Earnings Flash

    Abu Dhabi Islamic Bank (ADIB) reported a Strong Financial Performance with Net profit after tax for 1Q25 was AED 1.7 Bn reflecting 18% increase compared to 1Q24 which beats our estimates of AED 1.43 Bn, driven by strong business volumes coupled with strength in fee-based businesses, higher Investment income and FX income, and improved non-performing asset ratios.
  • UAE Flag

    Multiply Group: As anticipated, the stock witnessed fast recovery, broke over the key resistance of AED1.88, shall extend gains next towards the AED2.07 and then towards the previous high at AED2.23 level in the short term. Traders bought from lower recommended level at AED1.62 may look to hold with stops trailed higher to AED1.74. The price also b...

  • UAE Flag
    FIRST LOOK NOTES
    23 Apr 2025
    Commercial Bank Of Dubai (CBD)
    ACCUMULATE
    AED 7.69
    AED 8.55
    +11.18%

    UAE Equity Research - Commercial Bank of Dubai (CBD) 1Q25 - Earnings Flash

    CBD’s Net profit rose 18.1% YoY to AED 828.1 Mn in 1Q25 which was higher than FABS estimates by 6.4% YoY driven by growth in Net interest income and lower net impairments loss.
  • Saudi Flag
    FIRST LOOK NOTES
    23 Apr 2025
    Jarir Marketing Co
    BUY
    SAR 12.60
    SAR 14.50
    +15.08%

    Saudi Equity Research - Jarir Marketing Company 1Q25 - First Look Note

    Revenue rose 2.7% YOY to SAR 2,720 Mn in 1Q25 due to growth in the smartphone and after-sales service segment. Gross margin remained flat at 11.1% in 1Q25 compared to 1Q24. Operating profit declined 0.8% YOY to SAR 236 Mn in 1Q25 due to a rise in selling and marketing expenses. Operating margins fell 30 bps YOY to 8.7% in 1Q25.
  • UAE Flag
    FIRST LOOK NOTES
    23 Apr 2025
    RAKBANK
    HOLD
    AED 6.60
    AED 7.15
    +8.33%

    UAE Equity Research - National Bank of Ras Al Khaimah (RAKBANK) 1Q25 - First Look Note

    Net advances grew 17.2% YOY and 0.8% QOQ to AED 47.6 Bn, supported by solid performance across all business segments. RAKBANK opened more than 5,000 accounts for entrepreneurs and small businesses and disbursed over AED 1.2 Bn in loans during 1Q25.
  • Saudi Flag
    FIRST LOOK NOTES
    23 Apr 2025
    Banque Saudi Fransi
    BUY
    SAR 18.00
    SAR 21.70
    +20.56%

    Saudi Equity Research - Banque Saudi Fransi (BSF) 1Q25 - First Look Note

    BSF’s net funded income increased 10.4 % YOY to SAR 2,118 Mn in 1Q25. Net advances grew 12.7% YOY and 2.4% QOQ to SAR 209 Bn in 1Q24 and further estimates its loan book to grow by low teens in 2025. The BSF’s total equity rose 3.9% QOQ to SAR 48.4 Bn in 1Q25.

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