Recent Research

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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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  EARNINGS CALL INSIGHT

  13 Feb 2026

  Pure Health Holding PJSC

  BUY

  Last Closing Price

  2.69

  Target Price

  5.45

  Upside (%)

  +102.60%

  UAE Equity Research - Pure Health Holding 4Q25 - Earnings call insight

  Pure Health’s revenue grew 4.6% YOY to AED 7,211 Mn in 4Q25. The revenue growth was supported by strong growth in the Care and Cover verticals.

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• 

  FIRST LOOK NOTES

  06 Nov 2025

  Pure Health Holding PJSC

  BUY

  Last Closing Price

  2.74

  Target Price

  5.45

  Upside (%)

  +98.91%

  UAE Equity Research - Pure Health Holding 3Q25 - First Look Note

  Outpatient and inpatient volumes in the UAE increased 12% and 17% YOY, respectively, in 3Q25. Bed occupancy rate increased to 73% in 9M25 from 70% in 9M24 in the UAE. Pure Health completed the acquisition of a Hellenic Healthcare Group (HHG), the largest private healthcare provider in Greece and Cyprus, for a 60% stake at EUR 800 Mn in 3Q25.

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• 

  FIRST LOOK NOTES

  07 Aug 2025

  Pure Health Holding PJSC

  BUY

  Last Closing Price

  2.94

  Target Price

  5.45

  Upside (%)

  +85.37%

  UAE Equity Research - Pure Health Holding 2Q25 - First Look Note

  Outpatient and inpatient volumes in the UAE increased 24% and 13% YOY, respectively, in 2Q25. Bed occupancy rate increased to 73% in 2Q25 from 70% in 2Q24 in the UAE. Pure Health partnered with Cincinnati Children’s, a leading pediatric care hospital across the globe.

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• 

  FIRST LOOK NOTES

  12 Jun 2025

  Pure Health Holding PJSC

  BUY

  Last Closing Price

  2.60

  Target Price

  5.45

  Upside (%)

  +109.62%

  UAE Equity Research - Pure Health Holding PJSC 1Q25 - First Look Note

  Outpatient and inpatient volumes in the UAE increased 11% and 7% YOY, respectively, in 1Q25. Bed occupancy rate increased to 72% in 1Q25 from 69% in 1Q24. Diagnostics Service Segment tapped new market segments of surgical sterilization, nuclear medicine, durable medical equipment and digital health.

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• 

  EARNINGS CALL INSIGHT

  06 May 2025

  Pure Health Holding PJSC

  BUY

  Last Closing Price

  2.79

  Target Price

  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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