Recent Research

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  EARNINGS CALL INSIGHT

  30 Oct 2026

  Borouge PLC

  BUY

  Last Closing Price

  2.25

  Target Price

  2.95

  Upside (%)

  +31.11%

  UAE Equity Research - Borouge PLC 3Q26 - Earnings Call Insight

  Borouge's revenue marginally declined 0.2% YOY to USD 1.4 Bn in 3Q26, mainly driven by a 21.0% decline in sales volumes, partially offset by a 22.0% increase in blended average selling prices.

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• 

  EARNINGS CALL INSIGHT

  28 Oct 2026

  Saudi Basic Industries Corp

  BUY

  Last Closing Price

  SAR 47.68

  Target Price

  SAR 65.00

  Upside (%)

  +36.33%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 3Q26 - Earnings Call Insight

  Petrochemicals revenue fell 3.9% YOY but grew 12.1% QOQ to SAR 23.0 Bn in 3Q26. Sales volumes rose 24% QOQ to 6.71 million metric tons (MMT), while average selling prices declined 10% QOQ in 3Q26. The decline in prices is attributable to lower polyethylene, polypropylene and methanol prices partially offset by increase in monoethylene glycol and MTBE prices.

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  FIRST LOOK NOTES

  26 Oct 2026

  SABIC Agri-Nutrients Co

  ACCUMULATE

  Last Closing Price

  SAR 109.20

  Target Price

  SAR 138.00

  Upside (%)

  +26.37%

  Saudi Equity Research - SABIC Agri-Nutrients Co 3Q26 - First Look Note

  Revenue declined 8.6% YOY to SAR 3,220 Mn in 3Q26, primarily due to lower sales volumes. Free cash flow declined from SAR 621 Mn in 2Q26 to SAR 581 Mn in 3Q26. Capex increased marginally from SAR 149 Mn in 2Q26 to SAR 150 Mn in 3Q26.

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• 

  FIRST LOOK NOTES

  14 Aug 2026

  Saudi Basic Industries Corp

  BUY

  Last Closing Price

  SAR 49.20

  Target Price

  SAR 65.00

  Upside (%)

  +32.11%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 2Q26 - First Look Note

  Petrochemicals sales volume declined 34% QOQ, while average prices increased 42% QOQ in 2Q26. Agri-Nutrients sales volume declined 31% QOQ, while average prices increased 27% QOQ in 2Q26.

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• 

  FIRST LOOK NOTES

  03 Aug 2026

  Borouge PLC

  BUY

  Last Closing Price

  2.40

  Target Price

  2.95

  Upside (%)

  +22.92%

  UAE Equity Research - Borouge PLC 2Q26 - First Look Note

  Polyethylene (PE) premia over benchmark increased 75.9% YOY to USD 438 per tonne in 2Q26, while Polypropylene (PP) premia over benchmark price doubled YOY to USD 282 per tonne in 2Q26. Capital expenditure rose from USD 48 Mn in 1Q26 to USD 114 Mn in 2Q26, reflecting capitalised repair and restoration costs at the Ruwais complex.

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• 

  EARNINGS CALL INSIGHT

  03 Aug 2026

  Borouge PLC

  BUY

  Last Closing Price

  2.40

  Target Price

  2.95

  Upside (%)

  +22.92%

  UAE Equity Research - Borouge PLC 2Q26 - Earnings Call Insight

  Borouge's revenue increased 7.7% YOY to USD 1.4 Bn in 2Q26, driven by an increase in blended average selling prices amid tight global polyolefins market conditions, partially offset by decline in sales volumes along with production volumes following the Ruwais asset damage and Strait of Hormuz-related disruption.

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