Recent Research

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  FIRST LOOK NOTES

  14 Aug 2026

  Burjeel Holdings PLC

  BUY

  Last Closing Price

  1.30

  Target Price

  1.70

  Upside (%)

  +30.77%

  UAE Equity Research - Burjeel Holding PLC 2Q26 - First Look Note

  Patient volumes increased 9.9% YOY to over 3.7 Mn in 1H26, with growth accelerating to 12.4% YOY in 2Q26. EBITDA declined 4.8% YOY to AED 291 Mn in 2Q26 due to non-recurring costs and the absence of the one-off gain recognized in 2Q25.

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  EARNINGS CALL INSIGHT

  13 Aug 2026

  Burjeel Holdings PLC

  BUY

  Last Closing Price

  1.28

  Target Price

  1.70

  Upside (%)

  +32.81%

  UAE Equity Research - Burjeel Holding PLC 2Q26 - Earnings Call Insight

  Burjeel Holdings revenue increased 3.7% YOY to AED 1,455 Mn in 2Q26, supported by a recovery in elective and high-acuity procedures, higher outpatient visits, and stronger inpatient activity. Excluding the impact of the Unified Procurement Program (UPP), normalized revenue grew 8.6% YOY in 2Q26.

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• 

  FIRST LOOK NOTES

  11 Aug 2026

  Pure Health Holding PJSC

  BUY

  Last Closing Price

  2.34

  Target Price

  5.00

  Upside (%)

  +113.68%

  UAE Equity Research - Pure Health Holding 2Q26 - First Look Note

  Patient interactions increasing 21% YOY to 6.1 Mn, outpatient volumes rising 23% YOY to 5.4 Mn and inpatient volumes growing 51% YOY to 163K in 1H26. Care segment revenue increased 7.5% YOY to AED 5.5 Bn in 2Q26, supported by the consolidation of Hellenic Healthcare Group.

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  EARNINGS CALL INSIGHT

  07 Aug 2026

  Pure Health Holding PJSC

  BUY

  Last Closing Price

  2.34

  Target Price

  5.00

  Upside (%)

  +113.68%

  UAE Equity Research - Pure Health Holding 2Q26 - Earnings call insight

  Revenue grew 8.5% YOY to AED 7,588 Mn in 2Q26. The revenue growth was supported by the continued consolidation from the Hellenic Healthcare Group, supported by growth in hospital and health insurance segment and improving patient activity in the UAE Care business.

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  INITIAL COVERAGE (EQUITIES)

  05 Jun 2026

  Burjeel Holdings PLC

  BUY

  Last Closing Price

  1.06

  Target Price

  1.70

  Upside (%)

  +60.38%

  UAE Equity Research - Burjeel Holdings PLC - Initiation Coverage

  We initiate coverage on Burjeel Holdings PLC (“Burjeel” or “the Company”) with an equity valuation of AED 1.70 per share. The Company is an integrated private healthcare provider in the GCC, operating a diversified network of hospitals, medical centers, pharmacies, and specialized healthcare facilities across the UAE, Oman, and Saudi Arabia. Established in 2007 and headquartered

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• 

  FIRST LOOK NOTES

  16 Feb 2026

  Pure Health Holding PJSC

  BUY

  Last Closing Price

  2.72

  Target Price

  5.45

  Upside (%)

  +100.37%

  UAE Equity Research - Pure Health Holding 4Q25 - First Look Note

  Outpatient and inpatient volumes 28% YOY to 2,958k and 60% YOY to 85k, respectively in 4Q25. Bed occupancy rate increased to 74% in 2025 from 71% in 2024 in the UAE.

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