Recent Research

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  EARNINGS CALL INSIGHT

  06 May 2025

  Pure Health Holding PJSC

  BUY

  Last Closing Price

  AED 2.79

  Target Price

  AED 6.05

  Upside (%)

  +116.85%

  UAE Equity Research - Pure Health Holding 1Q25 - Earnings Call Insight

  Pure Health’s revenue grew 7.6% YOY to AED 6,581 Mn in 1Q25, fueled by rising patient volumes across the Hospital segment and higher renewals in the Insurance segment. Revenue from hospital and other related services increased 3.3% YOY to AED 4,571 Mn in 1Q25, driven by an increase in volume across the UAE and UK.

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  FIRST LOOK NOTES

  01 May 2025

  Pure Health Holding PJSC

  BUY

  Last Closing Price

  AED 2.81

  Target Price

  AED 6.05

  Upside (%)

  +115.30%

  UAE Equity Research - Pure Health Holding 1Q25 - Earnings Flash

  Net profit for the quarter grew by 3% YoY in 1Q25 to AED 505 Mn, with a net profit margin of 7.7% (down 0.3% YoY). The modest growth reflects higher income tax expenses (up 96% YoY to AED 56 Mn) and increased in OPEX, particularly in hospitals. Despite the margin pressure, the company’s focus on strategic investments positions it for enhanced profitability over the medium term. The earnings per share (EPS) over the last twelve months (LTM) improved by 40% YoY to AED 0.16.

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• 

  FIRST LOOK NOTES

  19 Feb 2025

  Pure Health Holding PJSC

  BUY

  Last Closing Price

  AED 3.19

  Target Price

  AED 6.05

  Upside (%)

  +89.66%

  UAE Equity Research - Pure Health Holding 4Q24 - First Look Note

  Pure Health strategically expanded its operational footprint with the 100.0% acquisition of Circle Health and SSMC, along with starting Sheikh Khalifa Hospital in Fujairah. The Company expanded its international presence by acquiring a 60% stake in Hellenic Healthcare Group for USD 2.3 Bn.

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  EARNINGS CALL INSIGHT

  17 Feb 2025

  Pure Health Holding PJSC

  BUY

  Last Closing Price

  AED 3.25

  Target Price

  AED 6.05

  Upside (%)

  +86.15%

  UAE Equity Research - Pure Health 4Q24 - Earnings Call Insight

  Pure Health’s revenue grew 61.0% YOY to AED 6,892 Mn in 4Q24, fueled by a mix of organic expansion and strategic acquisitions both domestically and internationally. Revenue from hospital and other related services doubled from AED 2,302 Mn in 4Q23 to AED 4,637 Mn in 4Q24, driven by higher patient volumes, improved pricing, strategic acquisitions, and new hospital commissions.

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• 

  FIRST LOOK NOTES

  21 Nov 2024

  Pure Health Holding PJSC

  BUY

  Last Closing Price

  AED 3.37

  Target Price

  AED 6.05

  Upside (%)

  +79.53%

  UAE Equity Research - Pure Health Holding 3Q24 - First Look Note

  PURE HEALTH aims to generate at least 50% of revenue from international business. The Company completed the acquisition of Circle Health Group in the UK and SSMC in Abu Dhabi. The Company expects its revenue to grow in the mid-to-high teens through its UAE and International assets.

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  INITIAL COVERAGE (EQUITIES)

  09 Aug 2024

  Pure Health Holding PJSC

  BUY

  Last Closing Price

  AED 3.76

  Target Price

  AED 6.05

  Upside (%)

  +60.90%

  UAE Equity Research - Pure Health Holding PJSC - Initiation Coverage

  We initiate coverage on Pure Health Holding PJSC (“Pure Health” or “The Company”) with a valuation of AED 6.05 per share. Pure Health is the UAE’s leading Healthcare group in Abu Dhabi since 2006 with the majority ownership held by the Abu Dhabi Sovereign Wealth Fund (ADQ). The Company is the largest provider of healthcare services and further extends its vertically integrated operation across various operational and digital domains, both locally and internationally.

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