Recent Research

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  FIRST LOOK NOTES

  21 Aug 2026

  Telecom Egypt

  HOLD

  Last Closing Price

  EGP 115.50

  Target Price

  EGP 110.00

  Upside (%)

  -4.76%

  Egypt Equity Research - Telecom Egypt (ETEL) 2Q26 - First Look Note

  Fixed Broadband subscribers rose 8.6% YOY to 11.5 Mn, Fixed Voice subscribers base grew 5.6% YOY to 14.3 Mn, while Mobile subscribers grew 3.9% YOY to 15.2 Mn in 2Q26. Fixed Broadband ARPU increased 16% YOY to EGP 354, while Fixed Voice ARPU rose 6% YOY to EGP 49 in 1H26.

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  FIRST LOOK NOTES

  07 Aug 2026

  ETISALAT Group (e&)

  HOLD

  Last Closing Price

  20.62

  Target Price

  22.00

  Upside (%)

  +6.69%

  UAE Equity Research - Emirates Telecommunications Group Co (e&) 2Q26 - First Look Note

  Total subscriber base surged 30.4% YOY to 251.5 Mn in 2Q26, alongside continued organic growth across Egypt and Moov Africa. e& completed the divestment of its entire stake in Vodafone Group for a total consideration of c. AED 21.9 Bn, generating a net cash gain of c. AED 4.8 Bn.

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  FIRST LOOK NOTES

  04 Aug 2026

  Saudi Telecom Co (STC)

  BUY

  Last Closing Price

  SAR 43.40

  Target Price

  SAR 50.00

  Upside (%)

  +15.21%

  Saudi Equity Research - Saudi Telecom Company (STC) 2Q26 - First Look Note

  Mobile subscribers in KSA rose 4.8% YOY to 30.3 Mn, while fixed subscribers expanded 3.0% YOY to 6.1 Mn in 1H26. STC expanded its 5G tower footprint to 12.12K sites, while fiber-connected households increased 5.2% YOY to 3.87 Mn during 1H26.

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  EARNINGS CALL INSIGHT

  03 Aug 2026

  Saudi Telecom Co (STC)

  BUY

  Last Closing Price

  SAR 43.56

  Target Price

  SAR 50.00

  Upside (%)

  +14.78%

  Saudi Equity Research - Saudi Telecom Company (STC) 2Q26 - Earnings Call Insight

  STC Group (“STC, “the Company”) revenue grew 3.7% YOY to SAR 20.1 Bn in 2Q26, primarily attributable to increases in Commercial unit revenue by 0.9% YOY, Business unit revenue by 8.4% YOY, Carriers and Wholesale unit revenue by 11.4% YOY, and subsidiaries revenue by 3.5% YOY.

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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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