Showing 9 of 616
  • UAE Flag
    FIRST LOOK NOTES
    16 May 2025
    National Central Cooling Compa...
    BUY
    AED 2.66
    AED 3.95
    +48.50%

    UAE Equity Research - National Central Cooling Company (Tabreed) 3Q25 - First Look Note

    Tabreed signed a concession agreement in partnership with Dubai Holding Investments to establish a concession capacity of 250,000 RT in Palm Jebel Ali, with a total project capex of AED 1.5 Bn funded through internal cash accruals.
  • UAE Flag
    FIRST LOOK NOTES
    16 May 2025
    Air Arabia
    HOLD
    AED 3.52
    AED 3.50
    -0.57%

    UAE Equity Research - Air Arabia PJSC 3Q25 - First Look Note

    The Company’s seat load factor stood at 84% in 1Q25. Order book of Air Arabia includes 120 aircraft of Airbus A320 category, with delivery scheduled from 2025. Added two new aircraft and now operates 83 aircraft including 74 Airbus A320 and 9 Airbus A321 in 1Q25.
  • UAE Flag
    FIRST LOOK NOTES
    16 May 2025
    Investcorp Capital PLC
    BUY
    AED 1.61
    AED 2.55
    +58.39%

    UAE Equity Research - Investcorp Capital PLC (ICAP) 3Q25 - First Look Note

    Investcorp Capital Plc’s net profit fell 13.3% YOY to USD 13 Mn in 3Q25. As of 3Q25, the carrying value of the Company's capital deployment exposure in Corporate Investments stood at USD 591 Mn, representing 47% of the total capital deployment exposures.
  • UAE Flag
    FIRST LOOK NOTES
    16 May 2025
    Agility Global PLC
    BUY
    AED 1.20
    AED 2.10
    +75.00%

    UAE Equity Research - Agility Global PLC 1Q25 - First Look Note

    Revenues grew 16.7% YOY to USD 1,143 Mn in 1Q25 driven by healthy growth across all segments. New businesses from Spain and Portugal and expansion in Serbia, increased winter activity, and improved yields supported Aviation services business.
  • UAE Flag
    FIRST LOOK NOTES
    16 May 2025
    Abu Dhabi National Insurance C...
    BUY
    AED 6.41
    AED 8.78
    +36.97%

    UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 1Q25 - First Look Note

    ADNIC witnessed a Gross written premium (GWP) of AED 3.9 Bn in 1Q25, up 27.4% compared to 1Q24. Insurance service result grew 37.0% YOY to AED 141 Mn in 1Q25 due to strong underwriting performance.
  • UAE Flag
    FIRST LOOK NOTES
    15 May 2025
    Dubai Electricity and Water Au...
    BUY
    AED 2.68
    AED 2.98
    +11.19%

    UAE Equity Research - Dubai Electricity and Water Authority (DEWA) 1Q25 - First Look Note

    Company invested AED 2.3 Bn in 1Q25 to support energy transition and capacity expansion. Plans to increase desalinated capacity to 735 MIGD using efficient reverse osmosis technology. Expected to increase power generation capacity to 22 GW by 2030.
  • UAE Flag
    FIRST LOOK NOTES
    15 May 2025
    E7 Group PJSC
    BUY
    AED 1.00
    AED 1.50
    +50.00%

    UAE Equity Research - E7 Group PJSC 1Q25 - First Look Note

    E7 obtained five new contracts across the business segments in 1Q25 and successfully renewed its Visa and Mastercard certifications. Additionally, the Company onboarded 17 new clients across its business lines in the Middle East & Africa.
  • UAE Flag
    FIRST LOOK NOTES
    15 May 2025
    Talabat Holding PLC
    BUY
    AED 1.52
    AED 2.00
    +31.58%

    UAE Equity Research - Talabat Holding PLC 1Q25 - First Look Note

    The Company maintains debt-free balance sheet with healthy cash balance of USD 507 Mn as of 1Q25, providing financial support for future organic and inorganic growth.
  • UAE Flag
    FIRST LOOK NOTES
    15 May 2025
    Abu Dhabi Ports
    BUY
    AED 3.92
    AED 7.00
    +78.57%

    UAE Equity Research - Abu Dhabi Ports Company (ADPORTS) 1Q25 - First Look Note

    ADPORTS’s revenue increased 18.2% YOY to AED 4,597 Mn, while EBITDA grew 9.3% YOY to AED 1,136 Mn in 1Q25. ADPORTS's total debt grew from AED 17.8 Bn in 4Q24 to AED 18.0 Bn in 1Q25. Net debt to EBITDA marginally grew from 3.3x in 4Q24 to 3.4x in 1Q25.

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