Recent Research

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  FIRST LOOK NOTES

  24 Jul 2026

  Emirates Integrated Telecommun...

  HOLD

  Last Closing Price

  12.02

  Target Price

  12.50

  Upside (%)

  +3.99%

  UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 2Q26 - First Look Note

  Emirates Integrated Telecommunications Co. PJSC (DU/The Company) reported a 9.8% YOY increase in net profit to AED 798 Mn in 2Q26, slightly higher than our estimate of AED 762 Mn. The increase in net profit is primarily driven by higher revenue and lower direct costs, partially offset by higher operating expenses (excl. D&A), coupled with an increase in depreciation, amortization expense, federal royalty and income tax charges.

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  EARNINGS CALL INSIGHT

  24 Jul 2026

  Emirates Integrated Telecommun...

  HOLD

  Last Closing Price

  12.10

  Target Price

  12.50

  Upside (%)

  +3.31%

  UAE Equity Research - Emirates Integrated Telecommunications Co PJSC (DU) 2Q26 - Earnings Call Insight

  DU’s revenue increased 4.6% YOY to AED 4.1 Bn in 2Q26, driven by continued growth in Mobile, Fixed, and Wholesale revenues, partially offset by lower ICT revenues. Net profit increased 9.8% YOY to AED 798 Mn in 2Q26, driven by higher revenue and lower direct costs.

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• 

  FIRST LOOK NOTES

  20 Jul 2026

  Etihad Etisalat Co (Mobily)

  BUY

  Last Closing Price

  SAR 61.80

  Target Price

  SAR 75.00

  Upside (%)

  +21.36%

  Saudi Equity Research - Etihad Etisalat (Mobily) 2Q26 - First Look Note

  Etihad Etisalat (Mobily/the Company)’s net profit increased 8.6% YOY to SAR 901 Mn in 2Q26, in line with our estimate of SAR 925 Mn. The increase in net profit was supported by growth in revenue from all segments, partially offset by a higher cost of services, increased depreciation and amortisation and increased zakat charges.

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  SECTOR NOTE

  03 Jul 2026

  Telecom

  MENA Equity Research - Telecom Sector 2Q26 - Preview Note

  The MENA telecom sector continues to demonstrate resilient operating fundamentals despite elevated geopolitical uncertainty across the region, supported by sustained demand for mobile connectivity, rising data consumption, and accelerating enterprise digitalisation.

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  FIRST LOOK NOTES

  29 Apr 2026

  Etihad Etisalat Co (Mobily)

  ACCUMULATE

  Last Closing Price

  SAR 66.40

  Target Price

  SAR 75.00

  Upside (%)

  +12.95%

  Saudi Equity Research - Etihad Etisalat (Mobily) 1Q26 - First Look Note

  Wholesale segment revenue increased 17.7% YOY to SAR 604 Mn in 1Q26, driven by higher demand for connectivity and cloud-based services. Mobily’s mobile subscriber base increased by 16.2% YOY to 15.1 Mn, comprising 13.0 Mn prepaid and 2.1 Mn postpaid subscribers, while the FTTH subscriber base grew 7.1% YOY to 311K in 1Q26.

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• 

  FIRST LOOK NOTES

  24 Apr 2026

  Emirates Integrated Telecommun...

  ACCUMULATE

  Last Closing Price

  10.48

  Target Price

  11.50

  Upside (%)

  +9.73%

  UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 1Q26 - First Look Note

  Du's mobile subscriber base grew 6.1% YOY to 9.7 Mn in 1Q26, due to steady growth across both prepaid & postpaid segments. January–February recorded strong growth, outperforming full-year guidance, driven by robust demand and strong commercial momentum.

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