Showing 9 of 812
  • Saudi Flag
    FIRST LOOK NOTES
    23 Feb 2026
    Bank Albilad
    BUY
    SAR 25.60
    SAR 31.70
    +23.83%

    Saudi Equity Research - Bank Albilad (ALBI) 4Q25 - First Look Note

    ALBI’s loan-to-deposit ratio declined from 92.3% in 3Q25 to 92.0% in 4Q25. Funded income increased 8.7% YOY to SAR 2,381 Mn in 4Q25, supported by rise in net advances and investments, partially offset by a decline in asset yield.
  • UAE Flag
    FIRST LOOK NOTES
    23 Feb 2026
    Waha Capital
    HOLD
    AED 2.15
    AED 2.20
    +2.33%

    UAE Equity Research - Al Waha Capital 4Q25 - First Look Note

    Effective 1 October 2025, Waha Capital updated its financial reporting framework to better align with its investment-led structure, presenting investments at fair value instead of consolidating them line by line. Total Assets under Management (AUM) stood at c. AED 10.8 Bn in 4Q25, including third party AUM of AED 7.1 Bn,
  • UAE Flag
    FIRST LOOK NOTES
    20 Feb 2026
    Investcorp Capital PLC
    BUY
    AED 1.46
    AED 2.20
    +50.68%

    UAE Equity Research - Investcorp Capital PLC (ICAP) 2Q26 - First Look Note

    Effective annualized yield of CFS and CD segments stood at 10% and 7%, respectively in 1H26. Investment activity across both underwriting (CFS) and co-investment (CD) segments reached USD 614 Mn in 1H26 compared to USD 480 Mn in 1H25, reflecting continued deployment across private equity, global credit and real assets.
  • UAE Flag
    FIRST LOOK NOTES
    20 Feb 2026
    Air Arabia
    REDUCE
    AED 5.48
    AED 5.10
    -6.93%

    UAE Equity Research - Air Arabia PJSC 4Q25 - First Look Note

    Seat load factors across all hubs stood at 86.9% in 4Q25, compared to 83% in 4Q24. No. of passengers who travelled across all its hubs surged from 4.7 Mn in 4Q24 to 5.7 Mn in 4Q25. The Company expanded its network by launching 30 new routes and added nine new aircraft to its fleet during 2025.
  • UAE Flag
    FIRST LOOK NOTES
    20 Feb 2026
    Abu Dhabi National Insurance C...
    BUY
    AED 7.85
    AED 9.35
    +19.11%

    UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 4Q25 - First Look Note

    Gross written premiums (GWP) grew 13.4% YOY to AED 8.5 Bn in 2025, supported by resilient growth across selected business segments and territories. Premium retention ratio increased from 38.3% in 2024 to 42.3% in 2025, mainly due to overall low retention levels in commercial lines.
  • UAE Flag
    FIRST LOOK NOTES
    19 Feb 2026
    Emaar Development
    BUY
    AED 19.05
    AED 21.00
    +10.24%

    UAE Equity Research - Emaar Development (EMAARDEV) 4Q25 - First Look Note

    Property sales rose 8.7% YOY to AED 71.1 Bn in 2025, supported by over 48 new residential launches, driving sales backlog up 38% YOY to AED 125.2 Bn as of December 2025. EMAARDEV revenue grew substantially from AED 6,668 Mn in 4Q24 to AED 9,842 Mn in 4Q25.
  • UAE Flag
    FIRST LOOK NOTES
    19 Feb 2026
    Emaar Properties
    BUY
    AED 16.45
    AED 21.75
    +32.22%

    UAE Equity Research - Emaar Properties 4Q25 - First Look Note

    Revenue backlog grew 39% YOY to AED 155 Bn in 2025, with the Emaar development backlog rising 30.8% YOY to AED 134 Bn in 2025. Emaar has over 50,800 units currently under construction (including Emaar Properties and 100% of JVs/JDAs related projects), scheduled for delivery over the next 5-6 years.
  • UAE Flag
    FIRST LOOK NOTES
    19 Feb 2026
    Aramex
    BUY
    AED 2.18
    AED 2.75
    +26.15%

    UAE Equity Research - Aramex(ARMX) 4Q25 - First Look Note

    Gross profit margin declined from 23.5% in 4Q24 to 22.7% in 4Q25, reflecting product mix changes, lower contribution from International Express and continued cost pressures. Net debt declined from AED 383 Mn in 3Q25 to AED 368 Mn in 4Q25, with a reported debt to EBITDA ratio of 3.2x.
  • UAE Flag
    FIRST LOOK NOTES
    19 Feb 2026
    National Central Cooling Compa...
    BUY
    AED 3.03
    AED 3.95
    +30.36%

    UAE Equity Research - National Central Cooling Company (Tabreed) 4Q25 - First Look Note

    Tabreed’s consumption volume decreased 1.5% YOY to 2.6 Bn RTH in 2025, due to relatively cooler weather conditions. The Company expects capacity to increase 3%-5% with an organic capex of AED 200-300 Mn and EBITDA margins of 50%-53% for the medium term from 2026-2028.

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