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  • UAE Flag
    SECTOR NOTE
    28 Mar 2025
    Banks

    UAE Equity Research - Banking Sector 1Q25 - Preview Note

    The UAE banking sector witnessed strong growth in domestic and international credit after easing interest rates in FY2024. Robust expansion in the private corporate sector led to solid growth in domestic credit supported by a healthy growth in retail advances. On the other hand, strong deposits growth sustained favourable liquidity maintaining adequate funding capacity within the system.

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  • UAE Flag
    SECTOR NOTE
    28 Jan 2025
    Transportation

    UAE Equity Research - Transportation Sector 4Q24 - Preview Note

    We hold a positive stance on Air Arabia in the UAE’s Transportation sector but also recommend investors to stay invested in DTC and Aramex as it will be a key beneficiary of the growth in the tourism sector. Air Arabia maintained a healthy load factor of 81.6% in 9M24. Total passenger volume across all hubs rose 12% YOY to 8.4 Mn in 9M24.

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  • UAE Flag
    SECTOR NOTE
    28 Jan 2025
    Properties

    UAE Equity Research - Real Estate Sector 4Q24 - Preview Note

    The UAE real estate market maintained its momentum in 3Q24, supported by steady global economic growth and a slowdown in inflation. Robust growth in off-plan sales, residential transactions, and consistent demand for office & residential spaces drove the sector’s performance.

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  • UAE Flag
    SECTOR NOTE
    27 Jan 2025
    Telecom

    UAE Equity Research - Telecom Sector 4Q24 - Preview Note

    Etisalat and DU are the two largest telecom operators in the UAE with a solid mobile subscriber base of 21.3 Mn as of 3Q24. Etisalat’s mobile subscriber base stood at 13.0 Mn while DU’s mobile subscriber base stood at 8.3 Mn as of 3Q24. The tourism sector in UAE witnessed solid growth during 9M24.

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  • UAE Flag
    SECTOR NOTE
    21 Jan 2025
    Consumer Staples

    UAE Equity Research - Consumer Staples Sector 4Q24 - Preview Note

    We prefer Agthia over Americana Restaurants and LuLu Retail following the price correction. Agthia faced challenges, particularly related to currency devaluation in Egypt which may have contributed to investor concerns potentially affecting the share price. Agthia prioritizes product innovation, premiumization, and digitalization of operations across all segments to expand margins.

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  • Saudi Flag
    SECTOR NOTE
    20 Jan 2025
    Banks

    Saudi Equity Research - Banking Sector 4Q24 - Preview Note

    We maintain our MARKET WEIGHT rating on the Saudi banking sector. Saudi Arabia’s economy is forecasted to grow 1.5% in 2024 primarily attributed to a strong growth in the non-oil sector partially offset by a decline in oil activity. The decline in oil activity is mainly attributable to voluntary oil output cuts agreed with OPEC+ to stabilize oil prices.

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  • UAE Flag
    SECTOR NOTE
    25 Dec 2024
    Banks

    UAE Equity Research - Banking Sector 4Q24 - Preview Note

    The UAE banking sector continued its momentum in 3Q24, with a strong increase in non-funded income and loan growth that drove profitability. The robust expansion in retail lending, backed by a positive economic outlook and ample liquidity, drove UAE’s banking sector in 3Q24.

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  • UAE Flag
    SECTOR NOTE
    25 Oct 2024
    Transportation

    UAE Equity Research - UAE Transportation Sector 3Q24 - Preview Note

    We hold a positive stance on Air Arabia and Aramex in the UAE’s Transportation sector and recommend investors stay invested in DTC as it will be a key beneficiary of the growth in tourism sector. Air Arabia maintained a healthy load factor of 81.9% in 1H24. Total passenger volume across all hubs rose 16% YOY to 2.7 Mn in 2Q24.

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  • UAE Flag
    SECTOR NOTE
    23 Oct 2024
    Consumer Staples

    UAE Equity Research - UAE Consumer Staples Sector 3Q24 - Preview Note

    We prefer Americana over Agthia post-price correction. The current share price of Agthia appears to already reflect most of the potential upside from improvements in its financial performance. Americana’s sales are affected due to the boycott of Western brands in the Middle East due to geopolitical conflicts.

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Commercial International Bank (COMI) Telecom Egypt