Recent Research

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  FIRST LOOK NOTES

  12 Aug 2025

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.51

  Target Price

  3.20

  Upside (%)

  +27.49%

  UAE Equity Research - Fertiglobe PLC 2Q25 - First Look Note

  Fertiglobe’s strong short-term market outlook is supported by tight global supply and rising demand from major buying regions, keeping prices strong. Cost savings of USD 15-21 Mn are targeted by year-end 2025, through procurement efficiencies, operational improvements, and integration synergies with ADNOC.

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  FIRST LOOK NOTES

  11 Aug 2025

  Saudi Basic Industries Corp

  BUY

  Last Closing Price

  SAR 57.35

  Target Price

  SAR 65.00

  Upside (%)

  +13.34%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 2Q25 - First Look Note

  Petrochemicals revenue declined 2.8% YOY and increased 2.9% QOQ to SAR 32.4 Bn in 2Q25, while Agri-Nutrients rose 32.3% YOY and 2% QOQ to SAR 3.2 Bn. Total Revenue increased 2.8% QOQ, primarily due to licensing revenue of SAR 863 Mn along with increased sales volume in 2Q25. Petrochemicals segment EBITDA declined 24.7% YOY to SAR 3.7 Bn in 2Q25, whereas Agri-Nutrients EBITDA expanded 51.2% YOY to SAR 1.2 Bn.

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  EARNINGS CALL INSIGHT

  05 Aug 2025

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.58

  Target Price

  3.20

  Upside (%)

  +24.03%

  UAE Equity Research - Fertiglobe PLC 2Q25 - Earnings Call Insight

  Total sales volume declined 3.6% YOY to 1.44 Mn metric tons in 2Q25, driven by a decline in own product, partially offset by rise in third-party sales. Own product sales fell 9.6% YOY to 1.26 Mn metric tons in 2Q25 driven by the impact of turnarounds in the UAE and external factors on operating rates due to planned and unplanned shutdowns, while third-party product sales rose 74.1% YOY to 0.19 Mn metric tons in 2Q25.

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  FIRST LOOK NOTES

  01 Aug 2025

  Borouge PLC

  ACCUMULATE

  Last Closing Price

  2.64

  Target Price

  2.95

  Upside (%)

  +11.74%

  UAE Equity Research - Borouge PLC 2Q25- First Look Note

  Completed B3 turnaround eight days early, executing 88 debottlenecking projects and Borouge 4 tie-ins, significantly improving asset performance and ensuring six years reliability. PE premia rose to USD 249 per tonne, PP premia hit USD 141 per tonne, both exceeding targets, supported by product differentiation, market reallocation, and commercial discipline.

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  EARNINGS CALL INSIGHT

  31 Jul 2025

  Borouge PLC

  ACCUMULATE

  Last Closing Price

  2.64

  Target Price

  2.95

  Upside (%)

  +11.74%

  UAE Equity Research - Borouge PLC 2Q25 - Earnings Call Insight

  Borouge's revenue declined 13.2% YOY to USD 1.3 Bn in 2Q25, primarily due to planned maintenance at Borouge 3, partially offset by c. 140 kt of inventory sales. Direct cost declined marginally 0.9% YOY to USD 0.9 Bn in 2Q25, owing to lower feedstock costs partially offset by an increase in other variable and fixed production costs primarily due to inventory impact in the quarter.

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  FIRST LOOK NOTES

  29 Jul 2025

  Saudi Arabian Fertilizer Co

  ACCUMULATE

  Last Closing Price

  SAR 116.90

  Target Price

  SAR 130.00

  Upside (%)

  +11.21%

  SABIC Agri-Nutrients Co- 2Q25 First Look Note

  Revenue grew 22.8% YOY to SAR 3,287 Mn in 2Q25, driven by an increase in average selling prices. Sales volume remained flat on YOY basis but rose 5.6% QOQ to 1,938 thousand MT in 2Q25.

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