Recent Research

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  FIRST LOOK NOTES

  20 Aug 2025

  Telecom Egypt

  BUY

  Last Closing Price

  EGP 46.40

  Target Price

  EGP 57.00

  Upside (%)

  +22.84%

  Egypt Equity Research - Telecom Egypt (ETEL) 2Q25 - First Look Note

  Revenue grew significantly 26.1% YOY to EGP 25.8 Bn in 2Q25, mainly driven by solid growth across the Wholesale and Retail segments. Customer base rose steadily across fixed voice, fixed data and mobile segments by 6.1%, 7.7% and 11.7% YOY, respectively, during 2Q25.

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  FIRST LOOK NOTES

  04 Aug 2025

  ETISALAT Group (e&)

  BUY

  Last Closing Price

  19.00

  Target Price

  22.00

  Upside (%)

  +15.79%

  UAE Equity Research - Emirates Telecommunications Group Co (EAND) 2Q25 - First Look Note

  The subscriber base rose 13.1% YOY to 198.1 Mn in 2Q25 including 14.9 Mn contributing from consolidation of e& PPF Telec. Capex grew 52.1% YOY to AED 2.7 Bn in 2Q25, due to the consolidation of e& PPF Telecom, increased capital expenditure in the UAE, and the renewal/acquisition of licenses in Mauritania and Afghanistan.

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  FIRST LOOK NOTES

  29 Jul 2025

  Saudi Telecom Co (STC)

  BUY

  Last Closing Price

  SAR 42.12

  Target Price

  SAR 50.00

  Upside (%)

  +18.71%

  Saudi Telecom Company (STC)- 2Q25 First Look Note

  EBITDA rose 6.9% YOY to SAR 6,168 Mn, while EBITDA margin rose 129 bps YOY to 31.7% in 2Q25. The Company’s KSA mobile subscriber surged 5.7% YOY to 28.93 Mn, whereas the fixed subscriber base grew 5.6% YOY to 5.98 Mn in 2Q25.

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• 

  FIRST LOOK NOTES

  28 Jul 2025

  Emirates Integrated Telecommun...

  HOLD

  Last Closing Price

  10.10

  Target Price

  10.25

  Upside (%)

  +1.49%

  UAE Equity Research- Emirates Integrated Telecommunications Co (DU)- 2Q25 First Look Note

  The Company’s mobile subscriber base grew by 10.8% YOY to 9.1 Mn, while the fixed customer base expanded by 12.0% YOY to reach 706K subscribers in 2Q25. The Board of Directors declared an interim cash dividend of AED 0.24 per share for the 1H25.

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  EARNINGS CALL INSIGHT

  25 Jul 2025

  Emirates Integrated Telecommun...

  HOLD

  Last Closing Price

  10.10

  Target Price

  10.25

  Upside (%)

  +1.49%

  UAE Equity Research -Emirates Integrated Telecommunications (DU)- 2Q25 Earnings Call Insight

  DU’s revenue grew 8.6% YOY to AED 3.9 Bn in 2Q25, primarily driven by a growth in service and non-service revenue. The growth in revenue is due to the continued momentum in core business and successful execution of revenue diversification strategy.

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• 

  FIRST LOOK NOTES

  22 Jul 2025

  Etihad Etisalat Co (Mobily)

  BUY

  Last Closing Price

  SAR 55.20

  Target Price

  SAR 66.50

  Upside (%)

  +20.47%

  Ethiad Etisalat (Mobily)-2Q25 First Look Note

  Revenue grew 8.1% YOY to SAR 4.8 Bn in 2Q25 due to the expansion of the overall customer base and growth in all revenue segments. Mobile subscriber base increased 4.9% YOY to 12.8 Mn, while FTTH subscriber declined 3.0% YOY to 289K Mn in 2Q25.

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